Introduction
Insurance Broker develops and markets customer business to different insurance carriers to obtain quotes based on an evaluation and analysis of the customer’s insurance needs and requirements. In this article we have mentioned about Insurance Broker Salary in US, average salary, entry level salary, and many more.
Assesses and negotiates quotes from different carriers based on exposure, risk, and financing.
Being an Insurance Broker develops recommendations to advises customers on the best options that will meet their needs and to place and retain the business.
Requires knowledge of complex insurance products and a variety of lines such as commercial property & casualty, employee benefits, and others. Additionally, Insurance Broker requires a bachelor’s degree. Requires insurance licensing.
Insurance Broker Salary in US is averaged around $82,552 USD
May also require professional credentials such as CPCU (Chartered Property Casualty Underwriter), CIC (Certified Insurance Counselor), or ARM (Associate in Risk Management).
Typically reports to a supervisor or manager. The Insurance Broker occasionally directed in several aspects of the work. Gaining exposure to some of the complex tasks within the job function. To be an Insurance Broker typically requires 2 -4 years of related experience.
Insurance Broker Salary
| Percentile | Annual Salary | Monthly Salary | Hourly Rate |
|---|---|---|---|
| 90th Percentile | $141,000 | $11,750 | $68 |
| 75th Percentile | $116,000 | $9,667 | $56 |
| Average | $94,006 | $7,834 | $45 |
| 25th Percentile | $75,000 | $6,250 | $36 |
| 10th Percentile | $62,000 | $5,167 | $30 |
How much does an Insurance Broker make in the United States?
The average Insurance Broker salary in the United States is $87,429 as of August 29, 2022, but the range typically falls between $75,569 and $106,838.
Salary ranges can vary widely depending on many important factors, including education, certifications, additional skills, the number of years you have spent in your profession.
Insurance Broker Demographics
Insurance Broker Salary Outlook
Insurance Broker Average base salary
$82,552
The average salary for a insurance broker is $82,552 per year in the United States. 333 salaries reported, updated at September 13, 2022.
Geographic Differences For Insurance Agent Salary
Because premiums for health insurance vary from region to region, and because commissions are typically based on premiums, the commissions you could earn will be influenced by the area in which you live and do business.
In the most recent 2021 Kaiser Family Foundation compensation analysis cited above, California brokers earned more than the national average — $15.15 pm in the individual marketplace, $33.85 pm for small groups, and $15.89 pm for larger groups.
In Nevada, the numbers were $14.13, $26.24, and $7.14 pm, respectively.
Top companies for Insurance Brokers
Insurance Broker Salary by years of experience
Salary increases are generally tied to your experience level. In general, the more years you spend working as an insurance broker, the more you can expect to earn.
Here’s how experience can impact your insurance broker salary, according to the Bureau of Labor Statistics and the National Compensation Survey.
| Level of experience | Salary |
|---|---|
| Entry-level (less than 1 year) | $42,621 |
| Early career (1 to 4 years) | $52,571 |
| Mid career (5 to 9 years) | $70,078 |
| Experienced (10 to 19 years) | $99,761 |
| Late career (20+ years) | $161,028 |
Insurance broker salaries per region
Best-Paying Cities for Insurance Brokers
The metropolitan areas that pay the highest salary in the insurance sales agent profession are San Francisco, Birmingham, Fond du Lac, Glens Falls, and Manchester.
San Francisco, California
$109,540
Birmingham, Alabama
$105,840
Fond du Lac, Wisconsin
$105,190
Glens Falls, New York
$105,010
Manchester, New Hampshire
$100,280
Near US:
- New York, NY
$95,770 per year
5 salaries reported
- Chicago, IL
$89,670 per year
10 salaries reported
- San Diego, CA
$88,657 per year
9 salaries reported
- Sacramento, CA
$88,367 per year
5 salaries reported
- Philadelphia, PA
$87,210 per year
7 salaries reported
- Charlotte, NC
$84,449 per year
6 salaries reported
- Houston, TX
$84,448 per year
6 salaries reported
- Phoenix, AZ
$84,304 per year
9 salaries reported
- Tampa, FL
$82,089 per year
5 salaries reported
Insurance Brokers-Related salaries
Insurance brokers-Effective Tax Rates
FAQ’s About Insurance Broker Salary:
How much a broker earns in USA?
Across the U.S., the average salary of a real estate broker is $68,256 per year . They also make $42,000 per year in commission. However, much of the money a real estate broker makes depends on varying factors. A broker’s specialty could affect how much they make.
What does an insurance broker earn?
Like many occupations that centre around finance, insurance brokers tend to make more money where there is a higher average capital. For example, the average salary for an insurance broker in London is £37,953 per year, as opposed to the average salary in Liverpool which is £30,908 per year.
How much do top insurance brokers make?
Salary Ranges for Health Insurance Brokers
The salaries of Health Insurance Brokers in the US range from $32,203 to $739,134 , with a median salary of $156,713 . The middle 57% of Health Insurance Brokers makes between $156,713 and $350,626, with the top 86% making $739,134.
Do brokers make a lot of money?
The median pay for stockbrokers and other sales agents who sell securities, commodities and other financial services was $63,780 in 2017, according to the U.S. Bureau of Labor Statistics. That’s a good cut above the median pay for all workers in the U.S., which stands at $50,620.
What do insurance brokers earn UK?
Salaries for qualified brokers can range from around £20,000 to £60,000. Senior brokers/account directors can earn around £40,000 to £100,000, with salaries rising to in excess of £100,000 for those in managing/client director roles or those handling more complex, high-value risks.
Which companies offer the highest salaries for insurance brokers in the United States?
The following companies offer the highest salaries for insurance brokers in the United States: Marsh USA De ($131,000 a year), Ryan Specialty Group ($124,000 a year), and Aon ($100,000 a year).
Which company pay most for the insurance brokers?
The highest paying companies for insurance brokers are Liberty Mutual Insurance and New York Life Insurance according to our most recent salary estimates.
Conclusion
A great way to increase your salary is to get a good performance review from your boss. If you can show that you’re doing your job well and contributing to the company, you’ll be in a good position to ask for a raise. In this article we have concluded about Insurance Broker Salary in US, average salary, entry level salary, and many more.
Insurance Broker Salary in US is approximately estimated around $82,552 USD
You should also be prepared to negotiate, and have a target salary in mind.
