The Top 5 Highest-Paying Insurance Careers

Do you want to make a lot of money? If so, you should consider a career in insurance. The five careers listed in this blog post are the highest-paying jobs in the insurance industry. Each one of these positions offers excellent pay and benefits, as well as job security. So if you’re looking for a lucrative career, read more about the top 5 highest-paying insurance jobs!

In This Page

Insurance Agent 

Average Income Classification of Insurance Agent 

In May 2021, insurance sales agents made a median salary of $49,840 per year. Median wage is the middle point of a set of salaries. Half of the workers in an occupation make more money than the median wage and half make less than the median wage. This means the lowest 10% of earners made less than $29,970, while the richest 10% made more than $126,510. 

The following are the insurance sales agents’ top industries’ median yearly salaries as of May 2021: 

Direct insurance (except life, health, and medical carriers) 

57,990 

Direct health and medical insurance carriers 

$70,570

Insurance agencies and brokerages 

48,830 

Many independent brokers only receive commission payments. There are three possible payment methods for salespeople who work for agencies or insurance companies: salary only, salary plus commission, or salary plus bonus. 

For most people, especially for experienced agents, commissions are the most typical source of pay. The kind, quantity, and whether the transaction involves a new policy or a renewal affect how much of a commission is earned. Agents typically receive incentives when they surpass their sales objectives or when the agency achieves its financial targets. A charge rather than a commission is sometimes paid to some financial planning agents. 

Following client meetings during business hours, some salespeople spend the evenings completing paperwork and putting together presentations for potential customers. The majority of agents work full-time, and some put in over 40 hours every week. 

Income Classification by State

State  Employment Rate  Hourly mean wage  Annual mean wage 
Florida  36,230  $28.19  $58,620 
Texas  33,010  $30.11  $62,630 
New York  20,500  $45.01  $93,610 
Georgia  18,650  $40.27  $83,760 
California  41,290  $38.12  $79,280 

 As mentioned above, the highest-paying state in the US for insurance agents is New York, with an hourly mean wage rate of $45.01. Similarly, Florida being the lowest paying state in the US with $28.19 hourly mean wage rate and $58,620 annual mean wage rate. 

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Insurance Underwriter 

In May 2021, insurance underwriters made an average yearly salary of $76,390. The 10th percentiles with the lowest and greatest incomes respectively earned less than $47,330 and more than $126,380. 

The following table shows the median yearly salaries for insurance underwriters in the top industries in which they worked as of May 2021: 

Credit intermediation and related activities  $78,060 
Direct health and medical insurance carriers  77,290 
Insurance agencies and brokerages  76,450 
Direct insurance (except life, health, and medical) carriers  76,040 
Other insurance-related activities  62,320 

Most underwriters work full time. 

Income classification by state 

State  Employment Rate   Hourly mean wage  Annual mean wage  
Texas  13,240  $ 33.30  $ 69,260 
California  7,720  $ 42.79  $ 89,010 
Georgia  7,580  $ 38.92  $ 80,950 
Pennsylvania  6,330  $ 39.90  $ 83,000 

As mentioned in the table, the highest-paying state in the US for insurance agents is New York, with an hourly mean wage rate of $51.27. Similarly, Georgia being the lowest paying state in the US with $38.92 hourly mean wage rate and $80,950 of annual mean wage rate. 

Actuary

In May 2021, the average yearly salary for actuaries was $105,900. The bottom 10% made less than $63,260, while the top 10% made more than $206,820. 

The major industries in which actuaries worked paid them on average the following amounts in May 2021: 

Government  $110,590 
Finance and insurance  110,000 
Professional, scientific, and technical services  101,600 
Management of companies and enterprises  101,510 

Most actuaries work full time, and some work more than 40 hours per week. 

Income Classification by State 

State  Rate  Mean wage (hourly)  Mean wage (annually) 
California  1340  $56.03  $116,540 
Texas  1740  $51.69  $107,510 
Illinois  1940  $54.59  $113,550 
Pennsylvania  2320  $59.39  $123,540 
New York  2410  $70.88  $147,420 

As mentioned in the table, the highest-paying state in the US insurance agents is New York, with an hourly mean wage rate of $70.27. Similarly, Texas being the lowest paying state in the US with $51.69 hourly mean wage rate and $107,510 annual mean wage rate. 

Personal finance advisors 

The median annual wage for personal financial advisors was $94,170 in May 2021. The lowest 10 percent earned less than $47,570, and the highest 10 percent earned more than $208,000. 

In May 2021, the median annual wages for personal financial advisors in the top industries in which they worked were as follows: 

Securities, commodity contracts, and other financial investments and related activities  $99,970 
Management of companies and enterprises  79,780 
Credit intermediation and related activities  76,620 
Insurance carriers and related activities  69,410 

Financial services companies that employ personal financial advisors often pay them a salary plus bonuses. The wage data presented here includes commissions, incentive pay, and production incentives but excludes nonproduction bonuses. 

There are two ways that advisors who work for financial investment firms, financial planning firms, or who are self-employed might get paid for their services. For the financial goods they sell, they either charge a flat fee or receive commissions. 

The majority of personal financial advisors are full-time employees, and some put in over 40 hours every week. In order to meet with current clients or make an effort to attract new ones, they might also attend meetings on the weekends and at night. 

Income Classification by State

State  Rate  Hourly mean wage  Annual mean wage 
Florida  20,760  $50.42  $104,870 
Texas  19,150  $53.10  $110,450 
Illinois  14,360  $56.53  $117,580 
New York  21,170  $75.98  $158,040 
California  32,990  $60.81  $126,480 

As mentioned above, the highest-paying state in the US for insurance agents is New York, with an hourly mean wage rate of $75.98. Similarly, Florida being the lowest paying state in the US with $50.42 hourly mean wage rate and $104,870 the annual mean wage rate. 

insurance-career-by-income

Claims adjusters, appraisers, examiners, and investigators

Claims examiners, adjusters, and investigators made a median annual salary of $65,080 in May 2021. In a business, the median wage is the wage at which half of the workers make more than that amount and half make less. The 10th percentiles with the lowest and greatest earnings respectively were $41,490 and $101,290. 

In May 2021, insurance appraisers for auto damage made a median yearly salary of $62,680. The 10th percentiles with the lowest and greatest earnings respectively were below $47,240 and above $91,680. 

In the major industries where they worked, claims adjusters, examiners, and investigators earned the following median annual salaries in May 2021: 

Federal government  $81,890 
Direct insurance (except life, health, and medical) carriers  75,700 
State government, excluding education and hospitals  63,970 
Agencies, brokerages, and other insurance related activities  62,420 
Direct health and medical insurance carriers  50,490 

In May 2021, the median annual wages for insurance appraisers and auto damage in the top industries in which they worked were as follows: 

Agencies, brokerages, and other insurance related activities  $63,960 
Insurance carriers $62,610

The majority of claim adjusters, valuers, examiners, and investigators have full-time jobs. Their work schedules, though, might differ. 

In order to accommodate client appointments on the weekends and in the evenings, adjusters frequently modify their work schedules. Adjusters occasionally work irregular schedules as a result of this obligation, particularly when they have a large number of claims to examine. 

 Because they need to get in touch with people who are unavailable during typical business hours, insurance investigators frequently work odd hours. Weekend and overnight work are frequently required. 

Auto damage appraisers, on the other hand, normally work regular hours and don’t often work on the weekends. 

Income classification by state

State  Rate  Hourly mean wage  Annual mean wage 
Florida  26,430  $31.45  $65,410 
Texas  27,240  $32.82  $68,270 
Pennsylvania  13,440  $33.84  $70,390 
New York  15,760  $38.35  $79,760 
California  25,120  $37.63  $78,270 

As mentioned in the table, the highest-paying state in the US for insurance agents is New York, with an hourly mean wage rate of $38.35. Similarly, Florida being the lowest paying state in the US with $31.45 hourly mean wage rate and $65,410 of annual mean wage rate. 

Frequently Asked Questions

Is insurance a growing industry?

After placing 18th in growth in 2020, the insurance sector had a 24.37 percent increase in applications year over year, according to the annual State of Swyft Industry Report.

What state pays insurance agents the most?

The District of Columbia ($101,790), New York ($93,220), Alabama ($82,340), Wisconsin ($79,890), and Oregon ($79,130) are the states and districts with the highest average salaries for insurance sales agents.

How big is insurance industry in the US?

S&P Global Market Intelligence estimates that the U.S. insurance industry’s net premiums written in 2020 were $1.28 trillion, with property/casualty (P/C) insurers recording 51% of those premiums and life/annuity insurers recording 49% of those premiums.

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