Average Insurance Underwriters Salary in Albany-Schenectady-Troy, NY
Insurance Underwriters in the Albany-Schenectady-Troy, NY area are earning an impressive average annual salary of $96,540. This figure notably surpasses the national average of $90,920, indicating a localized premium for this specialized role. The demand and specific industry landscape within this metropolitan region likely contribute to this elevated compensation.
Executive Summary
- Average Salary: $96,540 per year.
- Growth Trend: Salaries have shifted 28.8% ↗ over the last 5 years.
- Top Earners: Senior professionals (90th percentile) earn up to $145,290.
- Outlook: The Albany-Schenectady-Troy, NY market demonstrates a healthy concentration of Insurance Underwriters, with a Location Quotient of 1.24, suggesting a slightly higher presence than the national average. The total local workforce of 380 professionals, coupled with 0.864 jobs per 1,000 workers, points to a stable and established job market for this profession within the region.
Salary Overview
The average Insurance Underwriters in Albany-Schenectady-Troy, NY earns+6.2%above the national average.
$46.4
$1,857
$8,045
Insurance Underwriters Salary Trends (2020-2024)
While specific historical data is not provided, it is reasonable to assume that Insurance Underwriter salaries in Albany-Schenectady-Troy, NY have experienced steady growth over the past four years, mirroring national trends. Factors such as evolving insurance regulations, market demand, and inflation typically drive upward salary adjustments for skilled professionals in this field.
Insurance Underwriters Salary Distribution in Albany-Schenectady-Troy, NY
Career progression for Insurance Underwriters in Albany-Schenectady-Troy, NY is typically marked by significant salary increases. Entry-level positions might start closer to the lower percentiles, while seasoned professionals with extensive experience and specialized knowledge can command salaries in the upper percentiles, reflecting a clear path for career and financial advancement.
| Experience Level | Market Percentile | Annual Wage | Hourly Rate |
|---|---|---|---|
| Associate / AnalystData entry, reporting, supporting senior staff. | 10% (Entry) | $60,520 | $29.1 |
| Senior AnalystIndependent analysis, forecasting, client interaction. | 25% (Junior) | $72,405 | $34.8 |
| ManagerOversees team, compliance, and project delivery. | 50% (Median) | $93,120 | $44.8 |
| Director / VPStrategic planning, budget ownership, risk management. | 75% (Senior) | $120,675 | $58 |
| Executive / PartnerC-level leadership. High-level strategy & relations. | 90% (Expert) | $145,290 | $69.9 |
Detailed Insurance Underwriters Market Analysis
Relocation Context
Nominal Salary
$96,540
Gross Pay
Real Wage (Purchasing Power)
$96,540
Adjusted for COL (100)
The average annual salary of $96,540 in Albany-Schenectady-Troy, NY aligns perfectly with the local Cost of Living Index of 100, which is the national average. This means that the nominal salary earned by an Insurance Underwriter here holds its purchasing power directly against the national standard, offering a stable financial standing without significant adjustment for living expenses.
Job Market Context
380
Total Jobs
0.864
Per 1K Jobs
1.24
Location Quotient
With a location quotient of 1.24, Albany-Schenectady-Troy, NY has a slightly higher-than-average concentration of Insurance Underwriters roles compared to the national norm.
With a Location Quotient of 1.24, the Albany-Schenectady-Troy, NY area exhibits a job market for Insurance Underwriters that is more concentrated than the national average. This suggests a competitive environment where employers may be actively seeking specialized talent, potentially leading to more opportunities and favorable negotiation terms for qualified candidates.
Nearby Job Markets
Nearby Cities for Insurance Underwriters
| City | Salary | Dist. |
|---|---|---|
| Central East New York nonmetropolitan area Insurance Underwriters Salary | $90,260↓ 7% | 68 mi |
Comparing salaries near Albany-Schenectady-Troy, NY
Hiring Insurance Underwriterss?
Frequently Asked Questions
How much does a Insurance Underwriters make in Albany-Schenectady-Troy, NY?
The median annual salary for a Insurance Underwriters in Albany-Schenectady-Troy, NY is $96,540. This typically ranges from $60,520 for entry-level positions to $145,290 for top-level roles.
How does the salary compare to the national average?
The average salary for this role in Albany-Schenectady-Troy, NY is 6.2% higher than the national median of $90,920.
Is Albany-Schenectady-Troy, NY a lucrative place for Insurance Underwriterss?
Yes, it is a lucrative place for Insurance Underwriters.The average salary of $96,540 significantly exceeds the national average, and the cost of living is on par with the national average, indicating strong earning potential.
Is Albany-Schenectady-Troy, NY a good place to live for Insurance Underwriters?
The Cost of Living Index in Albany-Schenectady-Troy, NY is 100. While higher than average, this often correlates with higher wages.
Where are the highest paying cities near Albany-Schenectady-Troy, NY?
Some top paying nearby cities include Central East New York nonmetropolitan area ($90,260) and others.
How does the Albany Insurance Underwriter salary compare to the national average?
The average annual salary for Insurance Underwriters in Albany-Schenectady-Troy, NY is $96,540, which is higher than the national average of $90,920.
What is the concentration of Insurance Underwriters in Albany-Schenectady-Troy, NY?
The concentration, measured by the Location Quotient, is 1.24, indicating that Insurance Underwriters are more prevalent in this area compared to the national average.
Does the cost of living affect the value of an Insurance Underwriter's salary in Albany?
No, the cost of living in Albany-Schenectady-Troy, NY is exactly at the national average (100), meaning the $96,540 salary has the same purchasing power as the national average salary.
How many Insurance Underwriters are there in the Albany-Schenectady-Troy, NY area?
There are approximately 380 Insurance Underwriters in the local workforce of Albany-Schenectady-Troy, NY.
Methodology: Salary data is derived from the Bureau of Labor Statistics (BLS) OEWS 2024 release. Figures represent gross pay before taxes. Analysis includes 380 employees in the Albany-Schenectady-Troy, NY area with a job density of 0.864 per 1,000 jobs. Cost of Living data is estimated based on state and metro averages.
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Semantic Salary Analysis for Insurance Underwriters • Data source: BLS OEWS 2024 •Jobs in Albany-Schenectady-Troy, NY