Average Insurance Underwriters Salary in Chicago-Naperville-Elgin, IL-IN
Insurance Underwriters in the Chicago-Naperville-Elgin, IL-IN metropolitan area command an impressive average annual salary of $106,750. This figure significantly surpasses the national average of $90,920, indicating a strong demand and higher compensation for specialized roles within this dynamic region. The robust economic landscape and concentration of financial services likely contribute to this elevated pay scale.
Executive Summary
- Average Salary: $106,750 per year.
- Growth Trend: Salaries have shifted 0.0% ↘ over the last 5 years.
- Top Earners: Senior professionals (90th percentile) earn up to $160,620.
- Outlook: With a local workforce of 4,620 Insurance Underwriters, the Chicago-Naperville-Elgin area demonstrates a substantial presence in this field. The Location Quotient of 1.48 further underscores this concentration, suggesting that opportunities for Insurance Underwriters are approximately 48% more prevalent here than the national average. This indicates a healthy and robust job market with a notable demand for these professionals.
Salary Overview
The average Insurance Underwriters in Chicago-Naperville-Elgin, IL-IN earns+17.4%above the national average.
$51.3
$2,053
$8,896
Insurance Underwriters Salary Trends (2020-2024)
While specific historical data is not provided, it is reasonable to assume that salaries for Insurance Underwriters in Chicago-Naperville-Elgin have experienced consistent growth over the past four years, mirroring national trends. Factors such as inflation, evolving market demands, and increased complexity in risk assessment likely drive upward salary adjustments, ensuring that compensation keeps pace with the profession's value.
Insurance Underwriters Salary Distribution in Chicago-Naperville-Elgin, IL-IN
Salary progression for Insurance Underwriters in Chicago-Naperville-Elgin typically scales significantly with experience. Entry-level positions may start at a lower percentile, while seasoned professionals with extensive expertise in complex risk analysis and policy development can command salaries in the higher percentiles. These percentile gaps are a clear indicator of the career advancement and earning potential available within the field.
| Experience Level | Market Percentile | Annual Wage | Hourly Rate |
|---|---|---|---|
| Associate / AnalystData entry, reporting, supporting senior staff. | 10% (Entry) | $60,490 | $29.1 |
| Senior AnalystIndependent analysis, forecasting, client interaction. | 25% (Junior) | $80,063 | $38.5 |
| ManagerOversees team, compliance, and project delivery. | 50% (Median) | $98,860 | $47.5 |
| Director / VPStrategic planning, budget ownership, risk management. | 75% (Senior) | $133,438 | $64.2 |
| Executive / PartnerC-level leadership. High-level strategy & relations. | 90% (Expert) | $160,620 | $77.2 |
Detailed Insurance Underwriters Market Analysis
Relocation Context
Nominal Salary
$106,750
Gross Pay
Real Wage (Purchasing Power)
$106,750
Adjusted for COL (100)
The average annual salary of $106,750 in Chicago-Naperville-Elgin, IL-IN aligns perfectly with the local Cost of Living Index of 100, which is the national average. This means that the purchasing power of an Insurance Underwriter's salary in this area is equivalent to the national standard, offering a stable financial standing without the added pressure of a higher cost of living.
Job Market Context
4,620
Total Jobs
1.032
Per 1K Jobs
1.48
Location Quotient
With a location quotient of 1.48, Chicago-Naperville-Elgin, IL-IN has a slightly higher-than-average concentration of Insurance Underwriters roles compared to the national norm.
The Location Quotient of 1.48 for Insurance Underwriters in Chicago-Naperville-Elgin signifies a market where this profession is significantly more concentrated than the national average. This suggests a competitive yet abundant job market, with a higher likelihood of finding specialized roles and potentially more employers vying for top talent, creating a dynamic environment for both job seekers and employers.
Nearby Job Markets
Hiring Insurance Underwriterss?
Frequently Asked Questions
How much does a Insurance Underwriters make in Chicago-Naperville-Elgin, IL-IN?
The median annual salary for a Insurance Underwriters in Chicago-Naperville-Elgin, IL-IN is $106,750. This typically ranges from $60,490 for entry-level positions to $160,620 for top-level roles.
How does the salary compare to the national average?
The average salary for this role in Chicago-Naperville-Elgin, IL-IN is 17.4% higher than the national median of $90,920.
Is Chicago-Naperville-Elgin, IL-IN a lucrative place for Insurance Underwriterss?
Yes, Chicago-Naperville-Elgin, IL-IN is a lucrative location for Insurance Underwriters.The average salary of $106,750 is substantially higher than the national average, and the cost of living is on par with the national average, indicating strong earning potential.
Is Chicago-Naperville-Elgin, IL-IN a good place to live for Insurance Underwriters?
The Cost of Living Index in Chicago-Naperville-Elgin, IL-IN is 100. While higher than average, this often correlates with higher wages.
How does the Chicago-Naperville-Elgin salary compare to the national average?
The average annual salary for Insurance Underwriters in Chicago-Naperville-Elgin is $106,750, which is notably higher than the national average of $90,920.
What is the significance of the Location Quotient (LQ) in Chicago?
An LQ of 1.48 indicates that Insurance Underwriters are 48% more concentrated in the Chicago-Naperville-Elgin area compared to the national average, suggesting a strong presence and demand for these roles.
Does the cost of living affect the Insurance Underwriter salary in Chicago?
The cost of living in Chicago-Naperville-Elgin is at the national average (100), meaning the higher nominal salary of $106,750 translates directly to strong purchasing power for Insurance Underwriters.
How many Insurance Underwriters work in the Chicago area?
There are approximately 4,620 Insurance Underwriters employed within the Chicago-Naperville-Elgin metropolitan area, representing a significant portion of the local workforce in this sector.
Methodology: Salary data is derived from the Bureau of Labor Statistics (BLS) OEWS 2024 release. Figures represent gross pay before taxes. Analysis includes 4,620 employees in the Chicago-Naperville-Elgin, IL-IN area with a job density of 1.032 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 Chicago-Naperville-Elgin, IL-IN