Insurance Broker Salary

For Insurance Brokers, yearly average wages total $59K annually. Cash earnings for Insurance Brokers — which occasionally include more than $24K from bonuses and more than $28K from profit sharing — stretch from around $31K to approximately $125K. This group's pay is mainly influenced by geographic location, followed by years of experience and the particular employer. Not all workers are lucky enough to have benefits; in fact, close to a fourth are without coverage. Medical insurance is claimed by the larger part and dental insurance is reported by the greater part. Men are slightly outnumbered by their female counterparts who answered the questionnaire, who make up a slight majority at 54 percent. Job satisfaction for Insurance Brokers is high. This report is based on answers to PayScale's salary questionnaire.
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$32,550 - $122,187
$33K
$59K
$120K
MEDIAN: $58,609
10%
50%
90%

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$10.45 - $25.30
$10
$16
$25
MEDIAN: $16.16
10%
50%
90%

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$0$127K
Salary $32,550 - $122,187
Bonus $679 - $24,581
Profit Sharing $0.00 - $14,899
Commission $0.00 - $65,000
Total Pay (?
XTotal Pay combines base annual salary or hourly wage, bonuses, profit sharing, tips, commissions, overtime pay and other forms of cash earnings, as applicable for this job. It does not include equity (stock) compensation, cash value of retirement benefits, or the value of other non-cash benefits (e.g. healthcare).
)
$30,546 - $127,232
  • Country: United States
  • Currency: USD
  • Updated: 20 Sep 2017
  • Individuals Reporting: 693
Hourly Data $0$42
Hourly Rate $10.45 - $25.30
Hourly Tips $1.43
Overtime $14.67 - $42.78
Annual Data $0$127K
Bonus $679 - $24,581
Commission $0.00 - $65,000
Profit Sharing $0.00 - $14,899
Total Pay (?
XTotal Pay combines base annual salary or hourly wage, bonuses, profit sharing, tips, commissions, overtime pay and other forms of cash earnings, as applicable for this job. It does not include equity (stock) compensation, cash value of retirement benefits, or the value of other non-cash benefits (e.g. healthcare).
)
$30,546 - $127,232
  • Country: United States
  • Currency: USD
  • Updated: 20 Sep 2017
  • Individuals Reporting: 117

Find Out Exactly What You Should Be Paid

United States (change)

Job Description for Insurance Broker

Insurance brokers often work as agents of large insurance companies or independently; in either case, they work directly with clients and must have necessary licenses in their states of employment.

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Insurance Broker Tasks

  • May refer clients to independent brokers, work as independent broker, or be employed by an insurance company.
  • Sell life, property, casualty, health, automotive, or other types of insurance.

Common Career Paths for Insurance Broker


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Insurance Brokers may progress into high-paying roles like Senior Underwriter, where median compensation is $74K annually. Many Insurance Brokers choose to become Insurance Underwriters and Insurance Agents as their careers advance. However, folks in those positions report median salaries of $9K less and $23K less, respectively.

Insurance Broker Job Listings

Popular Employer Salaries for Insurance Broker


Insurance Brokers fill the offices of leading firms Marsh, Inc., Willis Group Ltd, Marsh & Mclennan Companies Inc, Amwins Group, Inc., and AON Corporation. Although Willis Group Ltd boasts the highest average salary in town at $102K, employee compensation still varies greatly — workers can make as little as $44K or as much as $207K.

Popular Skills for Insurance Broker


Insurance Brokers seem to require a number of specific skills. Most notably, skills in Account Sales, Commercial, Account Management, and Customer Relationship Management are correlated to pay that is above average, with boosts between 7 percent and 10 percent. Skills that pay less than market rate include Data Analysis and Customer Service. Those familiar with Customer Service also tend to know Sales.

Pay by Experience Level for Insurance Broker

Pay by Experience for an Insurance Broker has a positive trend. An entry-level Insurance Broker with less than 5 years of experience can expect to earn an average total compensation of $48,000 based on 369 salaries provided by anonymous users. Average total compensation includes tips, bonus, and overtime pay. An Insurance Broker with mid-career experience which includes employees with 5 to 10 years of experience can expect to earn an average total compensation of $64,000 based on 191 salaries. An experienced Insurance Broker which includes employees with 10 to 20 years of experience can expect to earn an average total compensation of $72,000 based on 194 salaries. An Insurance Broker with late-career experience which includes employees with greater than 20 years of experience can expect to earn an average total compensation of $97,000 based on 128 salaries.

Pay Difference by Location

National Average: $57,909

Larger city markers indicate a job is popular in that location.

With a pay rate for Insurance Brokers that is 102 percent greater than the national average, Washington offers a comfortable salary for those in this profession. Insurance Brokers can also look forward to large paychecks in cities like Chicago (+54 percent), Boston (+52 percent), Dallas (+31 percent), and Minneapolis (+26 percent). In Atlanta, salaries are 5 percent below the national average and represent the lowest-paying market.

Insurance Broker Reviews

Q: What is it like working as an Insurance Broker?

Insurance Broker in Atlanta:
Pros: People I work with.
Cons: Pay and vacation benefits below industry average.

Related Job Salaries

Key Stats for Insurance Broker

Gender

Female
55 %
Male
45 %

Job Satisfaction

Extremely satisfied
Rated 5 out of 5
based on 133 votes.
Less than 1 year
4%
1-4 years
36%
5-9 years
21%
10-19 years
23%
20 years or more
17%
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Location:
Years in Fields/Career:
United States (change)

Experience Affects Insurance Broker Salaries

▲68%

▲25%

▲11%

National Average
$58,000

▼17%

Skills That Affect Insurance Broker Salaries

▲11%

▲9%



▲5%

▲2%

National Average
$58,000

Sales Management
▼1%


Data Analysis
▼14%

Job Satisfaction

Extremely satisfied
Rated 5 out of 5
based on 133 votes.

Gender

Female
55 %
Male
45 %

Years of Experience

Less than 1 year
4%
1-4 years
36%
5-9 years
21%
10-19 years
23%
20 years or more
17%

Common Health Benefits

medical benefits
Medical: 69%
dental benefits
Dental: 56%
vision benefits
Vision: 46%
no benefits
None: 28%
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