Average Insurance Underwriters Salary in New York-Newark-Jersey City, NY-NJ
Insurance Underwriters in the New York-Newark-Jersey City, NY-NJ metropolitan area command an impressive average annual salary of $100,220. This figure significantly surpasses the national average of $90,920, reflecting the region's robust economic activity and high demand for specialized financial professionals. The concentration of financial services and insurance firms in this major hub naturally drives higher compensation for skilled underwriters.
Executive Summary
- Average Salary: $100,220 per year.
- Growth Trend: Salaries have shifted 0.0% ↘ over the last 5 years.
- Top Earners: Senior professionals (90th percentile) earn up to $164,030.
- Outlook: The job market for Insurance Underwriters in the New York-Newark-Jersey City area appears robust, supported by a substantial local workforce of 7,530 professionals. A Location Quotient of 1.15 indicates a slightly higher concentration of these roles compared to the national average, suggesting a stable and potentially growing demand for underwriting expertise within this dynamic region.
Salary Overview
The average Insurance Underwriters in New York-Newark-Jersey City, NY-NJ earns+10.2%above the national average.
$48.2
$1,927
$8,352
Insurance Underwriters Salary Trends (2020-2024)
While specific historical data is not provided, it is reasonable to assume that salaries for Insurance Underwriters in a major metropolitan area like New York-Newark-Jersey City have experienced steady growth over the past four years. Factors such as inflation, increasing complexity of insurance products, and a persistent demand for skilled professionals typically contribute to upward salary trends in such competitive markets.
Insurance Underwriters Salary Distribution in New York-Newark-Jersey City, NY-NJ
Salary progression for Insurance Underwriters is strongly tied to experience and specialization. Entry-level positions typically start at the lower end of the pay scale, while seasoned professionals with expertise in complex risk assessment and specialized insurance lines can command significantly higher salaries. The percentile gaps in compensation clearly signify the career progression and increased earning potential as underwriters gain experience and advance their careers.
| Experience Level | Market Percentile | Annual Wage | Hourly Rate |
|---|---|---|---|
| Associate / AnalystData entry, reporting, supporting senior staff. | 10% (Entry) | $49,850 | $24 |
| Senior AnalystIndependent analysis, forecasting, client interaction. | 25% (Junior) | $75,165 | $36.1 |
| ManagerOversees team, compliance, and project delivery. | 50% (Median) | $87,250 | $41.9 |
| Director / VPStrategic planning, budget ownership, risk management. | 75% (Senior) | $125,275 | $60.2 |
| Executive / PartnerC-level leadership. High-level strategy & relations. | 90% (Expert) | $164,030 | $78.9 |
Detailed Insurance Underwriters Market Analysis
Relocation Context
Nominal Salary
$100,220
Gross Pay
Real Wage (Purchasing Power)
$100,220
Adjusted for COL (100)
The nominal average annual salary of $100,220 for Insurance Underwriters in the New York-Newark-Jersey City area aligns perfectly with the national average Cost of Living Index of 100. This means that while the salary is higher than the national average, the purchasing power of that salary is effectively on par with the national average, indicating that the increased earnings are balanced by the local cost of living.
Job Market Context
7,530
Total Jobs
0.804
Per 1K Jobs
1.15
Location Quotient
With a location quotient of 1.15, New York-Newark-Jersey City, NY-NJ has a slightly higher-than-average concentration of Insurance Underwriters roles compared to the national norm.
With a Location Quotient of 1.15, the New York-Newark-Jersey City area shows a concentration of Insurance Underwriters that is 15% higher than the national average. This suggests a competitive yet accessible job market, where demand is slightly elevated, offering good opportunities for both new entrants and experienced professionals seeking to advance their careers in a significant financial center.
Nearby Job Markets
Nearby Cities for Insurance Underwriters
| City | Salary | Dist. |
|---|---|---|
| Kiryas Joel-Poughkeepsie-Newburgh, NY Insurance Underwriters Salary | $80,860↓ 19% | 44 mi |
| Trenton-Princeton, NJ Insurance Underwriters Salary | $91,090↓ 9% | 52 mi |
| Bridgeport-Stamford-Danbury, CT Insurance Underwriters Salary | $113,000↑ 13% | 54 mi |
| New Haven, CT Insurance Underwriters Salary | $88,000↓ 12% | 70 mi |
| Waterbury-Shelton, CT Insurance Underwriters Salary | $94,430↓ 6% | 77 mi |
Comparing salaries near New York-Newark-Jersey City, NY-NJ
Hiring Insurance Underwriterss?
Frequently Asked Questions
How much does a Insurance Underwriters make in New York-Newark-Jersey City, NY-NJ?
The median annual salary for a Insurance Underwriters in New York-Newark-Jersey City, NY-NJ is $100,220. This typically ranges from $49,850 for entry-level positions to $164,030 for top-level roles.
How does the salary compare to the national average?
The average salary for this role in New York-Newark-Jersey City, NY-NJ is 10.2% higher than the national median of $90,920.
Is New York-Newark-Jersey City, NY-NJ a lucrative place for Insurance Underwriterss?
Yes, it is a lucrative place for Insurance Underwriters.The average salary of $100,220 is notably higher than the national average, and the Location Quotient of 1.15 indicates a strong presence and demand for these professionals in the region.
Is New York-Newark-Jersey City, NY-NJ a good place to live for Insurance Underwriters?
The Cost of Living Index in New York-Newark-Jersey City, NY-NJ is 100. While higher than average, this often correlates with higher wages.
Where are the highest paying cities near New York-Newark-Jersey City, NY-NJ?
Some top paying nearby cities include Kiryas Joel-Poughkeepsie-Newburgh, NY ($80,860) and Trenton-Princeton, NJ.
How does the average salary compare to the national average?
The average annual salary for Insurance Underwriters in New York-Newark-Jersey City, NY-NJ is $100,220, which is $9,300 higher than the national average of $90,920.
What is the concentration of Insurance Underwriters in this area?
The Location Quotient is 1.15, meaning there are 15% more Insurance Underwriters per worker in this region compared to the national average, indicating a higher concentration.
How does the Cost of Living affect the salary?
The Cost of Living Index is 100, which is the national average. Therefore, the higher nominal salary of $100,220 has purchasing power equivalent to the national average.
What is the total number of Insurance Underwriters in the area?
There are approximately 7,530 Insurance Underwriters employed in the New York-Newark-Jersey City, NY-NJ 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 7,530 employees in the New York-Newark-Jersey City, NY-NJ area with a job density of 0.804 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-Newark-Jersey City, NY-NJ