Average Insurance Underwriters Salary in Colorado Springs, CO
Insurance Underwriters in Colorado Springs, CO, command an impressive average annual salary of $101,120, significantly surpassing the national average of $90,920. This elevated compensation is often a reflection of the specialized skills required for the role and the specific economic dynamics within the Colorado Springs metropolitan area. The local market's demand and the concentration of industry professionals contribute to this favorable pay scale.
Executive Summary
- Average Salary: $101,120 per year.
- Growth Trend: Salaries have shifted 54.4% ↗ over the last 5 years.
- Top Earners: Senior professionals (90th percentile) earn up to $155,140.
- Outlook: The job market for Insurance Underwriters in Colorado Springs appears robust, supported by a local workforce of 260 professionals. A Location Quotient of 1.15 indicates a slightly higher concentration of these roles compared to the national average, suggesting a steady demand and a potentially stable job environment for skilled underwriters in the region.
Salary Overview
The average Insurance Underwriters in Colorado Springs, CO earns+11.2%above the national average.
$48.6
$1,945
$8,427
Insurance Underwriters Salary Trends (2020-2024)
While specific historical data for Colorado Springs is not provided, it is reasonable to assume that the salary for Insurance Underwriters has seen consistent growth over the past four years, mirroring national trends. Economic factors, evolving insurance markets, and inflation typically drive upward salary adjustments for specialized roles like underwriting, ensuring that compensation keeps pace with industry demands and cost of living.
Insurance Underwriters Salary Distribution in Colorado Springs, CO
The career trajectory for Insurance Underwriters in Colorado Springs offers significant earning potential. Entry-level positions typically start at a lower percentile, but with experience, underwriters can advance to senior roles commanding salaries well above the average. The increasing salary figures associated with higher percentiles clearly signify substantial career progression and increased earning capacity over time.
| Experience Level | Market Percentile | Annual Wage | Hourly Rate |
|---|---|---|---|
| Associate / AnalystData entry, reporting, supporting senior staff. | 10% (Entry) | $60,190 | $28.9 |
| Senior AnalystIndependent analysis, forecasting, client interaction. | 25% (Junior) | $75,840 | $36.5 |
| ManagerOversees team, compliance, and project delivery. | 50% (Median) | $94,730 | $45.5 |
| Director / VPStrategic planning, budget ownership, risk management. | 75% (Senior) | $126,400 | $60.8 |
| Executive / PartnerC-level leadership. High-level strategy & relations. | 90% (Expert) | $155,140 | $74.6 |
Detailed Insurance Underwriters Market Analysis
Relocation Context
Nominal Salary
$101,120
Gross Pay
Real Wage (Purchasing Power)
$101,120
Adjusted for COL (100)
For Insurance Underwriters considering a move to Colorado Springs, the nominal salary of $101,120 aligns perfectly with the local Cost of Living Index of 100, which is the national average. This means that the purchasing power of an underwriter's salary in Colorado Springs is equivalent to the national average, offering a stable financial foundation without the immediate pressure of higher living expenses.
Job Market Context
260
Total Jobs
0.806
Per 1K Jobs
1.15
Location Quotient
With a location quotient of 1.15, Colorado Springs, CO has a slightly higher-than-average concentration of Insurance Underwriters roles compared to the national norm.
With a Location Quotient of 1.15, Colorado Springs demonstrates a slightly higher concentration of Insurance Underwriters than the national average. This suggests a competitive yet accessible job market. While not oversaturated, the presence of more underwriters per capita than the national norm indicates a healthy demand for talent and opportunities for those seeking employment in this specialized field.
Nearby Job Markets
Nearby Cities for Insurance Underwriters
| City | Salary | Dist. |
|---|---|---|
| Denver-Aurora-Centennial, CO Insurance Underwriters Salary | $123,590↑ 22% | 62 mi |
Comparing salaries near Colorado Springs, CO
Hiring Insurance Underwriterss?
Frequently Asked Questions
How much does a Insurance Underwriters make in Colorado Springs, CO?
The median annual salary for a Insurance Underwriters in Colorado Springs, CO is $101,120. This typically ranges from $60,190 for entry-level positions to $155,140 for top-level roles.
How does the salary compare to the national average?
The average salary for this role in Colorado Springs, CO is 11.2% higher than the national median of $90,920.
Is Colorado Springs, CO a lucrative place for Insurance Underwriters?
Yes, Colorado Springs offers lucrative opportunities for Insurance Underwriters.The average salary of $101,120 significantly exceeds the national average, and the local cost of living is on par with the national index, enhancing the real value of this compensation.
Is Colorado Springs, CO a good place to live for Insurance Underwriters?
The Cost of Living Index in Colorado Springs, CO is 100. While higher than average, this often correlates with higher wages.
Where are the highest paying cities near Colorado Springs, CO?
Some top paying nearby cities include Denver-Aurora-Centennial, CO ($123,590) and others.
How does the Colorado Springs Insurance Underwriter salary compare to the national average?
The average annual salary for Insurance Underwriters in Colorado Springs is $101,120, which is notably higher than the national average of $90,920.
What is the significance of the Location Quotient (LQ) for Insurance Underwriters in Colorado Springs?
An LQ of 1.15 means that Colorado Springs has about 15% more Insurance Underwriters per worker than the national average, indicating a slightly stronger local presence and demand for this profession.
Does the cost of living in Colorado Springs affect the value of the Insurance Underwriter salary?
No, the cost of living in Colorado Springs is exactly at the national average (index of 100), meaning the $101,120 salary offers purchasing power equivalent to the national average.
How many Insurance Underwriters are employed in Colorado Springs?
There are approximately 260 Insurance Underwriters employed in the Colorado Springs area, representing a localized workforce within 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 260 employees in the Colorado Springs, CO area with a job density of 0.806 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 Springs, CO