Average Insurance Underwriters Salary in Worcester, MA
Insurance Underwriters in Worcester, MA, command an impressive average annual salary of $98,030, significantly outpacing the national average of $90,920. This elevated compensation is directly influenced by the specialized demand and the concentration of talent within the Worcester metropolitan area, reflecting a robust local market for these critical financial professionals.
Executive Summary
- Average Salary: $98,030 per year.
- Growth Trend: Salaries have shifted 0.0% ↘ over the last 5 years.
- Top Earners: Senior professionals (90th percentile) earn up to $151,290.
- Outlook: Worcester presents a compelling employment landscape for Insurance Underwriters, evidenced by a substantial local workforce of 370 professionals. The location quotient of 1.5 indicates a higher concentration of these roles compared to the national average, suggesting a robust and potentially growing demand that outstrips general national trends.
Salary Overview
The average Insurance Underwriters in Worcester, MA earns+7.8%above the national average.
$47.1
$1,885
$8,169
Insurance Underwriters Salary Trends (2020-2024)
While specific historical data is not provided, it is reasonable to assume that the Insurance Underwriter role in Worcester has mirrored national trends, experiencing steady salary growth over the past four years. Factors such as evolving insurance markets, increased regulatory complexity, and inflation likely contribute to a positive trajectory for compensation in this field.
Insurance Underwriters Salary Distribution in Worcester, MA
The career path for an Insurance Underwriter in Worcester offers significant earning potential, with salaries scaling considerably from entry-level positions to senior roles. The widening gap between the lowest and highest earners, often seen in percentile distributions, clearly signifies opportunities for career progression and substantial salary increases based on experience, expertise, and performance.
| Experience Level | Market Percentile | Annual Wage | Hourly Rate |
|---|---|---|---|
| Associate / AnalystData entry, reporting, supporting senior staff. | 10% (Entry) | $61,940 | $29.8 |
| Senior AnalystIndependent analysis, forecasting, client interaction. | 25% (Junior) | $73,523 | $35.3 |
| ManagerOversees team, compliance, and project delivery. | 50% (Median) | $85,140 | $40.9 |
| Director / VPStrategic planning, budget ownership, risk management. | 75% (Senior) | $122,538 | $58.9 |
| Executive / PartnerC-level leadership. High-level strategy & relations. | 90% (Expert) | $151,290 | $72.7 |
Detailed Insurance Underwriters Market Analysis
Relocation Context
Nominal Salary
$98,030
Gross Pay
Real Wage (Purchasing Power)
$98,030
Adjusted for COL (100)
An average annual salary of $98,030 in Worcester, MA, offers excellent purchasing power, as the local Cost of Living Index stands precisely at the national average of 100. This means that the higher nominal income translates directly into equivalent or greater real income compared to the national benchmark, making Worcester an attractive location for financial professionals.
Job Market Context
370
Total Jobs
1.047
Per 1K Jobs
1.5
Location Quotient
Worcester, MA has 1.5x 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.
With a location quotient of 1.5, Worcester, MA, demonstrates a notable concentration of Insurance Underwriters relative to the national average. This suggests a specialized and potentially competitive job market where employers may offer higher compensation to attract and retain skilled talent, indicating a strong local demand for this profession.
Nearby Job Markets
Nearby Cities for Insurance Underwriters
| City | Salary | Dist. |
|---|---|---|
| Providence-Warwick, RI-MA Insurance Underwriters Salary | $89,440↓ 9% | 37 mi |
| Boston-Cambridge-Newton, MA-NH Insurance Underwriters Salary | $106,300↑ 8% | 37 mi |
| Springfield, MA Insurance Underwriters Salary | $94,720↓ 3% | 39 mi |
Comparing salaries near Worcester, MA
Hiring Insurance Underwriterss?
Frequently Asked Questions
How much does a Insurance Underwriters make in Worcester, MA?
The median annual salary for a Insurance Underwriters in Worcester, MA is $98,030. This typically ranges from $61,940 for entry-level positions to $151,290 for top-level roles.
How does the salary compare to the national average?
The average salary for this role in Worcester, MA is 7.8% higher than the national median of $90,920.
Is Worcester, MA a lucrative place for Insurance Underwriters?
Yes, Worcester, MA is a lucrative location for Insurance Underwriters.The average salary of $98,030 significantly exceeds the national average, and with a cost of living index matching the national average, the purchasing power of this salary is substantial.
Is Worcester, MA a good place to live for Insurance Underwriters?
The Cost of Living Index in Worcester, MA is 100. While higher than average, this often correlates with higher wages.
Where are the highest paying cities near Worcester, MA?
Some top paying nearby cities include Providence-Warwick, RI-MA ($89,440) and Boston-Cambridge-Newton, MA-NH.
How does Worcester's Insurance Underwriter salary compare to the national average?
Insurance Underwriters in Worcester earn an average of $98,030 annually, which is approximately $7,110 more than the national average of $90,920.
What does the Location Quotient of 1.5 mean for Insurance Underwriters in Worcester?
A location quotient of 1.5 signifies that Insurance Underwriters are 50% more concentrated in Worcester than the national average, indicating a stronger local job market and potentially higher demand for these professionals.
How does the cost of living in Worcester affect the Insurance Underwriter salary?
Worcester's cost of living index is 100, which is the national average. This means the higher average salary of $98,030 provides strong purchasing power for residents.
What is the total number of Insurance Underwriters employed in Worcester?
There are approximately 370 Insurance Underwriters employed in the Worcester, MA area, contributing to the localized demand and compensation levels.
Methodology: Salary data is derived from the Bureau of Labor Statistics (BLS) OEWS 2024 release. Figures represent gross pay before taxes. Analysis includes 370 employees in the Worcester, MA area with a job density of 1.047 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 Worcester, MA