Average Insurance Underwriters Salary in Scranton--Wilkes-Barre, PA
Insurance Underwriters in Scranton--Wilkes-Barre, PA, earn an average annual salary of $56,200. This figure is notably lower than the national average of $90,920, reflecting regional economic factors and the specific demand within the local insurance market. While the nominal salary may seem lower, understanding the local economic landscape is crucial for a complete picture.
Executive Summary
- Average Salary: $56,200 per year.
- Growth Trend: Salaries have shifted 0.0% ↘ over the last 5 years.
- Top Earners: Senior professionals (90th percentile) earn up to $79,810.
- Outlook: The Scranton--Wilkes-Barre, PA, job market for Insurance Underwriters shows a moderate concentration, indicated by a Location Quotient of 1.44, suggesting a slightly higher presence of these roles compared to the national average. With a total local workforce of 260 professionals in this field, the demand appears stable, offering consistent opportunities for skilled underwriters within this specific geographic area.
Salary Overview
The average Insurance Underwriters in Scranton--Wilkes-Barre, PA earns-38.2%below the national average.
$27
$1,081
$4,683
Insurance Underwriters Salary Trends (2020-2024)
While specific historical data for Scranton--Wilkes-Barre is not provided, it's reasonable to assume that salaries for Insurance Underwriters in the region have experienced gradual growth over the past four years, mirroring national trends. This growth is typically driven by inflation, increasing demand for insurance services, and the evolving complexity of risk assessment, leading to modest but steady salary increases for experienced professionals.
Insurance Underwriters Salary Distribution in Scranton--Wilkes-Barre, PA
Salary progression for Insurance Underwriters in Scranton--Wilkes-Barre, PA, typically scales with experience. Entry-level positions might start closer to the lower end of the pay scale, while senior underwriters with extensive experience and specialized knowledge can command significantly higher salaries, potentially reaching the upper percentiles. The gap between entry-level and senior roles signifies substantial career growth and increased earning potential within the profession.
| Experience Level | Market Percentile | Annual Wage | Hourly Rate |
|---|---|---|---|
| Associate / AnalystData entry, reporting, supporting senior staff. | 10% (Entry) | $37,890 | $18.2 |
| Senior AnalystIndependent analysis, forecasting, client interaction. | 25% (Junior) | $42,150 | $20.3 |
| ManagerOversees team, compliance, and project delivery. | 50% (Median) | $45,930 | $22.1 |
| Director / VPStrategic planning, budget ownership, risk management. | 75% (Senior) | $70,250 | $33.8 |
| Executive / PartnerC-level leadership. High-level strategy & relations. | 90% (Expert) | $79,810 | $38.4 |
Detailed Insurance Underwriters Market Analysis
Relocation Context
Nominal Salary
$56,200
Gross Pay
Real Wage (Purchasing Power)
$56,200
Adjusted for COL (100)
The average annual salary of $56,200 in Scranton--Wilkes-Barre, PA, aligns perfectly with the national average Cost of Living Index of 100. This means that the purchasing power of an Insurance Underwriter's salary in this region is equivalent to the national average. While the nominal salary is lower than the national average, the cost of living does not present a disadvantage, making the take-home pay comparable in real terms.
Job Market Context
260
Total Jobs
1.006
Per 1K Jobs
1.44
Location Quotient
With a location quotient of 1.44, Scranton--Wilkes-Barre, PA has a slightly higher-than-average concentration of Insurance Underwriters roles compared to the national norm.
With a Location Quotient of 1.44, Scranton--Wilkes-Barre, PA, exhibits a higher concentration of Insurance Underwriters than the national average. This suggests a more robust local market for these professionals, potentially indicating greater demand or a more specialized industry presence. While not an overwhelmingly saturated market, the elevated LQ points to a competitive environment where skilled underwriters may find more opportunities than in a less concentrated area.
Nearby Job Markets
Nearby Cities for Insurance Underwriters
| City | Salary | Dist. |
|---|---|---|
| Allentown-Bethlehem-Easton, PA-NJ Insurance Underwriters Salary | $85,180↑ 52% | 57 mi |
| Central East New York nonmetropolitan area Insurance Underwriters Salary | $90,260↑ 61% | 64 mi |
Comparing salaries near Scranton--Wilkes-Barre, PA
Hiring Insurance Underwriterss?
Frequently Asked Questions
How much does a Insurance Underwriters make in Scranton--Wilkes-Barre, PA?
The median annual salary for a Insurance Underwriters in Scranton--Wilkes-Barre, PA is $56,200. This typically ranges from $37,890 for entry-level positions to $79,810 for top-level roles.
How does the salary compare to the national average?
The average salary for this role in Scranton--Wilkes-Barre, PA is 38.2% lower than the national median of $90,920.
Is Scranton--Wilkes-Barre, PA a lucrative place for Insurance Underwriters?
No, not compared to the national average.While the cost of living is average, the average salary of $56,200 is significantly lower than the national average of $90,920. The market shows a higher concentration, but this does not translate to higher pay in this specific region.
Is Scranton--Wilkes-Barre, PA a good place to live for Insurance Underwriters?
The Cost of Living Index in Scranton--Wilkes-Barre, PA is 100. While higher than average, this often correlates with higher wages.
Where are the highest paying cities near Scranton--Wilkes-Barre, PA?
Some top paying nearby cities include Allentown-Bethlehem-Easton, PA-NJ ($85,180) and Central East New York nonmetropolitan area.
What is the average salary for an Insurance Underwriter in Scranton--Wilkes-Barre, PA?
The average annual salary for an Insurance Underwriter in Scranton--Wilkes-Barre, PA, is $56,200.
How does the Scranton--Wilkes-Barre salary compare to the national average?
The average salary in Scranton--Wilkes-Barre, PA ($56,200) is considerably lower than the national average of $90,920 for Insurance Underwriters.
What is the Cost of Living in Scranton--Wilkes-Barre, PA?
The Cost of Living Index in Scranton--Wilkes-Barre, PA, is 100, which is exactly the national average.
Is there high demand for Insurance Underwriters in Scranton--Wilkes-Barre, PA?
The Location Quotient of 1.44 suggests a higher concentration of Insurance Underwriters than the national average, indicating a moderately strong local demand for the role.
Methodology: Salary data is derived from the Bureau of Labor Statistics (BLS) OEWS 2024 release. Figures represent gross pay before taxes. Analysis includes 260 employees in the Scranton--Wilkes-Barre, PA area with a job density of 1.006 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 Scranton--Wilkes-Barre, PA