Average Insurance Underwriters Salary in Cincinnati, OH-KY-IN
Insurance Underwriters in the Cincinnati, OH-KY-IN area earn an average annual salary of $87,530. This figure is slightly below the national average of $90,920, suggesting a localized compensation structure influenced by regional economic factors and industry demand. The specific economic dynamics and competitive landscape within this tri-state area play a crucial role in shaping the remuneration for these vital financial professionals.
Executive Summary
- Average Salary: $87,530 per year.
- Growth Trend: Salaries have shifted 17.5% ↗ over the last 5 years.
- Top Earners: Senior professionals (90th percentile) earn up to $124,730.
- Outlook: The Cincinnati, OH-KY-IN metropolitan area supports a robust workforce of 1,810 Insurance Underwriters. With a Location Quotient of 2.37, the concentration of these roles is more than double the national average, indicating a significant and specialized demand for underwriting expertise within the region. This high concentration suggests a stable and potentially growing job market for experienced professionals in this field.
Salary Overview
The average Insurance Underwriters in Cincinnati, OH-KY-IN earns-3.7%below the national average.
$42.1
$1,683
$7,294
Insurance Underwriters Salary Trends (2020-2024)
While specific historical data is not provided, it is generally observed that salaries for Insurance Underwriters across the United States, including in metropolitan areas like Cincinnati, have experienced consistent growth over the past four years. This upward trend is typically driven by increasing complexity in risk assessment, evolving regulatory landscapes, and a sustained demand for skilled underwriting professionals in the insurance sector.
Insurance Underwriters Salary Distribution in Cincinnati, OH-KY-IN
The career trajectory for Insurance Underwriters in Cincinnati, OH-KY-IN shows a clear correlation between experience and earning potential. Entry-level positions typically start at the lower percentiles, while seasoned professionals with extensive experience and specialized knowledge can command salaries in the upper percentiles. The widening gap between entry-level and senior roles signifies substantial opportunities for career advancement and increased compensation.
| Experience Level | Market Percentile | Annual Wage | Hourly Rate |
|---|---|---|---|
| Associate / AnalystData entry, reporting, supporting senior staff. | 10% (Entry) | $50,940 | $24.5 |
| Senior AnalystIndependent analysis, forecasting, client interaction. | 25% (Junior) | $65,648 | $31.6 |
| ManagerOversees team, compliance, and project delivery. | 50% (Median) | $81,190 | $39 |
| Director / VPStrategic planning, budget ownership, risk management. | 75% (Senior) | $109,413 | $52.6 |
| Executive / PartnerC-level leadership. High-level strategy & relations. | 90% (Expert) | $124,730 | $60 |
Detailed Insurance Underwriters Market Analysis
Relocation Context
Nominal Salary
$87,530
Gross Pay
Real Wage (Purchasing Power)
$87,530
Adjusted for COL (100)
The average annual salary of $87,530 for Insurance Underwriters in Cincinnati, OH-KY-IN aligns perfectly with the national average Cost of Living Index of 100. This means that the nominal salary offers a purchasing power equivalent to the national average, indicating a balanced economic environment where compensation effectively meets the standard cost of living expenses.
Job Market Context
1,810
Total Jobs
1.658
Per 1K Jobs
2.37
Location Quotient
Cincinnati, OH-KY-IN has 2.4x 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.
A Location Quotient of 2.37 for Insurance Underwriters in Cincinnati, OH-KY-IN signifies a highly concentrated job market. This indicates that the region employs a significantly larger proportion of underwriters relative to the national average, suggesting a strong presence of insurance companies and related financial services. This abundance can translate to a competitive environment for job seekers but also signifies a deep pool of industry knowledge and opportunity.
Nearby Job Markets
Nearby Cities for Insurance Underwriters
| City | Salary | Dist. |
|---|---|---|
| Dayton-Kettering-Beavercreek, OH Insurance Underwriters Salary | $81,740↓ 7% | 50 mi |
| Lexington-Fayette, KY Insurance Underwriters Salary | $83,960↓ 4% | 73 mi |
Comparing salaries near Cincinnati, OH-KY-IN
Hiring Insurance Underwriterss?
Frequently Asked Questions
How much does a Insurance Underwriters make in Cincinnati, OH-KY-IN?
The median annual salary for a Insurance Underwriters in Cincinnati, OH-KY-IN is $87,530. This typically ranges from $50,940 for entry-level positions to $124,730 for top-level roles.
How does the salary compare to the national average?
The average salary for this role in Cincinnati, OH-KY-IN is 3.7% lower than the national median of $90,920.
Is Cincinnati, OH-KY-IN a lucrative place for Insurance Underwriters?
Yes, with strong concentration.While the average salary is slightly below the national average, the significantly high Location Quotient of 2.37 indicates a strong regional demand and concentration of roles, suggesting good career prospects and potential for growth.
Is Cincinnati, OH-KY-IN a good place to live for Insurance Underwriters?
The Cost of Living Index in Cincinnati, OH-KY-IN is 100. While higher than average, this often correlates with higher wages.
Where are the highest paying cities near Cincinnati, OH-KY-IN?
Some top paying nearby cities include Dayton-Kettering-Beavercreek, OH ($81,740) and Lexington-Fayette, KY.
How does the Cincinnati Insurance Underwriter salary compare to the national average?
The average annual salary for Insurance Underwriters in Cincinnati, OH-KY-IN is $87,530, which is slightly lower than the national average of $90,920.
What is the concentration of Insurance Underwriters in Cincinnati, OH-KY-IN?
The concentration, measured by the Location Quotient, is 2.37, which is more than double the national average, indicating a significant presence of this profession in the region.
How does the cost of living in Cincinnati affect the salary?
With a Cost of Living Index of 100, the national average, the $87,530 salary in Cincinnati offers purchasing power equivalent to the national average, indicating a balanced economic environment.
What does the total local workforce number imply for job availability?
A local workforce of 1,810 Insurance Underwriters suggests a substantial and established market for these professionals within the Cincinnati metropolitan area.
Methodology: Salary data is derived from the Bureau of Labor Statistics (BLS) OEWS 2024 release. Figures represent gross pay before taxes. Analysis includes 1,810 employees in the Cincinnati, OH-KY-IN area with a job density of 1.658 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 Cincinnati, OH-KY-IN