Average Insurance Underwriters Salary in Providence-Warwick, RI-MA
Insurance Underwriters in the Providence-Warwick, RI-MA area earn an average annual salary of $89,440. This figure is slightly below the national average of $90,920, indicating a localized compensation structure influenced by regional economic factors and industry demand within the state. While close to the national benchmark, subtle differences highlight the importance of local market dynamics.
Executive Summary
- Average Salary: $89,440 per year.
- Growth Trend: Salaries have shifted 10.9% ↗ over the last 5 years.
- Top Earners: Senior professionals (90th percentile) earn up to $135,040.
- Outlook: The Providence-Warwick area supports a dedicated workforce of 340 Insurance Underwriters. With a Location Quotient of 0.68, the concentration of these professionals is below the national average, suggesting a less saturated but potentially specialized market. The rate of 0.477 jobs per 1,000 workers further contextualizes the employment landscape, pointing to a stable, albeit not rapidly expanding, demand for underwriting expertise in this region.
Salary Overview
The average Insurance Underwriters in Providence-Warwick, RI-MA earns-1.6%below the national average.
$43
$1,720
$7,453
Insurance Underwriters Salary Trends (2020-2024)
While specific historical data for Providence-Warwick is not provided, the insurance underwriting field nationally has seen steady growth over the past four years, driven by increasing complexity in risk assessment and regulatory changes. It is reasonable to assume that salaries for Insurance Underwriters in Providence-Warwick have mirrored this trend, experiencing incremental increases as demand for skilled professionals persists and the cost of living adjusts.
Insurance Underwriters Salary Distribution in Providence-Warwick, RI-MA
Salary progression for Insurance Underwriters in Providence-Warwick typically scales significantly with experience. Entry-level positions may start at 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 between junior and senior roles reflect the increasing value placed on expertise, risk analysis acumen, and decision-making capabilities.
| Experience Level | Market Percentile | Annual Wage | Hourly Rate |
|---|---|---|---|
| Associate / AnalystData entry, reporting, supporting senior staff. | 10% (Entry) | $53,930 | $25.9 |
| Senior AnalystIndependent analysis, forecasting, client interaction. | 25% (Junior) | $67,080 | $32.3 |
| ManagerOversees team, compliance, and project delivery. | 50% (Median) | $82,300 | $39.6 |
| Director / VPStrategic planning, budget ownership, risk management. | 75% (Senior) | $111,800 | $53.8 |
| Executive / PartnerC-level leadership. High-level strategy & relations. | 90% (Expert) | $135,040 | $64.9 |
Detailed Insurance Underwriters Market Analysis
Relocation Context
Nominal Salary
$89,440
Gross Pay
Real Wage (Purchasing Power)
$89,440
Adjusted for COL (100)
The average annual salary of $89,440 in Providence-Warwick aligns perfectly with the local Cost of Living Index of 100, which is the national average. This means that the purchasing power of an Insurance Underwriter's salary in this metropolitan area is equivalent to the national standard, offering a stable financial footing without the premium often associated with higher-than-average living expenses.
Job Market Context
340
Total Jobs
0.477
Per 1K Jobs
0.68
Location Quotient
Providence-Warwick, RI-MA has 0.68x the national average concentration of Insurance Underwriters jobs. This means there are fewer opportunities per capita here compared to the U.S. average — competition for roles may be higher.
A Location Quotient of 0.68 for Insurance Underwriters in Providence-Warwick indicates that the profession is less concentrated here compared to the national average. This suggests that while the job market is not oversaturated, there may be fewer specialized opportunities or a need for professionals to possess broader skill sets to meet diverse regional needs. It presents a balanced environment where demand exists without intense competition.
Nearby Job Markets
Nearby Cities for Insurance Underwriters
| City | Salary | Dist. |
|---|---|---|
| Worcester, MA Insurance Underwriters Salary | $98,030↑ 10% | 37 mi |
| Boston-Cambridge-Newton, MA-NH Insurance Underwriters Salary | $106,300↑ 19% | 38 mi |
Comparing salaries near Providence-Warwick, RI-MA
Hiring Insurance Underwriterss?
Frequently Asked Questions
How much does a Insurance Underwriters make in Providence-Warwick, RI-MA?
The median annual salary for a Insurance Underwriters in Providence-Warwick, RI-MA is $89,440. This typically ranges from $53,930 for entry-level positions to $135,040 for top-level roles.
How does the salary compare to the national average?
The average salary for this role in Providence-Warwick, RI-MA is 1.6% lower than the national median of $90,920.
Is Providence-Warwick, RI-MA a lucrative place for Insurance Underwriterss?
Moderately lucrative, with earnings at the national average.Insurance Underwriters in Providence-Warwick earn $89,440 annually, which is very close to the national average. Coupled with a cost of living index of 100, this salary offers standard purchasing power.
Is Providence-Warwick, RI-MA a good place to live for Insurance Underwriters?
The Cost of Living Index in Providence-Warwick, RI-MA is 100. While higher than average, this often correlates with higher wages.
Where are the highest paying cities near Providence-Warwick, RI-MA?
Some top paying nearby cities include Worcester, MA ($98,030) and Boston-Cambridge-Newton, MA-NH.
How does the Providence-Warwick salary compare to the national average?
The average salary for Insurance Underwriters in Providence-Warwick is $89,440, which is slightly lower than the national average of $90,920.
What is the cost of living in Providence-Warwick, RI-MA?
The cost of living in Providence-Warwick is at the national average, indicated by a Cost of Living Index of 100.
How concentrated is the Insurance Underwriter job market in Providence-Warwick?
The market has a Location Quotient of 0.68, meaning it is less concentrated than the national average, suggesting a moderate level of competition.
How many Insurance Underwriters work in Providence-Warwick?
There are approximately 340 Insurance Underwriters employed in the Providence-Warwick 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 340 employees in the Providence-Warwick, RI-MA area with a job density of 0.477 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 Providence-Warwick, RI-MA