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Insurance Underwriter Average Salary in Sweden 2020

How much money does an Insurance Underwriter make in Sweden?


Average Monthly Salary
33,900 SEK
( 407,000 SEK yearly)

LOW
16,300
SEK
AVERAGE
33,900
SEK
HIGH
53,200
SEK

A person working as an Insurance Underwriter in Sweden typically earns around 33,900 SEK per month. Salaries range from 16,300 SEK (lowest) to 53,200 SEK (highest).

This is the average monthly salary including housing, transport, and other benefits. Insurance Underwriter salaries vary drastically based on experience, skills, gender, or location. Below you will find a detailed breakdown based on many different criteria.

Insurance Underwriter Salary Distribution in Sweden

Median and salary distribution monthly Sweden Insurance Underwriter
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The median, the maximum, the minimum, and the range

  • Salary Range

    Insurance Underwriter salaries in Sweden range from 16,300 SEK per month (minimum salary) to 53,200 SEK per month (maximum salary).

  • Median Salary

    The median salary is 35,300 SEK per month, which means that half (50%) of people working as Insurance Underwriter(s) are earning less than 35,300 SEK while the other half are earning more than 35,300 SEK. The median represents the middle salary value. Generally speaking, you would want to be on the right side of the graph with the group earning more than the median salary.

  • Percentiles

    Closely related to the median are two values: the 25th and the 75th percentiles. Reading from the salary distribution diagram, 25% of Insurance Underwriter(s) are earning less than 23,200 SEK while 75% of them are earning more than 23,200 SEK. Also from the diagram, 75% of Insurance Underwriter(s) are earning less than 46,000 SEK while 25% are earning more than 46,000 SEK.


What is the difference between the median and the average salary?

Both are indicators. If your salary is higher than both of the average and the median then you are doing very well. If your salary is lower than both, then many people are earning more than you and there is plenty of room for improvement. If your wage is between the average and the median, then things can be a bit complicated. We wrote a guide to explain all about the different scenarios. How to compare your salary

Insurance Underwriter Salary Comparison by Years of Experience

How does experience and age affect your pay?

Salary comparison by years of experience monthly Sweden Insurance Underwriter
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The experience level is the most important factor in determining the salary. Naturally the more years of experience the higher your wage. We broke down Insurance Underwriter salaries by experience level and this is what we found.

An Insurance Underwriter with less than two years of experience makes approximately 19,100 SEK per month.

While someone with an experience level between two and five years is expected to earn 27,000 SEK per month, 42% more than someone with less than two year's experience.

Moving forward, an experience level between five and ten years lands a salary of 35,500 SEK per month, 31% more than someone with two to five years of experience.

On average, a person's salary doubles their starting salary by the time they cross the 10 years* experience mark.
* Based on the average change in salary over time. Salary variations differ from person to person.

Additionally, Insurance Underwriter(s) whose expertise span anywhere between ten and fifteen years get a salary equivalent to 43,600 SEK per month, 23% more than someone with five to ten years of experience.

If the experience level is between fifteen and twenty years, then the expected wage is 46,400 SEK per month, 6% more than someone with ten to fifteen years of experience.

Lastly, employees with more than twenty years of professional experience get a salary of 50,800 SEK per month, 10% more than people with fifteen to twenty years of experience.


Insurance Underwriter average salary change by experience in Sweden

0 - 2 Years
19,100 SEK
2 - 5 Years+42%
27,000 SEK
5 - 10 Years+31%
35,500 SEK
10 - 15 Years+23%
43,600 SEK
15 - 20 Years+6%
46,400 SEK
20+ Years+10%
50,800 SEK
Percentage increase and decrease are relative to the previous value

Typical Salary Progress for Most Careers

Salary Comparison By Experience Level
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Insurance Underwriter Salary Comparison By Education

How do education levels affect salaries?

Displayed below is the average salary difference between different Insurance Underwriter(s) who have the same experience but different education levels.

Salary comparison by education level monthly Sweden Insurance Underwriter
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We all know that higher education equals a bigger salary, but how much more money can a degree add to your income? We broke down Insurance Underwriter salaries by education level in order to make a comparison.

When the education level is Certificate or Diploma, the average salary of an Insurance Underwriter is 25,500 SEK per month.

While someone with a Bachelor's Degree gets a salary of 48,400 SEK per month, 90% more than someone having a Certificate or Diploma degree.


Insurance Underwriter average salary difference by education level in Sweden

Certificate or Diploma
25,500 SEK
Bachelor's Degree+90%
48,400 SEK
Percentage increase and decrease are relative to the previous value

Typical Salary Difference by Education for Most Careers

Salary Comparison By Education Level
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Insurance Underwriter Salary Comparison By Gender

Salary comparison by gender monthly Sweden Insurance Underwriter
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Though gender should not have an effect on pay, in reality, it does. So who gets paid more: men or women? Male Insurance Underwriter employees in Sweden earn 4% more than their female counterparts on average.

Male
34,700 SEK
Female-4%
33,200 SEK
Percentage increase and decrease are relative to the previous value

Salary Comparison By Gender in Sweden for all Careers

Salary comparison by gender monthly Sweden
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Insurance Underwriter Average Annual Salary Increment Percentage in Sweden

How much are annual salary increments in Sweden for Insurance Underwriter(s)? How often do employees get salary raises?

Insurance Underwriter

Insurance Underwriter(s) in Sweden are likely to observe a salary increase of approximately 10% every 16 months. The national average annual increment for all professions combined is 8% granted to employees every 16 months.

Annual Salary Increment Rate Sweden Insurance Underwriter
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The figures provided here are averages of numbers. Those figures should be taken as general guidelines. Salary increments will vary from person to person and depend on many factors, but your performance and contribution to the success of the organization remain the most important factors in determining how much and how often you will be granted a raise.

Sweden / All Professions

The term 'Annual Salary Increase' usually refers to the increase in 12 calendar month period, but because it is rarely that people get their salaries reviewed exactly on the one year mark, it is more meaningful to know the frequency and the rate at the time of the increase.

How to calculate the salary increment percentage?

The annual salary Increase in a calendar year (12 months) can be easily calculated as follows: Annual Salary Increase = Increase Rate x 12 ÷ Increase Frequency

The average salary increase in one year (12 months) in Sweden is 6%.

Annual Increment Rate By Industry 2019

Banking
2%
Energy
4%
Information Technology
6%
Healthcare
8%
Travel
1%
Construction
3%
Education
5%

Listed above are the average annual increase rates for each industry in Sweden for the year 2019. Companies within thriving industries tend to provide higher and more frequent raises. Exceptions do exist, but generally speaking, the situation of any company is closely related to the economic situation in the country or region. These figures tend to change frequently.


Worldwide Salary Raises: All Countries and All Jobs

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Insurance Underwriter Bonus and Incentive Rates in Sweden

How much and how often are bonuses being awarded?Annual Salary Bonus Rate Sweden Insurance Underwriter
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An Insurance Underwriter is considered to be a low bonus-based job due to the generally limited involvement in direct revenue generation, with exceptions of course. The people who get the highest bonuses are usually somehow involved in the revenue generation cycle.

66% of surveyed staff reported that they haven't received any bonuses or incentives in the previous year while 34% said that they received at least one form of monetary bonus.

Those who got bonuses reported rates ranging from 0% to 4% of their annual salary.

Received Bonus
34%
No Bonus
66%

Types of Bonuses Considered

Individual Performance-Based Bonuses

The most standard form of bonus where the employee is awarded based on their exceptional performance.

Company Performance Bonuses

Occasionally, some companies like to celebrate excess earnings and profits with their staff collectively in the form of bonuses that are granted to everyone. The amount of the bonus will probably be different from person to person depending on their role within the organization.

Goal-Based Bonuses

Granted upon achieving an important goal or milestone.

Holiday / End of Year Bonuses

These types of bonuses are given without a reason and usually resemble an appreciation token.

Bonuses Are Not Commissions!

People tend to confuse bonuses with commissions. A commission is a prefixed rate at which someone gets paid for items sold or deals completed while a bonus is in most cases arbitrary and unplanned.


What makes a position worthy of good bonuses and a high salary?

The main two types of jobs

Revenue GeneratorsSupporting Cast

Employees that are directly involved in generating revenue or profit for the organization. Their field of expertise usually matches the type of business.

Employees that support and facilitate the work of revenue generators. Their expertise is usually different from that of the core business operations.

Example:
A graphics designer working for a graphics designing company.

Example:
A graphic designer in the marketing department of a hospital.


Revenue generators usually get more and higher bonuses, higher salaries, and more frequent salary increments. The reason is quite simple: it is easier to quantify your value to the company in monetary terms when you participate in revenue generation.

Try to work for companies where your skills can generate revenue. We can't all generate revenue and that's perfectly fine.

Bonus Comparison by Seniority Level

Top management personnel and senior employees naturally exhibit higher bonus rates and frequencies than juniors. This is very predictable due to the inherent responsibilities of being higher in the hierarchy. People in top positions can easily get double or triple bonus rates than employees down the pyramid.

Insurance Underwriter Average Hourly Wage in Sweden


200 SEK per hour

The average hourly wage (pay per hour) in Sweden is 200 SEK. This means that the average Insurance Underwriter in Sweden earns approximately 200 SEK for every worked hour.


Hourly Wage = Annual Salary ÷ ( 52 x 5 x 8 )

The hourly wage is the salary paid in one worked hour. Usually jobs are classified into two categories: salaried jobs and hourly jobs. Salaried jobs pay a fix amount regardless of the hours worked. Hourly jobs pay per worked hour. To convert salary into hourly wage the above formula is used (assuming 5 working days in a week and 8 working hours per day which is the standard for most jobs). The hourly wage calculation may differ slightly depending on the worked hours per week and the annual vacation allowance. The figures mentioned above are good approximations and are considered to be the standard. One major difference between salaried employees and hourly paid employees is overtime eligibility. Salaried employees are usually exempt from overtime as opposed to hourly paid staff.

Insurance Underwriter VS Other Jobs

Salary Comparison Between Insurance Underwriter and Insurance monthly Sweden
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The average salary for Insurance Underwriter is 25% less than that of Insurance. Also, Insurance salaries are 0% more than those of All Jobs.

Salary comparison with similar jobs

Job TitleAverage Salary
Actuarial Analyst62,900 SEK+85%
Actuarial Assistant44,700 SEK+32%
Actuary65,800 SEK+94%
Adjustment Insurance Clerk17,300 SEK-49%
Assistant Broker29,900 SEK-12%
Assistant Claims Manager50,400 SEK+49%
Associate Insurance Representative24,200 SEK-29%
Auditing Insurance Manager69,900 SEK+110%
Broker49,100 SEK+45%
Claim Advocacy Professional45,800 SEK+35%
Claims Adjuster17,600 SEK-48%
Claims Analyst24,900 SEK-27%
Claims Examiner25,100 SEK-26%
Claims Manager68,800 SEK+100%
Claims Processor18,300 SEK-46%
Claims Representative21,600 SEK-36%
Claims Resolution Specialist49,600 SEK+46%
Claims Supervisor44,500 SEK+31%
Complaints Specialist43,700 SEK+29%
Compliance Officer36,700 SEK+8%
Consultant46,300 SEK+37%
Eligibility Specialist45,500 SEK+34%
Insurance Account Manager56,400 SEK+66%
Insurance Accounts Executive48,600 SEK+43%
Insurance Agent27,900 SEK-18%
Insurance Analyst44,700 SEK+32%
Insurance Appraiser46,800 SEK+38%
Insurance Claims Clerk17,500 SEK-48%
Insurance Examiner43,600 SEK+29%
Insurance Investigator45,100 SEK+33%
Insurance Manager79,800 SEK+140%
Insurance Operations Manager83,200 SEK+150%
Insurance Policy Processing Clerk18,000 SEK-47%
Insurance Pricing Assistant37,400 SEK+10%
Insurance Program Manager60,800 SEK+79%
Insurance Project Manager59,100 SEK+74%
Insurance Quality Assurance Agent42,000 SEK+24%
Insurance Sales Agent29,000 SEK-14%
Insurance Sales Director77,600 SEK+130%
Insurance Team Leader49,200 SEK+45%
Insurance Underwriter33,900 SEK-0%
Loss Control Specialist47,000 SEK+39%
Loss Prevention Investigator51,000 SEK+50%
Loss Prevention Manager65,200 SEK+92%
Loss Prevention Specialist48,100 SEK+42%
Marine Underwriter33,400 SEK-2%
Medical Auditor47,100 SEK+39%
Monitoring and Performance Officer32,400 SEK-4%
Payment Services Specialist49,200 SEK+45%
Policy Change Director72,000 SEK+110%
Policy Change Supervisor50,200 SEK+48%
Policy Change Technician22,700 SEK-33%
Risk Analyst53,300 SEK+57%
Risk Management Director93,300 SEK+180%
Risk Management Supervisor60,800 SEK+79%
Risk Manager91,300 SEK+170%
Risk Modeling Manager83,300 SEK+150%
Title Insurance Typist42,000 SEK+24%
Training Manager52,200 SEK+54%

Salary Comparison By City

CityAverage Salary
Goteborg36,500 SEK
Malmo32,600 SEK
Stockholm40,100 SEK

Government vs Private Sector Salary Comparison

Where can you get paid more, working for a private company or for the government? Public sector employees in Sweden earn 5% more than their private sector counterparts on average across all sectors.

Private Sector
44,000 SEK
Public Sector+5%
46,100 SEK
Percentage increase and decrease are relative to the previous value

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