Average Insurance Underwriters Salary in Bloomington, IL
Insurance Underwriters in Bloomington, IL earn an average annual salary of $83,210. This figure is slightly below the national average of $90,920, reflecting a localized market dynamic. Factors such as regional demand, the specific mix of insurance products prevalent in the area, and the overall economic landscape of Bloomington contribute to this salary differential.
Executive Summary
- Average Salary: $83,210 per year.
- Growth Trend: Salaries have shifted 46.3% ↗ over the last 5 years.
- Top Earners: Senior professionals (90th percentile) earn up to $124,890.
- Outlook: Bloomington, IL hosts a substantial local workforce of 2,580 Insurance Underwriters, with a robust jobs-per-1,000-workers ratio of 28.565. The exceptionally high Location Quotient of 40.85 indicates a significant concentration of these professionals compared to the national average, suggesting a strong and established presence of the insurance underwriting sector within the region.
Salary Overview
The average Insurance Underwriters in Bloomington, IL earns-8.5%below the national average.
$40
$1,600
$6,934
Insurance Underwriters Salary Trends (2020-2024)
While specific historical data for Bloomington is not provided, it is reasonable to assume that salaries for Insurance Underwriters in the area have experienced growth over the past four years, mirroring national trends. Economic expansion, evolving insurance regulations, and increasing demand for risk assessment professionals likely contribute to upward salary adjustments.
Insurance Underwriters Salary Distribution in Bloomington, IL
The career trajectory for Insurance Underwriters typically involves significant salary increases with experience. Entry-level positions may start at a lower percentile, while seasoned professionals with extensive knowledge of risk assessment and policy development can command salaries in the upper percentiles. These percentile gaps are a clear indicator of the value placed on accumulated expertise and demonstrated success in the field.
| Experience Level | Market Percentile | Annual Wage | Hourly Rate |
|---|---|---|---|
| Associate / AnalystData entry, reporting, supporting senior staff. | 10% (Entry) | $45,510 | $21.9 |
| Senior AnalystIndependent analysis, forecasting, client interaction. | 25% (Junior) | $62,408 | $30 |
| ManagerOversees team, compliance, and project delivery. | 50% (Median) | $73,490 | $35.3 |
| Director / VPStrategic planning, budget ownership, risk management. | 75% (Senior) | $104,013 | $50 |
| Executive / PartnerC-level leadership. High-level strategy & relations. | 90% (Expert) | $124,890 | $60 |
Detailed Insurance Underwriters Market Analysis
Relocation Context
Nominal Salary
$83,210
Gross Pay
Real Wage (Purchasing Power)
$83,210
Adjusted for COL (100)
The average annual salary of $83,210 in Bloomington, IL aligns perfectly with the local Cost of Living Index of 100, which is the national average. This means that the nominal salary offers purchasing power equivalent to the national average, providing a stable financial foundation for residents without the added pressure of higher living expenses.
Job Market Context
2,580
Total Jobs
28.565
Per 1K Jobs
40.85
Location Quotient
Bloomington, IL has 40.9x the national concentration of Insurance Underwriters jobs — a major employment hub for this role. Job seekers will find significantly more opportunities here than in most other areas.
With a Location Quotient of 40.85, Bloomington, IL demonstrates an extraordinary concentration of Insurance Underwriters relative to the national average. This high quotient suggests that the local job market is not only abundant with opportunities but also highly specialized in this profession, potentially leading to a competitive environment for both employers seeking talent and professionals seeking roles.
Nearby Job Markets
Nearby Cities for Insurance Underwriters
| City | Salary | Dist. |
|---|---|---|
| East Central Illinois nonmetropolitan area Insurance Underwriters Salary | $77,590↓ 7% | 9 mi |
| Northwest Illinois nonmetropolitan area Insurance Underwriters Salary | $99,480↑ 20% | 9 mi |
| Peoria, IL Insurance Underwriters Salary | $84,840↑ 2% | 39 mi |
Comparing salaries near Bloomington, IL
Hiring Insurance Underwriterss?
Frequently Asked Questions
How much does a Insurance Underwriters make in Bloomington, IL?
The median annual salary for a Insurance Underwriters in Bloomington, IL is $83,210. This typically ranges from $45,510 for entry-level positions to $124,890 for top-level roles.
How does the salary compare to the national average?
The average salary for this role in Bloomington, IL is 8.5% lower than the national median of $90,920.
Is Bloomington, IL a lucrative place for Insurance Underwriters?
Yes, it offers strong value due to cost of living.While the average salary is slightly below the national average, the cost of living is also at the national average. This equilibrium means your earnings in Bloomington hold comparable purchasing power to higher-paying, higher-cost areas.
Is Bloomington, IL a good place to live for Insurance Underwriters?
The Cost of Living Index in Bloomington, IL is 100. While higher than average, this often correlates with higher wages.
Where are the highest paying cities near Bloomington, IL?
Some top paying nearby cities include East Central Illinois nonmetropolitan area ($77,590) and Northwest Illinois nonmetropolitan area.
How does Bloomington's Insurance Underwriter concentration compare nationally?
Bloomington, IL has a Location Quotient of 40.85 for Insurance Underwriters, meaning the concentration of these jobs is over 40 times higher than the national average, indicating a very specialized local market.
What is the job availability like for Insurance Underwriters in Bloomington, IL?
With 28.565 jobs per 1,000 workers and a total local workforce of 2,580, job availability appears robust and indicates a significant presence of underwriting roles within the Bloomington economy.
Does experience significantly impact an Insurance Underwriter's salary in Bloomington?
Yes, as in most professions, experience plays a crucial role. Senior underwriters with specialized skills and a proven track record typically earn considerably more than entry-level professionals.
How does the Bloomington salary compare to the national average in real terms?
Considering the Cost of Living Index is 100 (national average), the Bloomington salary of $83,210 has the same real purchasing power as the national average salary of $90,920 in a higher cost-of-living area.
Methodology: Salary data is derived from the Bureau of Labor Statistics (BLS) OEWS 2024 release. Figures represent gross pay before taxes. Analysis includes 2,580 employees in the Bloomington, IL area with a job density of 28.565 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 Bloomington, IL