Mergers and acquisitions may be taking their toll on the profession, he notes. Fifty-four percent say they have fewer career options, compared to 42 percent in 2003. Carruthers says underwriters' options have certainly diminished as companies consolidate, but if they were to look outside of the box—such as the growth among specialty writers—they may find their possibilities have expanded.

The economic crisis slowed hiring of underwriters, he says, but it is now beginning to rebound from pent-up demand. However, tempering that reality is the “hunker-down” mentality of underwriter's themselves. They tend to be “more rooted in their position and less open to change than before the financial crisis,” says Carruthers.

Underwriters have become more risk averse when it comes to changing jobs because of the uncertainties created by the economic crisis, he adds.

HCap Search President Barry Tower says he has seen several changes in the commercial underwriting area from the last survey. Consolidation and company mergers have cut down the ranks of underwriters and carriers are hiring fewer trainees, depleting their ranks further. Surprisingly, many baby boomers have not retired.

“Fifteen years ago, it was rare to find underwriters, including managers, working past sixty years-old,” says Tower. “Now, it is very common to see people work well into their sixties.”

Being with the same employer for a considerable length of time appears to be the norm. Most—36 percent—have worked with their current employer for 6 to 10 years and 28 percent have been with the same company 11 to 15 years. Twenty percent say they have not changed their employer in 16 to 20 years.

When they do make a job change, the vast majority—60 percent—do so for career opportunity while only 34 percent do it for salary.

Turning to the issue of compensation—pessimism is worse today than it was 10 year ago. In 2003, 47 percent felt compensation would be less than it was in the previous 3-5 years and 32 percent say it would be greater. Today, the negative feeling has grown with 58 percent feeling pessimistic about the future and 26 percent saying it would remain unchanged. Only 14 percent believe it would increase.

However, Carruthers believes underwriters should have a positive view of their future. The insurance industry is experiencing modest rate growth over prolong period as well as increasing exposures. He notes the Insurance Information Institute says the industry was profitable in the first quarter of 2013, the 12^th consecutive quarter of growth and the longest continuous period in nearly a decade.

“If the trend continues, commercial underwriters are likely to see increasingly positive prospects with regard to career and salary growth in the coming years,” says Carruthers.