Average Insurance Underwriters Salary in Peoria, IL
Insurance Underwriters in Peoria, IL, earn an average annual salary of $84,840. This figure is slightly below the national average of $90,920, a common occurrence in markets where local economic factors and demand dynamics influence compensation structures. While the nominal salary may seem lower, understanding the local cost of living is crucial for a complete financial picture.
Executive Summary
- Average Salary: $84,840 per year.
- Growth Trend: Salaries have shifted 22.5% ↗ over the last 5 years.
- Top Earners: Senior professionals (90th percentile) earn up to $124,330.
- Outlook: The insurance underwriting job market in Peoria, IL, demonstrates a notable concentration, with a Location Quotient of 2.33, indicating a significantly higher presence of these roles compared to the national average. With a total local workforce of 270 professionals in this field, the demand appears robust relative to the size of the workforce, suggesting a stable and potentially growing employment landscape for insurance underwriters in the area.
Salary Overview
The average Insurance Underwriters in Peoria, IL earns-6.7%below the national average.
$40.8
$1,632
$7,070
Insurance Underwriters Salary Trends (2020-2024)
While specific historical data for Peoria's insurance underwriters isn't provided, it's reasonable to assume a general trend of salary growth mirroring national patterns over the past four years. Economic shifts, evolving industry demands, and inflation typically drive incremental increases in compensation for specialized roles like underwriting, suggesting that the $84,840 average likely represents an upward trajectory from previous years.
Insurance Underwriters Salary Distribution in Peoria, IL
The career path for Insurance Underwriters in Peoria, IL, typically sees a significant salary progression from entry-level to senior positions. While specific percentile data isn't available, the gap between starting salaries and those earned by seasoned professionals often widens considerably, reflecting the accumulation of expertise, risk assessment skills, and client management capabilities. This salary scaling is a key indicator of career advancement opportunities within the field.
| Experience Level | Market Percentile | Annual Wage | Hourly Rate |
|---|---|---|---|
| Associate / AnalystData entry, reporting, supporting senior staff. | 10% (Entry) | $53,170 | $25.6 |
| Senior AnalystIndependent analysis, forecasting, client interaction. | 25% (Junior) | $63,630 | $30.6 |
| ManagerOversees team, compliance, and project delivery. | 50% (Median) | $73,840 | $35.5 |
| Director / VPStrategic planning, budget ownership, risk management. | 75% (Senior) | $106,050 | $51 |
| Executive / PartnerC-level leadership. High-level strategy & relations. | 90% (Expert) | $124,330 | $59.8 |
Detailed Insurance Underwriters Market Analysis
Relocation Context
Nominal Salary
$84,840
Gross Pay
Real Wage (Purchasing Power)
$84,840
Adjusted for COL (100)
An average annual salary of $84,840 in Peoria, IL, aligns perfectly with the national average cost of living, which is indexed at 100. This means that the purchasing power of an underwriter's salary in Peoria is equivalent to the national average, offering a stable financial foundation without the premium often associated with higher cost-of-living metropolitan areas.
Job Market Context
270
Total Jobs
1.63
Per 1K Jobs
2.33
Location Quotient
Peoria, IL has 2.3x 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.
Peoria, IL, boasts a highly concentrated market for Insurance Underwriters, evidenced by a Location Quotient of 2.33. This suggests that the demand for these specialized professionals is more than double the national average relative to the overall workforce. Such a high concentration indicates a competitive environment where employers actively seek experienced underwriters, potentially leading to more opportunities and specialized roles within the local insurance sector.
Nearby Job Markets
Nearby Cities for Insurance Underwriters
| City | Salary | Dist. |
|---|---|---|
| Bloomington, IL Insurance Underwriters Salary | $83,210↓ 2% | 39 mi |
| East Central Illinois nonmetropolitan area Insurance Underwriters Salary | $77,590↓ 9% | 43 mi |
| Northwest Illinois nonmetropolitan area Insurance Underwriters Salary | $99,480↑ 17% | 43 mi |
Comparing salaries near Peoria, IL
Hiring Insurance Underwriterss?
Frequently Asked Questions
How much does a Insurance Underwriters make in Peoria, IL?
The median annual salary for a Insurance Underwriters in Peoria, IL is $84,840. This typically ranges from $53,170 for entry-level positions to $124,330 for top-level roles.
How does the salary compare to the national average?
The average salary for this role in Peoria, IL is 6.7% lower than the national median of $90,920.
Is Peoria, IL a lucrative place for Insurance Underwriters?
Yes, with a caveat regarding cost of living.While the average salary of $84,840 is slightly below the national average, the cost of living in Peoria is exactly at the national average. This parity means your earnings hold strong purchasing power locally, and the high concentration of underwriters (LQ 2.33) suggests good job availability.
Is Peoria, IL a good place to live for Insurance Underwriters?
The Cost of Living Index in Peoria, IL is 100. While higher than average, this often correlates with higher wages.
Where are the highest paying cities near Peoria, IL?
Some top paying nearby cities include Bloomington, IL ($83,210) and East Central Illinois nonmetropolitan area.
How does the Peoria Insurance Underwriter salary compare to the national average?
The average annual salary for Insurance Underwriters in Peoria, IL, is $84,840, which is approximately $6,080 less than the national average of $90,920.
What is the job market like for Insurance Underwriters in Peoria, IL?
The job market is notably concentrated, with a Location Quotient of 2.33, indicating a higher demand and presence of insurance underwriters compared to the national average. There are approximately 1.63 jobs per 1,000 workers in this field locally.
How does the cost of living in Peoria affect the salary?
Peoria's cost of living index is 100, which is the national average. This means the $84,840 salary offers purchasing power equivalent to the national average, making it a stable financial environment.
What does a Location Quotient of 2.33 mean for Insurance Underwriters in Peoria?
A Location Quotient of 2.33 signifies that insurance underwriting is a significantly more prominent industry in Peoria relative to the national average, suggesting a robust local job market and potentially higher competition for talent.
Methodology: Salary data is derived from the Bureau of Labor Statistics (BLS) OEWS 2024 release. Figures represent gross pay before taxes. Analysis includes 270 employees in the Peoria, IL area with a job density of 1.63 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 Peoria, IL