The average salary for an Insurance Broker is $63,727.
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What Do Insurance Brokers Do?
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.
Insurance brokers provide insurance quotes via phone, online, or in-person. They must assess consumers’ individual needs prior to providing quotes and may need to conduct valuations of properties or businesses to be insured. They may also take photographs, obtain inspection reports, and compare cov…Read more
Job Satisfaction for Insurance Broker
Popular Employer Salaries for Insurance Broker
The top respondents for the job title Insurance Broker are from the companies Marsh, Inc., Willis Towers Watson and AON Inc. Reported salaries are highest at Marsh, Inc. where the average pay is $96,077. Other companies that offer high salaries for this role include AON Corporation and Willis Group Ltd, earning around $90,500 and $82,424, respectively. Marsh & Mclennan Companies Inc pays the lowest at around $71,899. Burns and Wilcox, Ltd. and AON Inc also pay on the lower end of the scale, paying $73,056 and $79,096, respectively.
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Somewhat common (8 - 20%)
Insurance Broker Job Listings
What Are Popular Skills for Insurance Brokers?
Skills in Insurance and Account Management are correlated to pay that is above average. Skills that pay less than market rate include Customer Relationship Management (CRM), Customer Service and Sales.
What is the Pay by Experience Level for Insurance Brokers?
An entry-level Insurance Broker with less than 1 year experience can expect to earn an average total compensation (includes tips, bonus, and overtime pay) of $48,170 based on 56 salaries. An early career Insurance Broker with 1-4 years of experience earns an average total compensation of $54,800 based on 360 salaries. A mid-career Insurance Broker with 5-9 years of experience earns an average total compensation of $68,626 based on 258 salaries. An experienced Insurance Broker with 10-19 years of experience earns an average total compensation of $79,203 based on 275 salaries. In their late career (20 years and higher), employees earn an average total compensation of $85,295.
Pay Difference by Location
Employees with Insurance Broker in their job title in Los Angeles, California earn an average of 33.0% more than the national average. These job titles also find higher than average salaries in New York, New York (28.7% more) and San Francisco, California (20.4% more). The lowest salaries can be found in Atlanta, Georgia (2.7% less).
Years of Experience
This data is based on 1,139 survey responses.