Average Insurance Underwriters Salary in New York
Insurance Underwriters in New York earn an impressive average annual salary of $98,190, significantly surpassing the national average of $90,920. This elevated compensation is largely driven by New York's dynamic economic landscape and the specialized demand for skilled underwriting professionals within its robust financial sector.
Executive Summary
- Average Salary: $98,190 per year.
- Growth Trend: Salaries have shifted 5.8% ↘ over the last 5 years.
- Top Earners: Senior professionals (90th percentile) earn up to $163,490.
- Outlook: With a substantial local workforce of 7,530 Insurance Underwriters and a Location Quotient of 1.13, New York demonstrates a strong and concentrated demand for this profession. The concentration slightly above the national average suggests a healthy job market where the number of opportunities aligns well with the available talent pool, indicating a stable outlook.
Salary Overview
The average Insurance Underwriters in New York earns+8.0%above the national average.
$47.2
$1,888
$8,183
Insurance Underwriters Salary Trends (2020-2024)
While specific historical data isn't provided, it's reasonable to assume that the average salary for Insurance Underwriters in New York has seen consistent growth over the past four years, mirroring national trends of increasing demand for risk assessment expertise and the rising cost of living in major economic hubs.
Insurance Underwriters Salary Distribution in New York
Salary progression for Insurance Underwriters in New York typically scales 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 higher percentiles, reflecting significant career advancement and expertise.
| Experience Level | Market Percentile | Annual Wage | Hourly Rate |
|---|---|---|---|
| Associate / AnalystData entry, reporting, supporting senior staff. | 10% (Entry) | $46,970 | $22.6 |
| Senior AnalystIndependent analysis, forecasting, client interaction. | 25% (Junior) | $73,643 | $35.4 |
| ManagerOversees team, compliance, and project delivery. | 50% (Median) | $83,970 | $40.4 |
| Director / VPStrategic planning, budget ownership, risk management. | 75% (Senior) | $122,738 | $59 |
| Executive / PartnerC-level leadership. High-level strategy & relations. | 90% (Expert) | $163,490 | $78.6 |
Detailed Insurance Underwriters Market Analysis
Relocation Context
Nominal Salary
$98,190
Gross Pay
Real Wage (Purchasing Power)
$78,489
Adjusted for COL (125.1)
While the average salary of $98,190 is attractive, New York's Cost of Living Index of 125.1 means that this nominal income translates to a lower effective purchasing power compared to national averages. Prospective underwriters must carefully consider this higher cost of living when evaluating the true value of the salary.
Job Market Context
7,530
Total Jobs
0.789
Per 1K Jobs
1.13
Location Quotient
With a location quotient of 1.13, New York has a slightly higher-than-average concentration of Insurance Underwriters roles compared to the national norm.
A Location Quotient of 1.13 indicates that Insurance Underwriters are more concentrated in New York than the national average. This suggests a competitive market with a slightly higher demand relative to the general workforce, offering good opportunities for skilled professionals but also implying a need to stand out.
Nearby Job Markets
Nearby Cities for Insurance Underwriters
| City | Salary | Dist. |
|---|---|---|
| Scranton--Wilkes-Barre, PA Insurance Underwriters Salary | $56,200↓ 43% | 64 mi |
| Utica-Rome, NY Insurance Underwriters Salary | $87,920↓ 10% | 66 mi |
| Albany-Schenectady-Troy, NY Insurance Underwriters Salary | $96,540↓ 2% | 68 mi |
Comparing salaries near New York
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Frequently Asked Questions
How much does a Insurance Underwriters make in New York?
The median annual salary for a Insurance Underwriters in New York is $98,190. This typically ranges from $46,970 for entry-level positions to $163,490 for top-level roles.
How does the salary compare to the national average?
The average salary for this role in New York is 8.0% higher than the national median of $90,920.
Is New York a lucrative place for Insurance Underwriters?
Yes, New York offers lucrative opportunities for Insurance Underwriters.The average salary significantly exceeds the national average, and the professional concentration indicates strong market demand for these roles.
Is New York a good place to live for Insurance Underwriters?
The Cost of Living Index in New York is 125.1. While higher than average, this often correlates with higher wages.
Where are the highest paying cities near New York?
Some top paying nearby cities include Scranton--Wilkes-Barre, PA ($56,200) and Utica-Rome, NY.
How does the New York salary compare to the national average?
The average annual salary for Insurance Underwriters in New York is $98,190, which is approximately $7,270 higher than the national average of $90,920.
What does the Location Quotient of 1.13 mean for job seekers?
A Location Quotient of 1.13 signifies that Insurance Underwriters are more prevalent in New York than the national average, suggesting a robust job market with a slight edge in demand over supply.
How does the cost of living impact the Insurance Underwriter salary in New York?
With a Cost of Living Index of 125.1, the higher salary in New York is partially offset by increased living expenses, meaning the real purchasing power is less than the nominal salary suggests.
What is the total number of Insurance Underwriters in New York?
New York employs approximately 7,530 Insurance Underwriters, representing a significant portion of the state's professional 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 7,530 employees in the New York area with a job density of 0.789 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 New York