The Average Insurance Broker Salary
Insurance brokers of sales agents help consumers choose protection for life, health and property. They may handle a broad range of policy types and companies, or work for just one company offering specialized coverage such as health insurance. Sales ability is important, though a college degree is preferred by many employers. All states also require a license for the profession.
Basics
The median compensation of insurance brokers is $21.87 hourly or $45,500 yearly. The bottom 10 percent make $12.40 or $25,800 and the upper 10 percent earn $55.24 or $114,910. These figures are from the Bureau of Labor Statistics as of May 2009.
Work Place
The place of employment determines salaries, with the top five highest paying being in management, scientific and technical consulting, where compensation is $34.71 or $72,190; real estate brokers, where compensation is $30.47 or $63,380; office administrative services, where compensation is $30.37 or $63,170; insurance brokerages, where compensation is $29.65 and $61,660; and insurance carriers at $29.43 or $61,210.
States
The state in which the job is performed changes pay. The best salaries for insurance brokers are in Rhode Island, which pays $38.60 or $80,280; Massachusetts, which pays $37.85 or $78,740; California, which pays $36.79 or $76,520; New Jersey, which pays $34.71 or $72,210; and New York, offering $34.44 per hour or $71,630 per year.
Cities
The city of employment decides compensation. The highest-paying for this profession are San Francisco, with incomes of $51.70 or $107,530; Bridgeport, Connecticut, with incomes of $47.78 or $99,390; Santa Rosa, California, with incomes of $45.97 or $95,610; Framingham, Massachusetts, with incomes of $45.90 or $95,470; and Kingston, New York, with incomes of $45.03 per hour or $93,660 per year.
Employment Levels
Areas with the best levels of employment for insurance agents do not always offer the best income. For example, the top industries for employment are insurance brokerages and insurance carriers, both of which rank in the top five for compensation. With states, the ones with the greatest concentration of insurance brokers are Florida, offering compensation at $28.63 or $59,540; and North Dakota, offering compensation at $33.94 or $70,590. Neither of them rank in the top five for pay. Finally, the cities with the highest concentration of insurance brokers are not among the top for wages. These are Jacksonville, Florida, paying $24.95 or $51,900 and Macon, Georgia, paying $22.62 or $47,050.
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