Insurance Broker Salary

Updated April 6, 2023

Insurance Broker Salary Estimate

$94,006

$45.20 hourly

Entry level Salary

$62,000 yearly

$62,00010%

$94,006Median

$141,00090%

How much does an Insurance Broker make?

The average salary for an insurance broker in the United States is $94,006. Insurance broker salaries typically range between $62,000 and $141,000 a year. The average hourly rate for insurance brokers is $45.2 per hour.

Location, education, and experience impacts how much an insurance broker can expect to make. Insurance brokers make the most in Washington, Wisconsin, South Dakota, New Hampshire, and Alabama.

Research Summary.

The average salary for an insurance broker is $94,006 in the US.
The average insurance broker salary ranges between $62,000 and $141,000 in the US.
Hourly rates for insurance brokers in the US typically range between $29 and $67 an hour.
The average insurance broker salary is $109,320 in Washington, $107,840 in Wisconsin, and $104,010 in South Dakota. These are the three highest-paying states for insurance brokers in the US.
Liberty Mutual Insurance has the highest average salary for insurance brokers.
Insurance is the highest-paying industry for insurance brokers in the US.

Highest Paying States For Insurance Brokers

If both location and money are important to you, then you might want to check out moving to Washington, Wisconsin and South Dakota, as these three states offer the highest salaries throughout the U.S. for insurance brokers. Quite opposite of that list is the lowest paying states, which are Oklahoma, Michigan, and New Mexico.

State View
County View

Average Salary:

Insurance Broker average salary by State

Rank	State	Avg. Salary	Hourly Rate	Job Count
1	South Dakota	$104,010	$50.00	71
2	North Dakota	$96,483	$46.39	57
3	Alabama	$100,213	$48.18	212
4	Rhode Island	$98,976	$47.58	58
5	Wyoming	$93,243	$44.83	40
6	Montana	$91,824	$44.15	78
7	Wisconsin	$107,840	$51.85	158
8	Washington	$109,320	$52.56	158
9	Oregon	$97,042	$46.65	163
10	Nebraska	$94,213	$45.29	84
11	New Hampshire	$102,380	$49.22	40
12	Delaware	$89,923	$43.23	67
13	Minnesota	$89,970	$43.25	268
14	Massachusetts	$100,119	$48.13	139
15	Tennessee	$82,470	$39.65	321
16	Iowa	$84,306	$40.53	210
17	District of Columbia	$107,465	$51.67	21
18	Mississippi	$81,246	$39.06	190
19	Indiana	$89,270	$42.92	172
20	Maine	$86,930	$41.79	52
21	Vermont	$84,628	$40.69	60
22	Kentucky	$83,256	$40.03	149
23	Idaho	$81,947	$39.40	126
24	Arkansas	$81,643	$39.25	119
25	North Carolina	$87,740	$42.18	256
26	Alaska	$83,094	$39.95	57
27	Illinois	$86,913	$41.79	427
28	New Jersey	$92,124	$44.29	163
29	Connecticut	$90,214	$43.37	68
30	South Carolina	$81,803	$39.33	161
31	Colorado	$82,181	$39.51	252
32	Kansas	$80,581	$38.74	125
33	Louisiana	$75,356	$36.23	275
34	Ohio	$80,586	$38.74	286
35	California	$87,807	$42.21	747
36	Missouri	$81,638	$39.25	199
37	Arizona	$79,785	$38.36	213
38	Nevada	$75,023	$36.07	113
39	West Virginia	$74,266	$35.70	62
40	New York	$84,820	$40.78	246
41	Pennsylvania	$79,511	$38.23	293
42	Texas	$76,871	$36.96	743
43	Maryland	$84,586	$40.67	142
44	Utah	$74,542	$35.84	132
45	Oklahoma	$73,423	$35.30	107
46	Hawaii	$55,820	$26.84	49
47	Georgia	$75,351	$36.23	334
48	New Mexico	$70,150	$33.73	77
49	Michigan	$70,787	$34.03	207
50	Florida	$53,551	$25.75	558
51	Virginia	$66,856	$32.14	207

Recent Job Searches

Top Insurance Broker Jobs Near You

Highest Paying Cities For Insurance Brokers

Rank	City	Avg. Salary	Hourly Rate	Job Count
1	Birmingham, AL	$101,259	$48.68	2
2	Medford, OR	$100,860	$48.49
3	Lincoln, NE	$94,600	$45.48	1
4	Minneapolis, MN	$90,165	$43.35	3
5	Indianapolis, IN	$89,737	$43.14	2
6	Charlotte, NC	$86,993	$41.82	2
7	Chicago, IL	$86,957	$41.81	4
8	New York, NY	$85,316	$41.02	1
9	Glendale, CA	$85,298	$41.01
10	Des Moines, IA	$84,261	$40.51	1
11	Columbia, SC	$82,494	$39.66	2
12	Colorado Springs, CO	$82,424	$39.63
13	Saint Louis, MO	$82,402	$39.62	3
14	Columbus, OH	$81,298	$39.09	2
15	Memphis, TN	$81,009	$38.95	1

Insurance Broker Salary by Years of Experience

The salary for an insurance broker can vary depending on the years of experience that a person has, from entry level to senior level. An accountant with 0-2 years of experience earns an average salary of $56,349, a mid-career professional with 3-6 years of experience makes $94,006 a year on average, and a senior level accountant with 7-12 years of experience enjoys an average annual salary of $109,793. Data on how experience level affects total compensation is provided by the Bureau of Labor Statistics (BLS) as part of their National Compensation Survey, which is based on factors such as knowledge, complexity, contacts, and environment.

Insurance Broker Salary By Experience Level

Experience Level	Avg. Salary	Hourly Rate
Entry Level	$56,300	$27.09
Mid Level	$96,400	$46.34
Senior Level	$110,000	$52.79

Insurance Brokers Salary Details

Average Insurance Broker Salary Graph, Trends, and Summary

What is an Insurance Broker's 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

Highest Paying Types of Insurance Brokers

Job Title	Annual Salary	Monthly Salary	Hourly Rate	Job Openings
Geek Squad Agent	$31,924	$2,660	$15.35	28,603
Field Agent	$37,324	$3,110	$17.94	96,067
Lead Agent	$47,344	$3,945	$22.76	56,112
Agent	$37,864	$3,155	$18.20	184,325
Marketing Agent	$40,384	$3,365	$19.42	112,353
Licensed Agent	$42,315	$3,526	$20.34	68,666

Here are the five companies hiring the most now:

Which Companies Pay Insurance Brokers The Most?

The highest paying companies for insurance brokers are Liberty Mutual Insurance and New York Life Insurance according to our most recent salary estimates. In addition, companies like Family First Life and Criterion Executive Search report highly competitive wages for insurance brokers.

Rank	Company	Average Salary	Hourly Rate	Job Openings
1	Liberty Mutual Insurance	$105,486	$50.71
2	New York Life Insurance	$97,721	$46.98	51
3	Family First Life	$96,506	$46.40	178
4	Criterion Executive Search	$89,059	$42.82	2
5	Gallagher	$82,912	$39.86	27
6	Symmetry Financial Group	$72,225	$34.72	42
7	Hylant	$72,039	$34.63
8	Arthur J. Gallagher & Co. Human Resources & Compensation Consulting Practice (formerly Companalysis)	$71,193	$34.23	23
9	York International Agency	$70,804	$34.04	1
10	Asurea	$70,524	$33.91	35
11	The Jonus Group	$70,429	$33.86	54
12	EPIC Insurance Brokers & Consultants	$69,834	$33.57	3
13	Compass Health	$63,710	$30.63
14	Brightway Insurance	$50,306	$24.19	1

Insurance Broker Pay Trends

Average Insurance Broker Salary Over Time

Compare salaries for individual cities or states with the national average.

Insurance Broker Salary By Year

Year	Avg. Salary	Hourly Rate	% Change
2023	$94,000	$45.20	+2.4%
2022	$91,800	$44.12	+0.7%
2021	$91,200	$43.83	+1.8%
2020	$89,600	$43.06	-0.6%
2019	$90,100	$43.30	+3.6%

Recently Added Insurance Broker Salaries

Company	Job	Location	Date Added	Salary
Ethridge Agency	Life Insurance Broker No Experience Needed, WE Train! No Cold Calling!	Memphis, TN	05/02/2023	$60,000
Ethridge Agency	Life Insurance Broker No Experience Needed, WE Train! No Cold Calling!	Philadelphia, PA	05/01/2023	$60,000
Valerian Group	Remote/Virtual Insurance Broker	Fernandina Beach, FL	04/26/2023	$60,000
Steadily	Insurance Broker	Kansas City, MO	04/26/2023	$60,000
Steadily	Insurance Broker	Leawood, KS	04/25/2023	$60,000
P.R. Financial	Life Insurance Broker	Atlanta, GA	04/23/2023	$82,000
Symmetry Financial Group	Independent Insurance Broker/Field Underwriter	Ione, OR	04/19/2023	$43,289
Ethridge Agency	Life Insurance Broker No Experience Needed, WE Train! No Cold Calling!	Sumter, SC	04/12/2023	$60,000
Josh Sherrill Insurance Agency	Insurance Agency Broker	Columbus, GA	04/10/2023	$85,000
Empire Insurance Services Inc.	Insurance Broker	Hallandale Beach, FL	04/10/2023	$70,000

Insurance Broker Salaries FAQs

What State Pays Insurance Brokers The Most?

Washington pays Insurance Brokers the most in the United States, with an average salary of $109,320 per year, or $52.56 per hour.

How Do I Know If I'm Being Paid Fairly As An Insurance Broker?

You know if you are being paid fairly as an Insurance Broker if your pay is close to the average pay for the state you live in. For example, if you live in Wisconsin you should be paid close to $107,840 per year.

Have more questions? See all answers to common sales questions.

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Updated April 6, 2023