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Insurance Average Salaries in United States 2021

How much money does a person working in Insurance make in United States?


Average Yearly Salary
95,000 USD
( 7,920 USD monthly)

LOW
35,200
USD
AVERAGE
95,000
USD
HIGH
183,000
USD

A person working in Insurance in United States typically earns around 95,000 USD per year. Salaries range from 35,200 USD (lowest average) to 183,000 USD (highest average, actual maximum salary is higher).

This is the average yearly salary including housing, transport, and other benefits. Salaries vary drastically between different Insurance careers. If you are interested in the salary of a particular job, see below for salaries for specific job titles.

Salaries for specific jobs

Job TitleAverage Salary
Actuarial Analyst132,000 USD
Actuarial Assistant95,600 USD
Actuary135,000 USD
Adjustment Insurance Clerk35,600 USD
Assistant Broker61,500 USD
Assistant Claims Manager106,000 USD
Associate Insurance Representative48,700 USD
Auditing Insurance Manager147,000 USD
Broker101,000 USD
Claim Advocacy Professional96,100 USD
Claims Adjuster37,700 USD
Claims Analyst49,200 USD
Claims Examiner50,700 USD
Claims Manager142,000 USD
Claims Processor34,700 USD
Claims Representative44,500 USD
Claims Resolution Specialist106,000 USD
Claims Supervisor95,300 USD
Complaints Specialist84,600 USD
Compliance Officer80,100 USD
Consultant99,200 USD
Eligibility Specialist99,300 USD
Insurance Account Manager123,000 USD
Insurance Accounts Executive104,000 USD
Insurance Agent57,300 USD
Insurance Analyst90,200 USD
Insurance Appraiser94,400 USD
Insurance Claims Clerk36,000 USD
Insurance Examiner91,400 USD
Insurance Investigator87,400 USD
Insurance Manager164,000 USD
Insurance Operations Manager158,000 USD
Insurance Policy Processing Clerk35,500 USD
Insurance Pricing Assistant73,800 USD
Insurance Program Manager133,000 USD
Insurance Project Manager126,000 USD
Insurance Quality Assurance Agent86,400 USD
Insurance Sales Agent58,500 USD
Insurance Sales Director166,000 USD
Insurance Team Leader97,100 USD
Insurance Underwriter71,200 USD
Loss Control Specialist92,900 USD
Loss Prevention Investigator103,000 USD
Loss Prevention Manager134,000 USD
Loss Prevention Specialist101,000 USD
Marine Underwriter71,500 USD
Medical Auditor96,900 USD
Monitoring and Performance Officer66,700 USD
Payment Services Specialist99,200 USD
Policy Change Director148,000 USD
Policy Change Supervisor105,000 USD
Policy Change Technician48,600 USD
Risk Analyst108,000 USD
Risk Management Director192,000 USD
Risk Management Supervisor115,000 USD
Risk Manager177,000 USD
Risk Modeling Manager182,000 USD
Title Insurance Typist81,400 USD
Training Manager107,000 USD

Insurance Jobs Salary Distribution in United States

Median and salary distribution yearly United States Insurance
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The median, the maximum, the minimum, and the range

  • Salary Range

    Insurance salaries in United States range from 35,200 USD per year (minimum average salary) to 183,000 USD per year (maximum average salary, actual maximum is higher).

  • Median Salary

    The median salary is 89,300 USD per year, which means that half (50%) of people working in Insurance are earning less than 89,300 USD while the other half are earning more than 89,300 USD. The median represents the middle salary value. Generally speaking, you would want to be on the right side of the graph with the group earning more than the median salary.

  • Percentiles

    Closely related to the median are two values: the 25th and the 75th percentiles. Reading from the salary distribution diagram, 25% of people working in Insurance are earning less than 56,100 USD while 75% of them are earning more than 56,100 USD. Also from the diagram, 75% of people working in Insurance are earning less than 128,000 USD while 25% are earning more than 128,000 USD.


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

Both are indicators. If your salary is higher than both of the average and the median then you are doing very well. If your salary is lower than both, then many people are earning 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

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 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.


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.

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.

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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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 degrees levels across many jobs, below are our findings.


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.

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 cerificate 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 39,500 US Dollar(s) to 118,000 US Dollar(s) and lasts approximately two years. That is quite an investment.

You can't really expect any salary increases during the study period, assuming you 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 into 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 your situation and experience among many other factors. Putting all variables aside, if you can afford the costs of higher education then the return on investment is definitely worth it. You should be able to recover the costs in roughly a year or so.

Insurance Salary Comparison By Gender

Salary comparison by gender yearly United States Insurance
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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? Male employees in United States who work in Insurance earn 6% more than their female counterparts on average.

Male
97,400 USD
Female-5%
92,300 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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Insurance Average Annual Salary Increment Percentage in United States

How much are annual salary increments in United States for Insurance professionals? How often do employees get salary raises?

Insurance

Insurance professionals in United States are likely to observe a salary increase of approximately 9% every 15 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

The term 'Annual Salary Increase' usually refers to the increase in 12 calendar month period, but because it is rarely 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%.

Annual Increment Rate By Industry 2020

Banking
4%
Energy
8%
Information Technology
3%
Healthcare
7%
Travel
2%
Construction
6%
Education
1%

Listed above are the average annual increase rates for each industry in United States for the year 2020. Companies within thriving industries tend to provide higher and more frequent raises. Exceptions do exist, but generally speaking, the situation of any company is closely related to the economic situation in the country or region. These figures tend to change frequently.


Worldwide Salary Raises: All Countries and All Jobs

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Insurance Bonus and Incentive Rates in United States

How much and how often are bonuses being awarded?Annual Salary Bonus Rate United States Insurance
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Insurance is considered to be a moderate bonus-based field due to the generally limited involvement in direct revenue generation, with exceptions of course. The people who get the highest bonuses are usually somehow involved in the revenue generation cycle.

49% of surveyed staff in Insurance reported that they haven't received any bonuses or incentives in the previous year while 51% said that they received at least one form of monetary bonus.

Those who got bonuses reported rates ranging from 3% to 5% of their annual salary.

Received Bonus
51%
No Bonus
49%

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.

Insurance Hourly Average Wage in United States


46 USD per hour

The average hourly wage (pay per hour) in United States is 46 USD. This means that the average person in United States earns approximately 46 USD for every worked hour.


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

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 fix 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.

Insurance VS Other Jobs

Salary Comparison Between Insurance and Insurance yearly United States
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The average salary for Insurance is 0% more than that of All Jobs.

Salary Comparison By City

CityAverage Salary
Atlanta95,900 USD
Austin111,000 USD
Baltimore97,400 USD
Boston104,000 USD
Bristol80,500 USD
Chicago110,000 USD
Cincinnati81,300 USD
Cleveland84,000 USD
Dallas113,000 USD
Denver103,000 USD
Detroit104,000 USD
Honolulu80,200 USD
Houston118,000 USD
Indianapolis101,000 USD
Iowa City78,500 USD
Jacksonville109,000 USD
Kansas City92,600 USD
Kent79,400 USD
Las Vegas96,900 USD
Long Beach91,400 USD
Los Angeles115,000 USD
Memphis101,000 USD
Miami93,100 USD
Minneapolis84,500 USD
New Orleans88,400 USD
New York122,000 USD
Oakland89,600 USD
Oklahoma City95,300 USD
Orlando85,300 USD
Philadelphia112,000 USD
Phoenix110,000 USD
Sacramento94,200 USD
San Antonio115,000 USD
San Diego109,000 USD
San Francisco105,000 USD
San Jose108,000 USD
Seattle100,000 USD
Tampa88,100 USD
Vancouver79,800 USD
Washington D.C.104,000 USD

Salary Comparison By State

StateAverage Salary
Alabama102,000 USD
Alaska88,900 USD
Arizona106,000 USD
Arkansas98,000 USD
California112,000 USD
Colorado101,000 USD
Connecticut98,300 USD
Delaware91,400 USD
District of Columbia89,500 USD
Florida112,000 USD
Georgia110,000 USD
Hawaii93,800 USD
Idaho93,900 USD
Illinois111,000 USD
Indiana106,000 USD
Iowa98,200 USD
Kansas98,300 USD
Kentucky101,000 USD
Louisiana101,000 USD
Maine93,500 USD
Maryland106,000 USD
Massachusetts106,000 USD
Michigan110,000 USD
Minnesota104,000 USD
Mississippi98,000 USD
Missouri105,000 USD
Montana93,100 USD
Nebraska96,300 USD
Nevada98,400 USD
New Hampshire94,400 USD
New Jersey110,000 USD
New Mexico97,600 USD
New York114,000 USD
North Carolina101,000 USD
North Dakota82,100 USD
Ohio102,000 USD
Oklahoma92,500 USD
Oregon92,600 USD
Pennsylvania103,000 USD
Rhode Island84,400 USD
South Carolina94,700 USD
South Dakota84,600 USD
Tennessee98,700 USD
Texas105,000 USD
Utah89,500 USD
Vermont83,100 USD
Virginia101,000 USD
Washington100,000 USD
West Virginia89,000 USD
Wisconsin97,500 USD
Wyoming82,600 USD

Government vs Private Sector Salary Comparison

Where can you get paid more, working for a private company or for the government? Public sector employees in United States earn 5% more than their private sector counterparts on average across all sectors.

Private Sector
92,400 USD
Public Sector+5%
97,100 USD
Percentage increase and decrease are relative to the previous value

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