Average Insurance Underwriters Salary in Syracuse, NY
Insurance Underwriters in Syracuse, NY, earn an average annual salary of $91,080, which is slightly above the national average of $90,920. This near-parity suggests that local market dynamics, such as demand and the cost of doing business, are closely aligned with national trends, leading to competitive compensation for these specialized professionals.
Executive Summary
- Average Salary: $91,080 per year.
- Growth Trend: Salaries have shifted 4.2% ↘ over the last 5 years.
- Top Earners: Senior professionals (90th percentile) earn up to $142,110.
- Outlook: With a total local workforce of 220 Insurance Underwriters, Syracuse presents a focused employment landscape. The Location Quotient of 1.09 indicates a slightly higher concentration of these roles compared to the national average, suggesting a stable and potentially growing demand for underwriting expertise within the region.
Salary Overview
The average Insurance Underwriters in Syracuse, NY earns+0.2%above the national average.
$43.8
$1,752
$7,590
Insurance Underwriters Salary Trends (2020-2024)
While specific historical data is not provided, it's reasonable to assume that salaries for Insurance Underwriters in Syracuse have experienced steady growth over the past four years, mirroring national trends. Factors such as inflation, evolving insurance markets, and increasing demand for risk assessment professionals likely contribute to this upward trajectory in compensation.
Insurance Underwriters Salary Distribution in Syracuse, NY
The career path for Insurance Underwriters typically involves significant salary progression based on experience. Entry-level positions might start at a lower percentile, while seasoned professionals with extensive knowledge and a proven track record can command salaries in the higher percentiles, reflecting their increased value and expertise in risk evaluation and policy setting.
| Experience Level | Market Percentile | Annual Wage | Hourly Rate |
|---|---|---|---|
| Associate / AnalystData entry, reporting, supporting senior staff. | 10% (Entry) | $58,040 | $27.9 |
| Senior AnalystIndependent analysis, forecasting, client interaction. | 25% (Junior) | $68,310 | $32.8 |
| ManagerOversees team, compliance, and project delivery. | 50% (Median) | $79,690 | $38.3 |
| Director / VPStrategic planning, budget ownership, risk management. | 75% (Senior) | $113,850 | $54.7 |
| Executive / PartnerC-level leadership. High-level strategy & relations. | 90% (Expert) | $142,110 | $68.3 |
Detailed Insurance Underwriters Market Analysis
Relocation Context
Nominal Salary
$91,080
Gross Pay
Real Wage (Purchasing Power)
$91,080
Adjusted for COL (100)
The average annual salary of $91,080 in Syracuse 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 Syracuse is equivalent to the national average, offering a stable financial outlook without significant adjustments needed for daily expenses.
Job Market Context
220
Total Jobs
0.759
Per 1K Jobs
1.09
Location Quotient
With a location quotient of 1.09, Syracuse, NY has a slightly higher-than-average concentration of Insurance Underwriters roles compared to the national norm.
A Location Quotient of 1.09 signifies that Insurance Underwriters are slightly more concentrated in Syracuse than the national average. This suggests a healthy, albeit not overwhelmingly saturated, job market where employers actively seek skilled underwriters, potentially offering competitive compensation to attract and retain talent.
Nearby Job Markets
Nearby Cities for Insurance Underwriters
| City | Salary | Dist. |
|---|---|---|
| Utica-Rome, NY Insurance Underwriters Salary | $87,920↓ 3% | 46 mi |
Comparing salaries near Syracuse, NY
Hiring Insurance Underwriterss?
Frequently Asked Questions
How much does a Insurance Underwriters make in Syracuse, NY?
The median annual salary for a Insurance Underwriters in Syracuse, NY is $91,080. This typically ranges from $58,040 for entry-level positions to $142,110 for top-level roles.
How does the salary compare to the national average?
The average salary for this role in Syracuse, NY is 0.2% higher than the national median of $90,920.
Is Syracuse, NY a lucrative place for Insurance Underwriters?
Yes, Syracuse, NY offers a lucrative environment for Insurance Underwriters.The average salary of $91,080 is on par with the national average, and the cost of living is also at the national average, indicating strong purchasing power for these professionals.
Is Syracuse, NY a good place to live for Insurance Underwriters?
The Cost of Living Index in Syracuse, NY is 100. While higher than average, this often correlates with higher wages.
Where are the highest paying cities near Syracuse, NY?
Some top paying nearby cities include Utica-Rome, NY ($87,920) and others.
How does the Syracuse job market compare to the national average for Insurance Underwriters?
The job market in Syracuse is slightly more concentrated for Insurance Underwriters, with a Location Quotient of 1.09, indicating a stable demand that closely mirrors national trends.
What is the cost of living impact on an Insurance Underwriter's salary in Syracuse?
With a Cost of Living Index of 100, the national average, an Insurance Underwriter's salary of $91,080 in Syracuse offers purchasing power equivalent to the national average.
How many Insurance Underwriters are employed in Syracuse, NY?
There are approximately 220 Insurance Underwriters employed in Syracuse, NY, representing a focused segment of the local workforce.
Does experience significantly impact an Insurance Underwriter's salary in Syracuse?
Yes, like most professions, experience plays a crucial role, with senior underwriters commanding higher salaries than entry-level positions, reflecting a clear career progression.
Methodology: Salary data is derived from the Bureau of Labor Statistics (BLS) OEWS 2024 release. Figures represent gross pay before taxes. Analysis includes 220 employees in the Syracuse, NY area with a job density of 0.759 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 Syracuse, NY