Average Insurance Underwriters Salary in Utica-Rome, NY
Insurance Underwriters in the Utica-Rome, NY area earn an average annual salary of $87,920. 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 not reaching the national benchmark, the Utica-Rome market presents a distinct compensation landscape for this critical role.
Executive Summary
- Average Salary: $87,920 per year.
- Growth Trend: Salaries have shifted 0.6% ↗ over the last 5 years.
- Top Earners: Senior professionals (90th percentile) earn up to $125,950.
- Outlook: The Utica-Rome, NY market for Insurance Underwriters, while modest in its total workforce of 220 professionals, demonstrates a significant concentration relative to the national average. With a Location Quotient of 2.72, this suggests a robust demand and a specialized market for these roles, indicating a healthy job market for experienced underwriters seeking opportunities in this region.
Salary Overview
The average Insurance Underwriters in Utica-Rome, NY earns-3.3%below the national average.
$42.3
$1,691
$7,327
Insurance Underwriters Salary Trends (2020-2024)
While specific historical data for Utica-Rome, NY is not provided, it is generally assumed that the insurance industry, like many professional sectors, has experienced steady salary growth over the past four years. Factors such as inflation, evolving market demands, and the increasing complexity of risk assessment likely contribute to upward pressure on compensation for skilled Insurance Underwriters.
Insurance Underwriters Salary Distribution in Utica-Rome, NY
Salary progression for Insurance Underwriters in Utica-Rome, NY, typically scales with experience. Entry-level positions may start at a lower percentile, while seasoned professionals with extensive knowledge of risk analysis and policy development can command salaries in the higher percentiles. The widening gap between entry-level and senior roles signifies clear career advancement and increased earning potential within the field.
| Experience Level | Market Percentile | Annual Wage | Hourly Rate |
|---|---|---|---|
| Associate / AnalystData entry, reporting, supporting senior staff. | 10% (Entry) | $52,440 | $25.2 |
| Senior AnalystIndependent analysis, forecasting, client interaction. | 25% (Junior) | $65,940 | $31.7 |
| ManagerOversees team, compliance, and project delivery. | 50% (Median) | $86,240 | $41.5 |
| Director / VPStrategic planning, budget ownership, risk management. | 75% (Senior) | $109,900 | $52.8 |
| Executive / PartnerC-level leadership. High-level strategy & relations. | 90% (Expert) | $125,950 | $60.6 |
Detailed Insurance Underwriters Market Analysis
Relocation Context
Nominal Salary
$87,920
Gross Pay
Real Wage (Purchasing Power)
$87,920
Adjusted for COL (100)
The average annual salary of $87,920 in Utica-Rome, NY, aligns perfectly with the local Cost of Living Index of 100, which is the national average. This means that the purchasing power of an underwriter's salary in this area is equivalent to the national standard, offering financial stability without the premium often associated with higher cost-of-living regions.
Job Market Context
220
Total Jobs
1.905
Per 1K Jobs
2.72
Location Quotient
Utica-Rome, NY has 2.7x 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.
The Location Quotient of 2.72 for Insurance Underwriters in Utica-Rome, NY, is a strong indicator of a specialized and concentrated job market. This significantly higher-than-average concentration suggests that the region has a greater proportion of these professionals compared to the rest of the nation, potentially leading to a more competitive environment for new entrants but also indicating a strong demand from local insurance firms.
Nearby Job Markets
Nearby Cities for Insurance Underwriters
| City | Salary | Dist. |
|---|---|---|
| Syracuse, NY Insurance Underwriters Salary | $91,080↑ 4% | 46 mi |
| Central East New York nonmetropolitan area Insurance Underwriters Salary | $90,260↑ 3% | 66 mi |
Comparing salaries near Utica-Rome, NY
Hiring Insurance Underwriterss?
Frequently Asked Questions
How much does a Insurance Underwriters make in Utica-Rome, NY?
The median annual salary for a Insurance Underwriters in Utica-Rome, NY is $87,920. This typically ranges from $52,440 for entry-level positions to $125,950 for top-level roles.
How does the salary compare to the national average?
The average salary for this role in Utica-Rome, NY is 3.3% lower than the national median of $90,920.
Is Utica-Rome, NY a lucrative place for Insurance Underwriters?
Yes, it offers competitive compensation relative to its cost of living.While the average salary is slightly below the national average, the cost of living is also at the national average, making the $87,920 salary highly competitive in terms of purchasing power.
Is Utica-Rome, NY a good place to live for Insurance Underwriters?
The Cost of Living Index in Utica-Rome, NY is 100. While higher than average, this often correlates with higher wages.
Where are the highest paying cities near Utica-Rome, NY?
Some top paying nearby cities include Syracuse, NY ($91,080) and Central East New York nonmetropolitan area.
How does the Utica-Rome, NY salary compare to the national average?
The average salary for Insurance Underwriters in Utica-Rome, NY is $87,920, which is slightly lower than the national average of $90,920.
What does the Location Quotient of 2.72 mean for Insurance Underwriters in Utica-Rome, NY?
A Location Quotient of 2.72 signifies that Insurance Underwriters are significantly more concentrated in Utica-Rome, NY, than the national average, indicating a specialized and potentially robust local market for these professionals.
How does the cost of living affect the Utica-Rome, NY Insurance Underwriter salary?
With a Cost of Living Index of 100, the Utica-Rome, NY area matches the national average. This means the $87,920 salary offers purchasing power equivalent to the national standard.
What is the total number of Insurance Underwriters in Utica-Rome, NY?
There are approximately 220 Insurance Underwriters employed in the Utica-Rome, NY area.
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 Utica-Rome, NY area with a job density of 1.905 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 Utica-Rome, NY