Average Insurance Underwriters Salary in Colorado
Insurance Underwriters in Colorado earn an impressive average annual salary of $116,140, significantly surpassing the national average of $90,920. This elevated compensation is often driven by the state's unique economic landscape and the specific demands within its insurance sector, reflecting a strong regional value for these critical roles.
Executive Summary
- Average Salary: $116,140 per year.
- Growth Trend: Salaries have shifted 30.6% ↗ over the last 5 years.
- Top Earners: Senior professionals (90th percentile) earn up to $167,280.
- Outlook: With a local workforce of 1,540 Insurance Underwriters, Colorado presents a moderately sized but concentrated market. The Location Quotient of 0.76 suggests a slightly lower concentration compared to the national average, indicating that while the workforce is established, there may be room for growth and demand for skilled professionals in this sector.
Salary Overview
The average Insurance Underwriters in Colorado earns+27.7%above the national average.
$55.8
$2,233
$9,678
Insurance Underwriters Salary Trends (2020-2024)
While specific historical data is not provided, it's reasonable to assume that the Insurance Underwriter role in Colorado has experienced salary growth over the past four years, mirroring national trends. Factors such as evolving insurance regulations, increased market complexity, and a persistent need for risk assessment expertise likely contribute to a positive trajectory for underwriter compensation.
Insurance Underwriters Salary Distribution in Colorado
The career path for an Insurance Underwriter typically shows significant salary progression with experience. Entry-level positions might start closer to the lower percentiles, while seasoned professionals with specialized knowledge and a proven track record can command salaries in the upper percentiles, reflecting a substantial increase from junior to senior roles.
| Experience Level | Market Percentile | Annual Wage | Hourly Rate |
|---|---|---|---|
| Associate / AnalystData entry, reporting, supporting senior staff. | 10% (Entry) | $70,420 | $33.9 |
| Senior AnalystIndependent analysis, forecasting, client interaction. | 25% (Junior) | $87,105 | $41.9 |
| ManagerOversees team, compliance, and project delivery. | 50% (Median) | $100,050 | $48.1 |
| Director / VPStrategic planning, budget ownership, risk management. | 75% (Senior) | $145,175 | $69.8 |
| Executive / PartnerC-level leadership. High-level strategy & relations. | 90% (Expert) | $167,280 | $80.4 |
Detailed Insurance Underwriters Market Analysis
Relocation Context
Nominal Salary
$116,140
Gross Pay
Real Wage (Purchasing Power)
$110,085
Adjusted for COL (105.5)
Colorado's nominal average salary of $116,140 for Insurance Underwriters is robust, but it's essential to consider the local Cost of Living Index of 105.5. This indicates that while the take-home pay is higher than the national average, the cost of goods and services is also slightly elevated, meaning the purchasing power of this salary is moderately impacted by the higher cost of living.
Job Market Context
1,540
Total Jobs
0.533
Per 1K Jobs
0.76
Location Quotient
Colorado has 0.76x 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 0.76 signifies that Insurance Underwriters are slightly less concentrated in Colorado compared to the national average. This suggests that while the profession is present and valued, the market may not be oversaturated, potentially offering good opportunities for new entrants or those looking to relocate, without intense competition for every available role.
Nearby Job Markets
Nearby Cities for Insurance Underwriters
| City | Salary | Dist. |
|---|---|---|
| Colorado Springs, CO Insurance Underwriters Salary | $101,120↓ 13% | 32 mi |
| Denver-Aurora-Centennial, CO Insurance Underwriters Salary | $123,590↑ 6% | 54 mi |
Comparing salaries near Colorado
Hiring Insurance Underwriterss?
Frequently Asked Questions
How much does a Insurance Underwriters make in Colorado?
The median annual salary for a Insurance Underwriters in Colorado is $116,140. This typically ranges from $70,420 for entry-level positions to $167,280 for top-level roles.
How does the salary compare to the national average?
The average salary for this role in Colorado is 27.7% higher than the national median of $90,920.
Is Colorado a lucrative place for Insurance Underwriterss?
Yes, Colorado offers a lucrative environment for Insurance Underwriters.The average annual salary of $116,140 significantly exceeds the national average, indicating strong earning potential. While the cost of living is slightly higher, the substantial salary differential suggests a favorable financial outlook for the profession in the state.
Is Colorado a good place to live for Insurance Underwriters?
The Cost of Living Index in Colorado is 105.5. While higher than average, this often correlates with higher wages.
Where are the highest paying cities near Colorado?
Some top paying nearby cities include Colorado Springs, CO ($101,120) and Denver-Aurora-Centennial, CO.
How does Colorado's Insurance Underwriter salary compare to the national average?
Insurance Underwriters in Colorado earn an average of $116,140 annually, which is approximately $25,220 more than the national average of $90,920, representing a significant premium.
What is the job concentration for Insurance Underwriters in Colorado?
The Location Quotient for Insurance Underwriters in Colorado is 0.76, indicating a slightly lower concentration of these professionals compared to the national average.
How does the cost of living in Colorado affect the Insurance Underwriter salary?
With a Cost of Living Index of 105.5, Colorado is 5.5% more expensive than the national average. The higher salary helps to offset this, but it's a factor to consider for purchasing power.
What does the number of jobs per 1,000 workers suggest for Insurance Underwriters in Colorado?
With 0.533 jobs per 1,000 workers, this metric indicates the relative prevalence of Insurance Underwriter roles within the state's broader employment landscape, suggesting a steady presence of the profession.
Methodology: Salary data is derived from the Bureau of Labor Statistics (BLS) OEWS 2024 release. Figures represent gross pay before taxes. Analysis includes 1,540 employees in the Colorado area with a job density of 0.533 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 Colorado