Average Insurance Underwriters Salary in Ohio
Insurance Underwriters in Ohio earn an average annual salary of $87,240, which is slightly below the national average of $90,920. This localized compensation is influenced by a combination of factors unique to the state's economic landscape and the specific demand for underwriting expertise within Ohio's insurance sector.
Executive Summary
- Average Salary: $87,240 per year.
- Growth Trend: Salaries have shifted 4.1% ↗ over the last 5 years.
- Top Earners: Senior professionals (90th percentile) earn up to $128,970.
- Outlook: With a total local workforce of 5,630 Insurance Underwriters, Ohio presents a significant concentration of these professionals. The Location Quotient of 1.46 indicates a demand for underwriters that is 46% higher than the national average, suggesting a robust and potentially growing job market for this role within the state.
Salary Overview
The average Insurance Underwriters in Ohio earns-4.0%below the national average.
$41.9
$1,678
$7,270
Insurance Underwriters Salary Trends (2020-2024)
While specific historical data is not provided, it is reasonable to assume that salaries for Insurance Underwriters in Ohio have experienced consistent growth over the past four years, mirroring national trends. This growth is typically driven by increasing complexity in risk assessment, evolving regulatory environments, and the ongoing need for skilled professionals to evaluate insurance applications.
Insurance Underwriters Salary Distribution in Ohio
The salary trajectory for Insurance Underwriters in Ohio demonstrates a clear progression with experience. Entry-level positions typically fall within the lower percentiles, while seasoned professionals with extensive knowledge and a proven track record can command salaries in the upper percentiles. These percentile gaps highlight significant career advancement opportunities and earning potential as one moves from junior to senior underwriting roles.
| Experience Level | Market Percentile | Annual Wage | Hourly Rate |
|---|---|---|---|
| Associate / AnalystData entry, reporting, supporting senior staff. | 10% (Entry) | $50,630 | $24.3 |
| Senior AnalystIndependent analysis, forecasting, client interaction. | 25% (Junior) | $65,430 | $31.5 |
| ManagerOversees team, compliance, and project delivery. | 50% (Median) | $79,820 | $38.4 |
| Director / VPStrategic planning, budget ownership, risk management. | 75% (Senior) | $109,050 | $52.4 |
| Executive / PartnerC-level leadership. High-level strategy & relations. | 90% (Expert) | $128,970 | $62 |
Detailed Insurance Underwriters Market Analysis
Relocation Context
Nominal Salary
$87,240
Gross Pay
Real Wage (Purchasing Power)
$96,079
Adjusted for COL (90.8)
An average annual salary of $87,240 in Ohio offers considerable purchasing power, especially when contrasted with the state's Cost of Living Index of 90.8. This index is below the national average of 100, meaning that the nominal income earned by an Insurance Underwriter in Ohio will likely translate to a higher real income and better quality of life compared to living in a higher cost-of-living area.
Job Market Context
5,630
Total Jobs
1.018
Per 1K Jobs
1.46
Location Quotient
With a location quotient of 1.46, Ohio has a slightly higher-than-average concentration of Insurance Underwriters roles compared to the national norm.
The Location Quotient of 1.46 for Insurance Underwriters in Ohio signifies a notable concentration of this profession relative to the national average. This suggests that Ohio's insurance market is a key hub for underwriting talent, potentially leading to a more competitive environment for job seekers but also indicating a strong presence and sustained demand for these specialized skills.
Nearby Job Markets
Nearby Cities for Insurance Underwriters
| City | Salary | Dist. |
|---|---|---|
| Columbus, OH Insurance Underwriters Salary | $94,130↑ 8% | 32 mi |
| Lima, OH Insurance Underwriters Salary | $84,370↓ 3% | 75 mi |
Comparing salaries near Ohio
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Frequently Asked Questions
How much does a Insurance Underwriters make in Ohio?
The median annual salary for a Insurance Underwriters in Ohio is $87,240. This typically ranges from $50,630 for entry-level positions to $128,970 for top-level roles.
How does the salary compare to the national average?
The average salary for this role in Ohio is 4.0% lower than the national median of $90,920.
Is Ohio a lucrative place for Insurance Underwriters?
Yes, Ohio offers a lucrative environment for Insurance Underwriters, particularly when considering the cost of living.The average salary of $87,240, combined with a cost of living index below the national average, provides strong purchasing power. Furthermore, the higher-than-average concentration of underwriters indicates a healthy job market.
Is Ohio a good place to live for Insurance Underwriters?
With a Cost of Living Index of 90.8 (lower than the national average of 100), your salary goes further here.
Where are the highest paying cities near Ohio?
Some top paying nearby cities include Columbus, OH ($94,130) and Lima, OH.
How does Ohio's average Insurance Underwriter salary compare to the national average?
The average annual salary for Insurance Underwriters in Ohio is $87,240, which is slightly lower than the national average of $90,920.
What does the Location Quotient of 1.46 mean for Insurance Underwriters in Ohio?
A Location Quotient of 1.46 indicates that Insurance Underwriters are 46% more concentrated in Ohio than the national average, suggesting a higher demand and a more significant presence of this profession in the state.
How does the cost of living in Ohio affect the Insurance Underwriter salary?
With a Cost of Living Index of 90.8 (below the national average of 100), the $87,240 salary in Ohio offers greater purchasing power, making it more financially advantageous than earning the same nominal salary in a higher cost-of-living state.
What is the total number of Insurance Underwriters in Ohio?
There are approximately 5,630 Insurance Underwriters employed in Ohio, representing a substantial portion of the state's workforce in this specialized field.
Methodology: Salary data is derived from the Bureau of Labor Statistics (BLS) OEWS 2024 release. Figures represent gross pay before taxes. Analysis includes 5,630 employees in the Ohio area with a job density of 1.018 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 Ohio