Average Insurance Underwriters Salary in Philadelphia-Camden-Wilmington, PA-NJ-DE-MD
Insurance Underwriters in the Philadelphia-Camden-Wilmington metropolitan area are earning an impressive average annual salary of $102,680. This figure significantly surpasses the national average of $90,920, indicating a strong demand and potentially higher value placed on these professionals within this specific region. The localized economic factors and industry concentration likely contribute to this elevated compensation.
Executive Summary
- Average Salary: $102,680 per year.
- Growth Trend: Salaries have shifted 12.9% ↗ over the last 5 years.
- Top Earners: Senior professionals (90th percentile) earn up to $168,070.
- Outlook: The local job market for Insurance Underwriters in Philadelphia-Camden-Wilmington appears robust, with a total workforce of 2,790 individuals. The Location Quotient of 1.39 suggests that this profession is more concentrated here than the national average, implying a steady demand for skilled underwriters within the area's insurance sector.
Salary Overview
The average Insurance Underwriters in Philadelphia-Camden-Wilmington, PA-NJ-DE-MD earns+12.9%above the national average.
$49.4
$1,975
$8,557
Insurance Underwriters Salary Trends (2020-2024)
While specific historical data is not provided, it is reasonable to assume that salaries for Insurance Underwriters in Philadelphia-Camden-Wilmington have experienced growth over the past four years, mirroring general trends in the insurance industry. Factors such as inflation, increased demand for risk assessment, and evolving market complexities typically drive salary increases for specialized roles like underwriting.
Insurance Underwriters Salary Distribution in Philadelphia-Camden-Wilmington, PA-NJ-DE-MD
Career progression for Insurance Underwriters in Philadelphia-Camden-Wilmington typically involves a significant salary increase with experience. Entry-level positions might start closer to the lower end of the pay scale, while seasoned professionals with specialized knowledge and a proven track record can command salaries well above the average. The percentile gaps in salary distribution clearly signify the 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) | $59,550 | $28.6 |
| Senior AnalystIndependent analysis, forecasting, client interaction. | 25% (Junior) | $77,010 | $37 |
| ManagerOversees team, compliance, and project delivery. | 50% (Median) | $93,240 | $44.8 |
| Director / VPStrategic planning, budget ownership, risk management. | 75% (Senior) | $128,350 | $61.7 |
| Executive / PartnerC-level leadership. High-level strategy & relations. | 90% (Expert) | $168,070 | $80.8 |
Detailed Insurance Underwriters Market Analysis
Relocation Context
Nominal Salary
$102,680
Gross Pay
Real Wage (Purchasing Power)
$102,680
Adjusted for COL (100)
The average annual salary of $102,680 in Philadelphia-Camden-Wilmington aligns perfectly with the national average Cost of Living Index of 100. This means that the purchasing power of an underwriter's salary in this region is equivalent to the national average, offering a stable financial standing without the added pressure of higher living expenses.
Job Market Context
2,790
Total Jobs
0.972
Per 1K Jobs
1.39
Location Quotient
With a location quotient of 1.39, Philadelphia-Camden-Wilmington, PA-NJ-DE-MD has a slightly higher-than-average concentration of Insurance Underwriters roles compared to the national norm.
With a Location Quotient of 1.39, the Philadelphia-Camden-Wilmington area demonstrates a higher concentration of Insurance Underwriters compared to the national average. This suggests a competitive yet abundant job market, where opportunities are plentiful, but employers may also seek candidates with specialized skills and experience to stand out.
Nearby Job Markets
Nearby Cities for Insurance Underwriters
| City | Salary | Dist. |
|---|---|---|
| Trenton-Princeton, NJ Insurance Underwriters Salary | $91,090↓ 11% | 28 mi |
| Allentown-Bethlehem-Easton, PA-NJ Insurance Underwriters Salary | $85,180↓ 17% | 47 mi |
Comparing salaries near Philadelphia-Camden-Wilmington, PA-NJ-DE-MD
Hiring Insurance Underwriterss?
Frequently Asked Questions
How much does a Insurance Underwriters make in Philadelphia-Camden-Wilmington, PA-NJ-DE-MD?
The median annual salary for a Insurance Underwriters in Philadelphia-Camden-Wilmington, PA-NJ-DE-MD is $102,680. This typically ranges from $59,550 for entry-level positions to $168,070 for top-level roles.
How does the salary compare to the national average?
The average salary for this role in Philadelphia-Camden-Wilmington, PA-NJ-DE-MD is 12.9% higher than the national median of $90,920.
Is Philadelphia-Camden-Wilmington, PA-NJ-DE-MD a lucrative place for Insurance Underwriterss?
Yes, it is a lucrative location for Insurance Underwriters.The average salary of $102,680 significantly exceeds the national average, and the cost of living is on par with the national average, indicating strong earning potential.
Is Philadelphia-Camden-Wilmington, PA-NJ-DE-MD a good place to live for Insurance Underwriters?
The Cost of Living Index in Philadelphia-Camden-Wilmington, PA-NJ-DE-MD is 100. While higher than average, this often correlates with higher wages.
Where are the highest paying cities near Philadelphia-Camden-Wilmington, PA-NJ-DE-MD?
Some top paying nearby cities include Trenton-Princeton, NJ ($91,090) and Allentown-Bethlehem-Easton, PA-NJ.
How does the local salary compare to the national average?
The average annual salary for Insurance Underwriters in Philadelphia-Camden-Wilmington is $102,680, which is notably higher than the national average of $90,920.
What is the concentration of Insurance Underwriters in this area?
The Location Quotient for Insurance Underwriters in Philadelphia-Camden-Wilmington is 1.39, indicating that the profession is 39% more concentrated here than the national average.
How does the cost of living affect the salary?
The Cost of Living Index is 100, meaning it is the same as the national average. Therefore, the higher local salary offers good purchasing power for Insurance Underwriters in this region.
What is the total number of Insurance Underwriters in the area?
There are approximately 2,790 Insurance Underwriters employed in the Philadelphia-Camden-Wilmington 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 2,790 employees in the Philadelphia-Camden-Wilmington, PA-NJ-DE-MD area with a job density of 0.972 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 Philadelphia-Camden-Wilmington, PA-NJ-DE-MD