Average Insurance Underwriters Salary in Illinois
Insurance Underwriters in Illinois command an impressive average annual salary of $97,210, significantly surpassing the national average of $90,920. This elevated compensation is largely influenced by the state's robust insurance industry and the specialized demand for underwriting expertise within its economic landscape.
Executive Summary
- Average Salary: $97,210 per year.
- Growth Trend: Salaries have shifted 25.2% ↗ over the last 5 years.
- Top Earners: Senior professionals (90th percentile) earn up to $158,600.
- Outlook: With a substantial local workforce of 8,480 Insurance Underwriters and a Location Quotient of 2, Illinois demonstrates a pronounced concentration of these professionals compared to the national average. This indicates a strong and stable job market with consistent demand for underwriting talent, suggesting a healthy environment for career growth and stability.
Salary Overview
The average Insurance Underwriters in Illinois earns+6.9%above the national average.
$46.7
$1,869
$8,101
Insurance Underwriters Salary Trends (2020-2024)
While specific historical data is not provided, it is generally observed that salaries for specialized roles like Insurance Underwriters have seen consistent growth over the past four years, driven by evolving market dynamics, increasing complexity in risk assessment, and the ongoing need for skilled professionals to navigate these challenges.
Insurance Underwriters Salary Distribution in Illinois
The career trajectory for Insurance Underwriters typically involves significant salary progression with experience. Entry-level positions may start at a lower percentile, but as underwriters gain expertise, develop specialized knowledge, and take on more complex cases, their earning potential increases substantially, with senior roles commanding top-tier compensation reflecting their accumulated skills and responsibilities.
| Experience Level | Market Percentile | Annual Wage | Hourly Rate |
|---|---|---|---|
| Associate / AnalystData entry, reporting, supporting senior staff. | 10% (Entry) | $51,460 | $24.7 |
| Senior AnalystIndependent analysis, forecasting, client interaction. | 25% (Junior) | $72,908 | $35.1 |
| ManagerOversees team, compliance, and project delivery. | 50% (Median) | $84,580 | $40.7 |
| Director / VPStrategic planning, budget ownership, risk management. | 75% (Senior) | $121,513 | $58.4 |
| Executive / PartnerC-level leadership. High-level strategy & relations. | 90% (Expert) | $158,600 | $76.3 |
Detailed Insurance Underwriters Market Analysis
Relocation Context
Nominal Salary
$97,210
Gross Pay
Real Wage (Purchasing Power)
$105,893
Adjusted for COL (91.8)
An average annual salary of $97,210 in Illinois offers considerable purchasing power, especially when contrasted with the state's Cost of Living Index of 91.8, which is below the national average of 100. This means that the nominal salary translates into a higher real income, allowing for a better standard of living and greater financial flexibility for residents.
Job Market Context
8,480
Total Jobs
1.399
Per 1K Jobs
2
Location Quotient
Illinois has 2.0x 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.
The Location Quotient of 2 for Insurance Underwriters in Illinois signifies that the state has twice the national average concentration of these professionals. This indicates a highly developed and competitive market, suggesting abundant opportunities but also a need for underwriters to possess strong qualifications and experience to stand out.
Nearby Job Markets
Nearby Cities for Insurance Underwriters
| City | Salary | Dist. |
|---|---|---|
| Bloomington, IL Insurance Underwriters Salary | $83,210↓ 14% | 9 mi |
| Peoria, IL Insurance Underwriters Salary | $84,840↓ 13% | 43 mi |
| Springfield, IL Insurance Underwriters Salary | $95,530↓ 2% | 53 mi |
Comparing salaries near Illinois
Hiring Insurance Underwriterss?
Frequently Asked Questions
How much does a Insurance Underwriters make in Illinois?
The median annual salary for a Insurance Underwriters in Illinois is $97,210. This typically ranges from $51,460 for entry-level positions to $158,600 for top-level roles.
How does the salary compare to the national average?
The average salary for this role in Illinois is 6.9% higher than the national median of $90,920.
Is Illinois a lucrative place for Insurance Underwriters?
Yes, Illinois is a lucrative state for Insurance Underwriters.The average salary of $97,210 significantly exceeds the national average, and the cost of living is below the national average, enhancing real income.
Is Illinois a good place to live for Insurance Underwriters?
With a Cost of Living Index of 91.8 (lower than the national average of 100), your salary goes further here.
Where are the highest paying cities near Illinois?
Some top paying nearby cities include Bloomington, IL ($83,210) and Peoria, IL.
How does the Illinois job market compare to the national average for Insurance Underwriters?
Illinois has a significantly higher concentration of Insurance Underwriters, indicated by a Location Quotient of 2, suggesting a more robust and specialized job market compared to the national average.
What is the impact of the Cost of Living on an Insurance Underwriter's salary in Illinois?
With a Cost of Living Index of 91.8, below the national average, the $97,210 salary in Illinois offers greater purchasing power and a higher standard of living than the same nominal salary in a higher cost-of-living area.
Are there many Insurance Underwriter jobs in Illinois?
Yes, with a total local workforce of 8,480 and a high concentration (LQ of 2), Illinois offers a substantial number of opportunities for Insurance Underwriters.
How does experience affect an Insurance Underwriter's salary in Illinois?
Experience is a key driver of salary growth for Insurance Underwriters, with entry-level positions offering lower pay that increases significantly as professionals gain expertise and advance to senior roles.
Methodology: Salary data is derived from the Bureau of Labor Statistics (BLS) OEWS 2024 release. Figures represent gross pay before taxes. Analysis includes 8,480 employees in the Illinois area with a job density of 1.399 per 1,000 jobs. Cost of Living data is estimated based on state and metro averages.
Explore Insurance Underwriters Salaries by State
Top Jobs in Illinois
- All Occupations Salary in Illinois
- Office and Administrative Support Occupations Salary in Illinois
- Transportation and Material Moving Occupations Salary in Illinois
- Management Occupations Salary in Illinois
- Food Preparation and Serving Related Occupations Salary in Illinois
- Sales and Related Occupations Salary in Illinois
- Production Occupations Salary in Illinois
- Business and Financial Operations Occupations Salary in Illinois
- Healthcare Practitioners and Technical Occupations Salary in Illinois
- Educational Instruction and Library Occupations Salary in Illinois
- Browse All Jobs in Illinois →
Semantic Salary Analysis for Insurance Underwriters • Data source: BLS OEWS 2024 •Jobs in Illinois