Average Insurance Underwriters Salary in Portland-South Portland, ME
Insurance Underwriters in Portland-South Portland, ME, command an impressive average annual salary of $92,810. This figure slightly surpasses the national average of $90,920, indicating a favorable compensation landscape in this specific locale. The demand and specialized nature of underwriting roles, coupled with regional economic factors, likely contribute to this elevated pay.
Executive Summary
- Average Salary: $92,810 per year.
- Growth Trend: Salaries have shifted 24.2% ↗ over the last 5 years.
- Top Earners: Senior professionals (90th percentile) earn up to $133,170.
- Outlook: The Portland-South Portland, ME market for Insurance Underwriters appears robust, with a total local workforce of 350 professionals. The Location Quotient of 1.74 signifies a concentration of these roles nearly double the national average, suggesting strong local demand and a specialized job market that favors skilled underwriters.
Salary Overview
The average Insurance Underwriters in Portland-South Portland, ME earns+2.1%above the national average.
$44.6
$1,785
$7,734
Insurance Underwriters Salary Trends (2020-2024)
While specific historical data isn't provided, it's reasonable to assume that the salary for Insurance Underwriters in Portland-South Portland, ME, has experienced steady growth over the past four years, mirroring national trends. This upward trajectory is typically driven by increasing industry complexity, evolving risk assessment needs, and a persistent demand for experienced underwriting talent.
Insurance Underwriters Salary Distribution in Portland-South Portland, ME
Salary progression for Insurance Underwriters in Portland-South Portland, ME, typically scales significantly with experience. Entry-level positions may start at a lower percentile, but as underwriters gain expertise, develop specialized knowledge, and take on more complex cases, their earning potential increases substantially, often reaching senior or lead underwriter roles with corresponding higher compensation.
| Experience Level | Market Percentile | Annual Wage | Hourly Rate |
|---|---|---|---|
| Associate / AnalystData entry, reporting, supporting senior staff. | 10% (Entry) | $61,110 | $29.4 |
| Senior AnalystIndependent analysis, forecasting, client interaction. | 25% (Junior) | $69,608 | $33.5 |
| ManagerOversees team, compliance, and project delivery. | 50% (Median) | $82,990 | $39.9 |
| Director / VPStrategic planning, budget ownership, risk management. | 75% (Senior) | $116,013 | $55.8 |
| Executive / PartnerC-level leadership. High-level strategy & relations. | 90% (Expert) | $133,170 | $64 |
Detailed Insurance Underwriters Market Analysis
Relocation Context
Nominal Salary
$92,810
Gross Pay
Real Wage (Purchasing Power)
$92,810
Adjusted for COL (100)
The nominal average annual salary of $92,810 in Portland-South Portland, ME, is particularly attractive given the local Cost of Living Index is exactly at the national average of 100. This means that the purchasing power of an underwriter's salary in this region is equivalent to the national standard, allowing for a comfortable lifestyle without the added financial strain of a high cost of living.
Job Market Context
350
Total Jobs
1.217
Per 1K Jobs
1.74
Location Quotient
Portland-South Portland, ME has 1.7x 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.
With a Location Quotient of 1.74, Portland-South Portland, ME, exhibits a significantly higher concentration of Insurance Underwriters compared to the national average. This suggests a competitive yet abundant job market where employers may actively seek specialized talent, and professionals can find ample opportunities within a focused industry cluster.
Nearby Job Markets
Nearby Cities for Insurance Underwriters
| City | Salary | Dist. |
|---|---|---|
| Manchester-Nashua, NH Insurance Underwriters Salary | $93,790↑ 1% | 76 mi |
Comparing salaries near Portland-South Portland, ME
Hiring Insurance Underwriterss?
Frequently Asked Questions
How much does a Insurance Underwriters make in Portland-South Portland, ME?
The median annual salary for a Insurance Underwriters in Portland-South Portland, ME is $92,810. This typically ranges from $61,110 for entry-level positions to $133,170 for top-level roles.
How does the salary compare to the national average?
The average salary for this role in Portland-South Portland, ME is 2.1% higher than the national median of $90,920.
Is Portland-South Portland, ME a lucrative place for Insurance Underwriterss?
Yes, Portland-South Portland, ME is a lucrative location for Insurance Underwriters.The average salary of $92,810 is above the national average, and the cost of living is on par with the national average, offering strong purchasing power.
Is Portland-South Portland, ME a good place to live for Insurance Underwriters?
The Cost of Living Index in Portland-South Portland, ME is 100. While higher than average, this often correlates with higher wages.
Where are the highest paying cities near Portland-South Portland, ME?
Some top paying nearby cities include Manchester-Nashua, NH ($93,790) and others.
How does the number of Insurance Underwriters in Portland-South Portland, ME compare nationally?
With 1.217 jobs per 1,000 workers, the presence of Insurance Underwriters in Portland-South Portland, ME is more than double the national average, indicating a strong local presence.
What is the significance of the Location Quotient for Insurance Underwriters in this area?
A Location Quotient of 1.74 means that Insurance Underwriters are 74% more concentrated in Portland-South Portland, ME than the national average, signaling a specialized and potentially high-demand job market.
Does the cost of living affect the value of an Insurance Underwriter's salary in Portland-South Portland, ME?
No, the cost of living index is 100, matching the national average. This means the $92,810 salary holds its value effectively within the local economy.
How many Insurance Underwriters are employed in Portland-South Portland, ME?
There are approximately 350 Insurance Underwriters employed in the Portland-South Portland, ME area, contributing to a localized workforce concentration.
Methodology: Salary data is derived from the Bureau of Labor Statistics (BLS) OEWS 2024 release. Figures represent gross pay before taxes. Analysis includes 350 employees in the Portland-South Portland, ME area with a job density of 1.217 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 Portland-South Portland, ME