Average Insurance Underwriters Salary in Baltimore-Columbia-Towson, MD
Insurance Underwriters in the Baltimore-Columbia-Towson, MD area earn an average annual salary of $92,450. This figure slightly surpasses the national average of $90,920, indicating a competitive local market. Factors such as regional demand and the specific needs of the insurance industry within Maryland likely contribute to this favorable compensation.
Executive Summary
- Average Salary: $92,450 per year.
- Growth Trend: Salaries have shifted 20.1% ↗ over the last 5 years.
- Top Earners: Senior professionals (90th percentile) earn up to $131,130.
- Outlook: The Baltimore-Columbia-Towson metropolitan area supports a dedicated workforce of 610 Insurance Underwriters. With a Location Quotient of 0.65, the concentration of these professionals is below the national average, suggesting a potentially less saturated but still present demand for their specialized skills within the region.
Salary Overview
The average Insurance Underwriters in Baltimore-Columbia-Towson, MD earns+1.7%above the national average.
$44.5
$1,778
$7,704
Insurance Underwriters Salary Trends (2020-2024)
While specific historical data for this localized role isn't provided, it's reasonable to assume that Insurance Underwriter salaries in Baltimore-Columbia-Towson have experienced steady growth over the past four years, mirroring national trends. This growth is typically driven by increasing complexity in risk assessment, evolving regulatory landscapes, and the persistent need for skilled underwriting professionals.
Insurance Underwriters Salary Distribution in Baltimore-Columbia-Towson, MD
Salary progression for Insurance Underwriters in Baltimore-Columbia-Towson, MD, is strongly tied to experience. Entry-level positions typically command salaries at the lower end of the spectrum, while senior underwriters with extensive expertise and a proven track record in complex risk analysis can earn significantly more, often reaching the upper percentiles of the salary range.
| Experience Level | Market Percentile | Annual Wage | Hourly Rate |
|---|---|---|---|
| Associate / AnalystData entry, reporting, supporting senior staff. | 10% (Entry) | $60,050 | $28.9 |
| Senior AnalystIndependent analysis, forecasting, client interaction. | 25% (Junior) | $69,338 | $33.3 |
| ManagerOversees team, compliance, and project delivery. | 50% (Median) | $89,990 | $43.3 |
| Director / VPStrategic planning, budget ownership, risk management. | 75% (Senior) | $115,563 | $55.6 |
| Executive / PartnerC-level leadership. High-level strategy & relations. | 90% (Expert) | $131,130 | $63 |
Detailed Insurance Underwriters Market Analysis
Relocation Context
Nominal Salary
$92,450
Gross Pay
Real Wage (Purchasing Power)
$92,450
Adjusted for COL (100)
The average annual salary of $92,450 in Baltimore-Columbia-Towson, MD, aligns perfectly with the national average cost of living, which is indexed at 100. This means that the purchasing power of an Insurance Underwriter's salary in this region is comparable to the national standard, offering a stable financial environment for residents.
Job Market Context
610
Total Jobs
0.458
Per 1K Jobs
0.65
Location Quotient
Baltimore-Columbia-Towson, MD has 0.65x the national average concentration of Insurance Underwriters jobs. This means there are fewer opportunities per capita here compared to the U.S. average — competition for roles may be higher.
A Location Quotient of 0.65 for Insurance Underwriters in Baltimore-Columbia-Towson, MD, indicates that the profession is less concentrated here compared to the national average. This suggests that while the job market is not exceptionally dense with underwriters, there is still a consistent presence and demand for these specialized roles within the local insurance sector.
Nearby Job Markets
Nearby Cities for Insurance Underwriters
| City | Salary | Dist. |
|---|---|---|
| Washington-Arlington-Alexandria, DC-VA-MD-WV Insurance Underwriters Salary | $99,950↑ 8% | 35 mi |
| Lancaster, PA Insurance Underwriters Salary | $84,040↓ 9% | 55 mi |
Comparing salaries near Baltimore-Columbia-Towson, MD
Hiring Insurance Underwriterss?
Frequently Asked Questions
How much does a Insurance Underwriters make in Baltimore-Columbia-Towson, MD?
The median annual salary for a Insurance Underwriters in Baltimore-Columbia-Towson, MD is $92,450. This typically ranges from $60,050 for entry-level positions to $131,130 for top-level roles.
How does the salary compare to the national average?
The average salary for this role in Baltimore-Columbia-Towson, MD is 1.7% higher than the national median of $90,920.
Is Baltimore-Columbia-Towson, MD a lucrative place for Insurance Underwriters?
Yes, it offers competitive compensation.Insurance Underwriters in this area earn slightly above the national average salary. Coupled with a cost of living that matches the national average, this makes the location financially attractive for the profession.
Is Baltimore-Columbia-Towson, MD a good place to live for Insurance Underwriters?
The Cost of Living Index in Baltimore-Columbia-Towson, MD is 100. While higher than average, this often correlates with higher wages.
Where are the highest paying cities near Baltimore-Columbia-Towson, MD?
Some top paying nearby cities include Washington-Arlington-Alexandria, DC-VA-MD-WV ($99,950) and Lancaster, PA.
How does the local workforce size impact job availability for Insurance Underwriters in Baltimore-Columbia-Towson, MD?
With a local workforce of 610, there is a stable base of Insurance Underwriters. While not a massive concentration, it indicates a consistent demand and opportunities for those in the field.
What is the significance of a Location Quotient of 0.65 for Insurance Underwriters in this area?
A Location Quotient below 1.0, like 0.65, means there are fewer Insurance Underwriters per worker in Baltimore-Columbia-Towson compared to the national average. This could imply less competition for available roles.
How does the Cost of Living Index of 100 affect the perceived value of an Insurance Underwriter's salary in Baltimore-Columbia-Towson, MD?
An index of 100 signifies that the cost of living is exactly at the national average. Therefore, the average salary of $92,450 holds its value effectively, providing a standard level of purchasing power.
Are there significant salary differences between entry-level and senior Insurance Underwriters in Baltimore-Columbia-Towson, MD?
Yes, experience plays a crucial role. Senior underwriters with specialized skills and years of experience typically command higher salaries, reflecting their expertise and value to insurance companies.
Methodology: Salary data is derived from the Bureau of Labor Statistics (BLS) OEWS 2024 release. Figures represent gross pay before taxes. Analysis includes 610 employees in the Baltimore-Columbia-Towson, MD area with a job density of 0.458 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 Baltimore-Columbia-Towson, MD