Average Insurance Underwriters Salary in Springfield, MA
Insurance Underwriters in Springfield, MA, command an impressive average annual salary of $94,720, surpassing the national average of $90,920. This localized premium is often driven by a combination of regional demand, the specific risk profiles prevalent in the area, and the specialized expertise required for underwriting within the Massachusetts market.
Executive Summary
- Average Salary: $94,720 per year.
- Growth Trend: Salaries have shifted 0.0% ↘ over the last 5 years.
- Top Earners: Senior professionals (90th percentile) earn up to $125,130.
- Outlook: Springfield, MA presents a robust employment landscape for Insurance Underwriters, evidenced by a total local workforce of 200 professionals. The Location Quotient of 1.41 indicates a significantly higher concentration of these roles compared to the national average, suggesting strong and sustained demand within the region.
Salary Overview
The average Insurance Underwriters in Springfield, MA earns+4.2%above the national average.
$45.5
$1,822
$7,893
Insurance Underwriters Salary Trends (2020-2024)
While specific historical data is not provided, it is reasonable to assume that Insurance Underwriter salaries in Springfield, MA, have experienced consistent growth over the past four years, mirroring national trends. This upward trajectory is likely fueled by evolving insurance markets, increased regulatory complexities, and the persistent need for skilled underwriting professionals.
Insurance Underwriters Salary Distribution in Springfield, MA
The career path for Insurance Underwriters in Springfield, MA, offers substantial earning potential that scales with experience. Entry-level positions typically start at the lower end of the salary spectrum, while seasoned professionals with extensive expertise and a proven track record can command salaries significantly above the average, often reaching the 75th percentile and beyond, reflecting their increased value and responsibility.
| Experience Level | Market Percentile | Annual Wage | Hourly Rate |
|---|---|---|---|
| Associate / AnalystData entry, reporting, supporting senior staff. | 10% (Entry) | $57,800 | $27.8 |
| Senior AnalystIndependent analysis, forecasting, client interaction. | 25% (Junior) | $71,040 | $34.2 |
| ManagerOversees team, compliance, and project delivery. | 50% (Median) | $92,180 | $44.3 |
| Director / VPStrategic planning, budget ownership, risk management. | 75% (Senior) | $118,400 | $56.9 |
| Executive / PartnerC-level leadership. High-level strategy & relations. | 90% (Expert) | $125,130 | $60.2 |
Detailed Insurance Underwriters Market Analysis
Relocation Context
Nominal Salary
$94,720
Gross Pay
Real Wage (Purchasing Power)
$94,720
Adjusted for COL (100)
For professionals considering a move to Springfield, MA, the nominal average salary of $94,720 aligns perfectly with the local Cost of Living Index of 100. This means that the purchasing power of an Insurance Underwriter's salary in Springfield is equivalent to the national average, offering a stable financial foundation without the immediate pressure of higher or lower living expenses.
Job Market Context
200
Total Jobs
0.983
Per 1K Jobs
1.41
Location Quotient
With a location quotient of 1.41, Springfield, MA has a slightly higher-than-average concentration of Insurance Underwriters roles compared to the national norm.
With a Location Quotient of 1.41, Springfield, MA, demonstrates a market where Insurance Underwriters are more concentrated than the national average. This suggests a competitive yet potentially abundant job market, where employers actively seek specialized talent, and professionals may find a greater number of relevant opportunities compared to less concentrated areas.
Nearby Job Markets
Nearby Cities for Insurance Underwriters
| City | Salary | Dist. |
|---|---|---|
| Hartford-West Hartford-East Hartford, CT Insurance Underwriters Salary | $101,720↑ 7% | 25 mi |
| Worcester, MA Insurance Underwriters Salary | $98,030↑ 3% | 39 mi |
Comparing salaries near Springfield, MA
Hiring Insurance Underwriterss?
Frequently Asked Questions
How much does a Insurance Underwriters make in Springfield, MA?
The median annual salary for a Insurance Underwriters in Springfield, MA is $94,720. This typically ranges from $57,800 for entry-level positions to $125,130 for top-level roles.
How does the salary compare to the national average?
The average salary for this role in Springfield, MA is 4.2% higher than the national median of $90,920.
Is Springfield, MA a lucrative place for Insurance Underwriters?
Yes, Springfield, MA is a lucrative location for Insurance Underwriters.The average salary significantly exceeds the national average, and the higher concentration of these roles indicates strong regional demand.
Is Springfield, MA a good place to live for Insurance Underwriters?
The Cost of Living Index in Springfield, MA is 100. While higher than average, this often correlates with higher wages.
Where are the highest paying cities near Springfield, MA?
Some top paying nearby cities include Hartford-West Hartford-East Hartford, CT ($101,720) and Worcester, MA.
How does the number of Insurance Underwriters in Springfield compare nationally?
With 0.983 jobs per 1,000 workers, Springfield has a slightly lower per capita representation than the national average, despite the higher concentration indicated by the Location Quotient.
What does a Location Quotient of 1.41 mean for job seekers?
A Location Quotient of 1.41 signifies that Springfield, MA has 41% more Insurance Underwriters per worker than the national average, indicating a robust and specialized local market.
Does the Cost of Living in Springfield affect the Insurance Underwriter salary?
No, the Cost of Living Index is exactly at the national average (100), meaning the $94,720 salary offers purchasing power equivalent to the national average.
What is the total number of Insurance Underwriters in Springfield?
There are approximately 200 Insurance Underwriters working in Springfield, MA.
Methodology: Salary data is derived from the Bureau of Labor Statistics (BLS) OEWS 2024 release. Figures represent gross pay before taxes. Analysis includes 200 employees in the Springfield, MA area with a job density of 0.983 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 Springfield, MA