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Insurance Average Salaries in Maryland 2024

How much money does a person working in Insurance make in Maryland?


Average Yearly Salary
104,000 USD
( 8,700 USD monthly)

LOW
39,200
USD
AVERAGE
104,000
USD
HIGH
204,000
USD
All salary figures displayed here are per year except when noted otherwise.
All salary and compensation figures displayed here are gross salary figures, that is the salary before tax deductions. Because taxes may differ across sectors and locations, it is difficult to accurately calculate the net salary after tax for every career.

A person working in Insurance in Maryland typically earns around 104,000 USD. Salaries range from 39,200 USD (lowest average) to 204,000 USD (highest average, actual maximum salary is higher).


Salary Variance

The provided figure represents the median compensation that encompasses housing, transportation, and other perks. The salaries within the Insurance domain in Maryland exhibit significant discrepancies across various professions. In case you seek information about the remuneration of a specific position, please refer to the salaries listed below for respective job titles.

Salaries for specific jobs

Job TitleAverage Salary
Insurance
Actuarial Analyst130,000 USD
Actuarial Assistant100,000 USD
Actuarial Specialist100,000 USD
Actuary141,000 USD
Adjustment Insurance Clerk36,700 USD
Assistant Broker65,200 USD
Assistant Claims Manager114,000 USD
Associate Insurance Representative52,800 USD
Auditing Insurance Manager145,000 USD
Blockchain Insurance Auditor97,800 USD
Broker104,000 USD
Claim Advocacy Professional98,700 USD
Claims Adjuster39,500 USD
Claims Analyst54,600 USD
Claims Examiner53,900 USD
Claims Manager144,000 USD
Claims Processor37,500 USD
Claims Representative44,900 USD
Claims Resolution Specialist105,000 USD
Claims Supervisor98,700 USD
Complaints Specialist89,400 USD
Compliance Examiner95,700 USD
Compliance Officer80,400 USD
Compliance Reviewer93,200 USD
Consultant101,000 USD
Drone Claims Adjuster43,200 USD
Eligibility Interviewer105,000 USD
Eligibility Specialist98,600 USD
Insurance Account Manager126,000 USD
Insurance Accounts Executive109,000 USD
Insurance Adjuster91,900 USD
Insurance Agent59,600 USD
Insurance Analyst94,900 USD
Insurance Appraiser103,000 USD
Insurance Claims Clerk37,800 USD
Insurance Compliance Officer119,000 USD
Insurance Data Scientist95,900 USD
Insurance Examiner92,000 USD
Insurance Fraud Investigator85,500 USD
Insurance Investigator93,300 USD
Insurance Manager172,000 USD
Insurance Operations Manager167,000 USD
Insurance Policy Processing Clerk36,300 USD
Insurance Pricing Assistant80,200 USD
Insurance Product Manager119,000 USD
Insurance Program Manager139,000 USD
Insurance Project Manager128,000 USD
Insurance Quality Assurance Agent88,100 USD
Insurance Sales Agent63,400 USD
Insurance Sales Director174,000 USD
Insurance Sales Manager135,000 USD
Insurance Sales Representative54,800 USD
Insurance Team Leader102,000 USD
Insurance Underwriter73,100 USD
Insurtech Analyst92,200 USD
Loss Control Specialist95,900 USD
Loss Prevention Investigator102,000 USD
Loss Prevention Manager141,000 USD
Loss Prevention Specialist112,000 USD
Marine Underwriter74,000 USD
Medical Auditor102,000 USD
Monitoring and Performance Officer73,600 USD
Parametric Insurance Specialist103,000 USD
Payment Services Specialist98,300 USD
Peer-to-Peer Insurance Manager125,000 USD
Policy Change Director165,000 USD
Policy Change Supervisor113,000 USD
Policy Change Technician49,800 USD
Risk Analyst112,000 USD
Risk Management Director192,000 USD
Risk Management Supervisor122,000 USD
Risk Manager198,000 USD
Risk Modeling Manager196,000 USD
Social Media Risk Analyst110,000 USD
Title Insurance Typist91,200 USD
Training Manager114,000 USD
Underwriting Assistant50,300 USD


Insurance Jobs Pay Scale and Salaries in Maryland

Median and salary distribution Maryland Insurance yearly
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Salary Structure and Pay Scale Comparison

5% of people earn
103,000 USD or more
10% of people earn
86,800 to 103,000 USD
20% of people earn
51,300 USD or less
65% of people earn
51,300 to 86,800 USD
Minimum Salary
39,200 USD
Median
92,700 USD
Maximum
204,000 USD




Median Salary, maximum and minimum salary, minimum wage, starting salary, and the salary range

All salary figures displayed here are per year except when noted otherwise.
  • Salary Range, Minimum Wage, and Starting Salary

    Salaries in Insurance in Maryland range from 39,200 USD (starting average salary) to 204,000 USD (maximum average salary, actual maximum is higher). To clarify, the number presented is not the legally mandated minimum wage. Rather, it represents the lowest figure reported in a salary survey that involved thousands of participants and professionals from across the entire country.

  • Median Salary

    The median income in the field of Insurance is 92,700 USD, implying that half of the workforce in Maryland earns less than this figure, and the other half earns more. It represents the central value of salaries. As a rule of thumb, you would prefer to be part of the group earning above the median wage, situated on the right-hand side of the salary distribution chart.

  • Percentiles and Salary Scale

    Two values that are highly correlated with the median are the 25th and 75th percentiles. By examining the salary distribution diagram, it is possible to determine that 25% of individuals employed in Insurance in Maryland earn less than 71,700 USD, while 75% of them earn more. Additionally, the diagram reveals that 75% of individuals earn less than 112,000 USD, while 25% earn more than that.

  • Pay Scale Structure

    Data was regrouped into brackets to provide a better understanding of what salaries can be expected. This approach was deemed more accurate than relying solely on the average salary, as it offers greater insights into the distribution of salaries in the field of Insurance in Maryland. The analysis revealed that roughly 65% of all reported salaries fell within the range of 51,300 USD to 86,800 USD. Approximately 20% of salaries were below the 51,300 USD mark, while 10% ranged from 86,800 USD to 103,000 USD. Only 5% of individuals earned a gross salary of 103,000 USD or higher.

Salary Comparison by Years of Experience

How does a person's salary progress over time?

Salary Comparison By Experience Level
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The experience level is the most important factor in determining the salary. Naturally, the more years of experience the higher the wage.

Generally speaking, employees in Insurance in Maryland having experience from two to five years earn on average 32% more than freshers and juniors across all industries and disciplines.

Professionals with experience of more than five years tend to earn on average 36% more than those with five years or less of work experience.

As you hit the ten years mark, the salary increases by 21% and an additional 14% for those who have crossed the 15 years mark.

Those figures are presented as guidelines only. The numbers become more significant if you consider one job title at a time.


Change in salary based on experience varies drastically from one location to another and depends hugely on the career field as well. The data displayed here is the combined average of many different jobs. To view accurate figures, choose a specific job title.
On average, a person's salary doubles their starting salary by the time they cross the 10 years* experience mark.
* Based on the average change in salary over time. Salary variations differ from person to person.


Salary Comparison By Education

How does the education level affect your salary?

Salary Comparison By Education
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Change in salary based on education varies drastically from one location to another and depends hugely on the career field as well. The data displayed here is the combined average of multiple jobs. To view accurate figures, choose a specific job title.

It is well known that higher education equals a bigger salary, but how much more money can a degree add to your income?

We compared the salaries of professionals at the same level but with different college degree levels across many jobs in Insurance in Maryland, below are our findings.

Workers with a certificate or diploma earn on average 17% more than their peers who only reached the high school level.

Employees who earned a Bachelor's Degree earn 24% more than those who only managed to attain a certificate or diploma.

Professionals who attained a Master's Degree are awarded salaries that are 29% more than those with a Bachelor's Degree.

Finally, PhD holders earn 23% more than Master's Degree holders on average while doing the same job.


Is a Master's degree or an MBA worth it? Should you pursue higher education?

A Master's degree program or any post-graduate program in United States costs anywhere from 39,600 USD to 119,000 USD and lasts approximately two years. That is quite an investment.

Employees can't expect any salary increases during the study period, assuming they already have a job. In most cases, a salary review is conducted once education is completed and the degree has been attained.

Many people pursue higher education as a tactic to switch to a higher-paying job. The numbers seem to support this tactic. The average increase in compensation while changing jobs is approximately 10% more than the customary salary increment.

The decision really depends on the situation and experience among many other factors. Putting all variables aside, if a person can afford the costs of higher education then the return on investment is definitely worth it. Degree costs can be recovered roughly in a year or so.



Salary and Compensation Comparison By Gender / Insurance / Maryland

Salary comparison by gender United States Insurance yearly
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Though gender should not have an effect on pay, in reality, it does. So who gets paid more: men or women? In the field of Insurance in United States, the average difference between the salary of male and female employees is 6%.

Male
96,200 USD
Female-5%
91,100 USD
Percentage increase and decrease are relative to the previous value

Salary Comparison By Gender in United States for all Careers

Salary comparison by gender yearly United States
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Average Annual Salary Increment Percentage / Insurance / Maryland

How much are annual salary increments in Maryland for individuals working in Insurance? How often do employees get salary raises?

Professionals working in Insurance in United States are likely to observe a salary increase of approximately % every months. The national average annual increment for all professions combined is 8% granted to employees every 16 months.

Annual Salary Increment Rate United States Insurance
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The figures provided here are averages of numbers. Those figures should be taken as general guidelines. Salary increments will vary from person to person and depend on many factors, but your performance and contribution to the success of the organization remain the most important factors in determining how much and how often you will be granted a raise.

United States / All Professions

Annual Salary Increment Rate United States
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The term Annual Salary Increase usually refers to the increase in 12 calendar month period, but because it is rare that people get their salaries reviewed exactly on the one-year mark, it is more meaningful to know the frequency and the rate at the time of the increase.

How to calculate the salary increment percentage?

The annual salary Increase in a calendar year (12 months) can be easily calculated as follows: Annual Salary Increase = Increase Rate x 12 / Increase Frequency

The average salary increase in one year (12 months) in United States is 6%.

Worldwide Salary Raises: All Countries and All Jobs

World Average Annual Salary Increment
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Salary Packages and Schemes

Not all compensation increases are reflected directly in the salary. Some companies offer upgraded packages to their staff instead of cash money. The figures displayed here account only for direct increments to the base salary.

Bonus and Incentive Rates / Insurance / United States

How much and how often are bonuses being awarded?Annual Salary Bonus Rate United States Insurance
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100% of surveyed staff in Insurance reported that they haven't received any bonuses or incentives in the previous year while % said that they received at least one form of monetary bonus.

Those who got bonuses reported rates ranging from % to % of their annual salary.

Received Bonus
%
No Bonus
100%

Types of Bonuses Considered

Individual Performance-Based Bonuses

The most standard form of bonus, where the employee is awarded based on their exceptional performance.

Company Performance Bonuses

Occasionally, some companies like to celebrate excess earnings and profits with their staff collectively in the form of bonuses that are granted to everyone. The amount of the bonus will probably be different from person to person depending on their role within the organization.

Goal-Based Bonuses

Granted upon achieving an important goal or milestone.

Holiday / End of Year Bonuses

These types of bonuses are given without a reason and usually resemble an appreciation token.

Bonuses Are Not Commissions!

People tend to confuse bonuses with commissions. A commission is a prefixed rate at which someone gets paid for items sold or deals completed while a bonus is in most cases arbitrary and unplanned.


What makes a position worthy of good bonuses and a high salary?

The main two types of jobs

Revenue GeneratorsSupporting Cast

Employees that are directly involved in generating revenue or profit for the organization. Their field of expertise usually matches the type of business.

Employees that support and facilitate the work of revenue generators. Their expertise is usually different from that of the core business operations.

Example:
A graphics designer working for a graphics designing company.

Example:
A graphic designer in the marketing department of a hospital.


Revenue generators usually get more and higher bonuses, higher salaries, and more frequent salary increments. The reason is quite simple: it is easier to quantify your value to the company in monetary terms when you participate in revenue generation.

Try to work for companies where your skills can generate revenue. We can't all generate revenue and that's perfectly fine.

Bonus Comparison by Seniority Level

Top management personnel and senior employees naturally exhibit higher bonus rates and frequencies than juniors. This is very predictable due to the inherent responsibilities of being higher in the hierarchy. People in top positions can easily get double or triple bonus rates than employees down the pyramid.

Hourly Average Wage / Insurance / Maryland


50 USD per hour

The average hourly wage (pay per hour) in Insurance in Maryland is 50 USD.This is the rate they get paid for every worked hour.


Hourly Wage = Annual Salary / ( 52 x 5 x 8 )

About The Hourly Pay Rate

The hourly wage is the salary paid in one worked hour. Usually, jobs are classified into two categories: salaried jobs and hourly jobs. Salaried jobs pay a fixed amount regardless of the hours worked. Hourly jobs pay per worked hour. To convert salary into hourly wage the above formula is used (assuming 5 working days in a week and 8 working hours per day which is the standard for most jobs). The hourly wage calculation may differ slightly depending on the worked hours per week and the annual vacation allowance. The figures mentioned above are good approximations and are considered to be the standard. One major difference between salaried employees and hourly paid employees is overtime eligibility. Salaried employees are usually exempt from overtime as opposed to hourly paid staff.

What is the minimum hourly rate of pay?

The minimum pay rate per hour for people working in Insurance in Maryland is 19 USD. This is the minimum as per the gathered data in the salary survey not the minimum hourly rate mandated by law.

Salary Comparison By City

CityAverage Salary
Baltimore96,200 USD

Government vs Private Sector Salary Comparison

Where can you get paid more, working in a private company or the government? The difference between the public or government sector salaries and the private sector salaries in United States is 5% on average across all career fields.

Private Sector
92,800 USD
Public Sector+5%
97,500 USD
Percentage increase and decrease are relative to the previous value

Salary Statistics and Calculation Guide

What is considered to be a good and competitive salary in Insurance in Maryland?

A good and competitive compensation would range anywhere between 92,700 USD and 112,000 USD. This is a very rough estimate. Experience and education play a very huge part in the final earnings.

Gross Salary (before tax) and Net Salary (after tax)

All salary and compensation figures displayed here are gross salary figures, that is the salary before tax deductions. Because taxes may differ across sectors and locations, it is difficult to accurately calculate the net salary after tax for every career.

Base / Basic Salary

The base salary for jobs in Insurance in Maryland ranges from 39,200 USD to 71,700 USD. The base salary depends on many factors including experience and education. It is not easy to provide a figure with very little information, so take this range with a grain of salt.


What is the difference between the median and the average salary?

Both are indicators. If your salary is higher than both the average and the median then you are doing very well. If your salary is lower than both, then many people earn more than you and there is plenty of room for improvement. If your wage is between the average and the median, then things can be a bit complicated. We wrote a guide to explain all about the different scenarios. How to compare your salary


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