Average Insurance Underwriters Salary in Washington
Insurance Underwriters in Washington state command an impressive average annual salary of $106,810, significantly surpassing the national average of $90,920. This elevated compensation is likely driven by a combination of factors unique to the state's economic landscape, including a robust financial sector and potentially higher demand for specialized risk assessment professionals.
Executive Summary
- Average Salary: $106,810 per year.
- Growth Trend: Salaries have shifted 24.8% ↗ over the last 5 years.
- Top Earners: Senior professionals (90th percentile) earn up to $170,130.
- Outlook: With a local workforce of 2,000 Insurance Underwriters and a Location Quotient of 0.81, Washington presents a slightly below-average concentration of these professionals compared to the national standard. While not a major hub for the profession, the existing workforce indicates a stable demand for underwriting expertise within the state's economy.
Salary Overview
The average Insurance Underwriters in Washington earns+17.5%above the national average.
$51.4
$2,054
$8,901
Insurance Underwriters Salary Trends (2020-2024)
While specific historical data is not provided, it is reasonable to assume that salaries for Insurance Underwriters in Washington have experienced steady growth over the past four years, mirroring national trends. This growth is typically fueled by increasing complexity in risk assessment, evolving regulatory environments, and the ongoing need for skilled professionals to evaluate insurance applications.
Insurance Underwriters Salary Distribution in Washington
The salary trajectory for Insurance Underwriters in Washington demonstrates a clear progression with experience. Entry-level positions may start closer to the lower end of the pay scale, while seasoned professionals with extensive expertise and a proven track record can command significantly higher salaries, potentially reaching into the top percentiles. This widening gap between entry-level and senior roles signifies substantial career advancement opportunities.
| Experience Level | Market Percentile | Annual Wage | Hourly Rate |
|---|---|---|---|
| Associate / AnalystData entry, reporting, supporting senior staff. | 10% (Entry) | $62,600 | $30.1 |
| Senior AnalystIndependent analysis, forecasting, client interaction. | 25% (Junior) | $80,108 | $38.5 |
| ManagerOversees team, compliance, and project delivery. | 50% (Median) | $95,310 | $45.8 |
| Director / VPStrategic planning, budget ownership, risk management. | 75% (Senior) | $133,513 | $64.2 |
| Executive / PartnerC-level leadership. High-level strategy & relations. | 90% (Expert) | $170,130 | $81.8 |
Detailed Insurance Underwriters Market Analysis
Relocation Context
Nominal Salary
$106,810
Gross Pay
Real Wage (Purchasing Power)
$92,798
Adjusted for COL (115.1)
The average annual salary of $106,810 in Washington needs to be considered within the context of its Cost of Living Index of 115.1. This index, which is 15.1% higher than the national average, means that while the nominal salary is attractive, the purchasing power of that income is somewhat diminished by the higher cost of goods and services in the state.
Job Market Context
2,000
Total Jobs
0.566
Per 1K Jobs
0.81
Location Quotient
Washington has 0.81x 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 0.81 suggests that Insurance Underwriters are slightly less concentrated in Washington than the national average. This indicates a moderately competitive job market where demand is present but not overwhelmingly saturated, potentially offering good opportunities for skilled professionals without intense competition.
Nearby Job Markets
Nearby Cities for Insurance Underwriters
| City | Salary | Dist. |
|---|---|---|
| Seattle-Tacoma-Bellevue, WA Insurance Underwriters Salary | $113,510↑ 6% | 42 mi |
| Olympia-Lacey-Tumwater, WA Insurance Underwriters Salary | $78,730↓ 26% | 70 mi |
Comparing salaries near Washington
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Frequently Asked Questions
How much does a Insurance Underwriters make in Washington?
The median annual salary for a Insurance Underwriters in Washington is $106,810. This typically ranges from $62,600 for entry-level positions to $170,130 for top-level roles.
How does the salary compare to the national average?
The average salary for this role in Washington is 17.5% higher than the national median of $90,920.
Is Washington a lucrative place for Insurance Underwriterss?
Yes, Washington offers a lucrative environment for Insurance Underwriters.The average salary of $106,810 significantly exceeds the national average, indicating strong earning potential. However, the higher cost of living should also be factored into overall financial well-being.
Is Washington a good place to live for Insurance Underwriters?
The Cost of Living Index in Washington is 115.1. While higher than average, this often correlates with higher wages.
Where are the highest paying cities near Washington?
Some top paying nearby cities include Seattle-Tacoma-Bellevue, WA ($113,510) and Olympia-Lacey-Tumwater, WA.
How does Washington's Insurance Underwriter salary compare to the national average?
Insurance Underwriters in Washington earn an average of $106,810 annually, which is substantially higher than the national average of $90,920.
What is the concentration of Insurance Underwriters in Washington?
Washington has a Location Quotient of 0.81 for Insurance Underwriters, meaning the profession is slightly less concentrated there compared to the national average.
How does the cost of living affect the Insurance Underwriter salary in Washington?
With a Cost of Living Index of 115.1, Washington is more expensive than the national average. This means the $106,810 salary, while high, has less purchasing power than it would in a lower-cost area.
What does the job market look like for Insurance Underwriters in Washington?
The market is stable with a workforce of 2,000, and a Location Quotient below 1.0 suggests moderate demand and competition, offering reasonable opportunities for qualified individuals.
Methodology: Salary data is derived from the Bureau of Labor Statistics (BLS) OEWS 2024 release. Figures represent gross pay before taxes. Analysis includes 2,000 employees in the Washington area with a job density of 0.566 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 Washington