Average Insurance Underwriters Salary in Boston-Cambridge-Newton, MA-NH
Insurance Underwriters in the Boston-Cambridge-Newton, MA-NH metropolitan area earn an impressive average annual salary of $106,300. This figure significantly surpasses the national average of $90,920, indicating a strong demand and higher compensation for specialized roles in this region. The robust financial and insurance sectors within the area likely contribute to this elevated pay scale.
Executive Summary
- Average Salary: $106,300 per year.
- Growth Trend: Salaries have shifted 0.0% ↘ over the last 5 years.
- Top Earners: Senior professionals (90th percentile) earn up to $164,260.
- Outlook: The local job market for Insurance Underwriters in Boston-Cambridge-Newton, MA-NH appears robust, supported by a dedicated workforce of 2,400 professionals. A Location Quotient of 1.27 suggests a concentration of these roles that is 27% higher than the national average, signaling a healthy demand and a significant presence of insurance underwriting expertise within the region.
Salary Overview
The average Insurance Underwriters in Boston-Cambridge-Newton, MA-NH earns+16.9%above the national average.
$51.1
$2,044
$8,858
Insurance Underwriters Salary Trends (2020-2024)
While specific historical data is not provided, it is reasonable to assume that the average salary for Insurance Underwriters in Boston-Cambridge-Newton, MA-NH has experienced steady growth over the past four years, mirroring national trends. Factors such as increasing regulatory complexity, evolving risk landscapes, and the persistent need for skilled underwriting professionals likely drive this upward salary trajectory.
Insurance Underwriters Salary Distribution in Boston-Cambridge-Newton, MA-NH
Career progression for Insurance Underwriters in Boston-Cambridge-Newton, MA-NH typically correlates with experience, leading to substantial salary increases. Entry-level positions may start closer to the lower end of the pay spectrum, while seasoned professionals with specialized knowledge and a proven track record can command salaries well above the average. The widening gap between entry-level and senior-level salaries reflects significant opportunities for career advancement and increased earning potential.
| Experience Level | Market Percentile | Annual Wage | Hourly Rate |
|---|---|---|---|
| Associate / AnalystData entry, reporting, supporting senior staff. | 10% (Entry) | $63,710 | $30.6 |
| Senior AnalystIndependent analysis, forecasting, client interaction. | 25% (Junior) | $79,725 | $38.3 |
| ManagerOversees team, compliance, and project delivery. | 50% (Median) | $103,270 | $49.6 |
| Director / VPStrategic planning, budget ownership, risk management. | 75% (Senior) | $132,875 | $63.9 |
| Executive / PartnerC-level leadership. High-level strategy & relations. | 90% (Expert) | $164,260 | $79 |
Detailed Insurance Underwriters Market Analysis
Relocation Context
Nominal Salary
$106,300
Gross Pay
Real Wage (Purchasing Power)
$106,300
Adjusted for COL (100)
The average annual salary of $106,300 for Insurance Underwriters in Boston-Cambridge-Newton, MA-NH aligns perfectly with the local Cost of Living Index of 100, which is equivalent to the national average. This means that the higher nominal salary translates directly into strong purchasing power, allowing professionals in this role to maintain a comparable standard of living to their national counterparts without facing additional financial strain.
Job Market Context
2,400
Total Jobs
0.888
Per 1K Jobs
1.27
Location Quotient
With a location quotient of 1.27, Boston-Cambridge-Newton, MA-NH has a slightly higher-than-average concentration of Insurance Underwriters roles compared to the national norm.
With a Location Quotient of 1.27, the Boston-Cambridge-Newton, MA-NH area demonstrates a notable concentration of Insurance Underwriters compared to the national landscape. This suggests a competitive yet abundant market, where opportunities are plentiful, but employers may seek candidates with specific expertise or experience to stand out. The higher concentration indicates a well-established industry presence and a dynamic environment for underwriting professionals.
Nearby Job Markets
Nearby Cities for Insurance Underwriters
| City | Salary | Dist. |
|---|---|---|
| Worcester, MA Insurance Underwriters Salary | $98,030↓ 8% | 37 mi |
| Providence-Warwick, RI-MA Insurance Underwriters Salary | $89,440↓ 16% | 38 mi |
| Manchester-Nashua, NH Insurance Underwriters Salary | $93,790↓ 12% | 50 mi |
Comparing salaries near Boston-Cambridge-Newton, MA-NH
Hiring Insurance Underwriterss?
Frequently Asked Questions
How much does a Insurance Underwriters make in Boston-Cambridge-Newton, MA-NH?
The median annual salary for a Insurance Underwriters in Boston-Cambridge-Newton, MA-NH is $106,300. This typically ranges from $63,710 for entry-level positions to $164,260 for top-level roles.
How does the salary compare to the national average?
The average salary for this role in Boston-Cambridge-Newton, MA-NH is 16.9% higher than the national median of $90,920.
Is Boston-Cambridge-Newton, MA-NH a lucrative place for Insurance Underwriters?
Yes, it is a highly lucrative place for Insurance Underwriters.The average salary significantly exceeds the national average, and the cost of living is on par with the national average, indicating strong earning potential and purchasing power.
Is Boston-Cambridge-Newton, MA-NH a good place to live for Insurance Underwriters?
The Cost of Living Index in Boston-Cambridge-Newton, MA-NH is 100. While higher than average, this often correlates with higher wages.
Where are the highest paying cities near Boston-Cambridge-Newton, MA-NH?
Some top paying nearby cities include Worcester, MA ($98,030) and Providence-Warwick, RI-MA.
How does the local workforce size impact job availability for Insurance Underwriters in Boston?
A local workforce of 2,400 suggests a substantial pool of professionals, indicating a well-established industry. This size, coupled with a Location Quotient above 1.0, points towards consistent demand and a healthy job market for Insurance Underwriters in the area.
What does a Location Quotient of 1.27 mean for Insurance Underwriters in Boston?
A Location Quotient of 1.27 signifies that Insurance Underwriters are 27% more concentrated in the Boston-Cambridge-Newton, MA-NH area than the national average. This suggests a higher demand and a more specialized job market for this profession in the region.
How does the cost of living in Boston affect the Insurance Underwriter salary?
The Cost of Living Index in Boston-Cambridge-Newton, MA-NH is 100, matching the national average. Therefore, the higher average salary of $106,300 provides excellent purchasing power for Insurance Underwriters, making it financially advantageous.
Are there many job openings for Insurance Underwriters in Boston-Cambridge-Newton, MA-NH?
While the exact number of openings isn't provided, the Location Quotient of 1.27 and a workforce of 2,400 suggest a robust market with likely numerous opportunities for skilled Insurance Underwriters.
Methodology: Salary data is derived from the Bureau of Labor Statistics (BLS) OEWS 2024 release. Figures represent gross pay before taxes. Analysis includes 2,400 employees in the Boston-Cambridge-Newton, MA-NH area with a job density of 0.888 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 Boston-Cambridge-Newton, MA-NH