The salary of an Insurance Risk Manager in the United States varies depending on several factors, including experience, location, education level, marketing trend and company sizes.
As of April 01, 2025, the average annual salary for an Insurance Risk Manager in the United States is $129,891. Salary.com reports that pay typically ranges from $117,839 to $137,819, with most professionals earning between $106,866 and $145,037.
| Annual Salary |
Monthly Pay |
Weekly Pay |
Hourly Wage |
|
| 75th Percentile | $137,819 | $11,485 | $2,650 | $66 |
| Average | $129,891 | $10,824 | $2,498 | $62 |
| 25th Percentile | $117,839 | $9,820 | $2,266 | $57 |
An entry-level Insurance Risk Manager with less than 1 year of experience earns about $125,394. With 1-2 years of experience, the average salary increases to $125,934. For 2-4 years of experience, the pay typically rises to $127,732. Senior-level professionals with 5-8 years of experience earn around $129,891, and those with over 8 years of experience can expect an average of $131,903.
| Levels | Salary |
|---|---|
| Entry Level Insurance Risk Manager | $125,394 |
| Intermediate Level Insurance Risk Manager | $125,934 |
| Senior Level Insurance Risk Manager | $127,732 |
| Specialist Level Insurance Risk Manager | $129,891 |
| Expert Level Insurance Risk Manager | $131,903 |
| Entry Level | 3% |
| Mid Level | 3% |
| Senior Level | 2% |
| Top Level | 0% |
| Experienced | 2% |
Salaries in the United States differ widely between states due to factors like cost of living, local economies, and industry presence.
What Am I Worth?
Salaries in the United States can vary greatly between cities due to factors like cost of living, local economies, and industry presence.
As of April 01, 2025, our research reveals a significant shift in Insurance Risk Manager compensation over the past six years. For example, the median salary increased from $117,933 in 2023 to approximately $118,053 in 2024. (For a detailed analysis of Insurance Risk Manager salary trends, click here.)
Key factors like location, experience, industry demand, and economic growth significantly influence salary variations, making them important to consider.
Salary.com job board provides millions of Insurance Risk Manager information for you to search for. Click on search button below to see Insurance Risk Manager job openings or enter a new job title here.
Here are companies hiring for Insurance Risk Manager and their salaries, click below for more details.
| Core Compensation | ||||
| Core Compensation | Median | % of Total | ||
| Base Salary | $129,891 | 72.5% | ||
| Bonus | $0 | 0.0% | ||
| Value of Benefits | ||||
| Core Compensation | Median | % of Total | ||
| Social Security | $9,937 | 5.5% | ||
| 401K/403B | $5,455 | 3.0% | ||
| Disability | $2,598 | 1.4% | ||
| Healthcare | $8,352 | 4.7% | ||
| Pension | $7,014 | 3.9% | ||
| Time Off | $15,987 | 8.9% | ||
| Total Compensation | $179,234 | 100% | ||
| Degree Level | % of user with this level of education |
|---|---|
| No Diploma | 1.2% |
| High School | 18.6% |
| Associates | 9.0% |
| Bachelors | 49.7% |
| Masters | 15.6% |
| Doctorate | 6.0% |
What Am I Worth?
The average annual salary of Insurance Risk Manager is $129,891. In case you are finding an easy salary calculator, the average hourly pay of Insurance Risk Manager is $62; the average weekly pay of Insurance Risk Manager is $2,498; the average monthly pay of Insurance Risk Manager is $10,824.
An Insurance Risk Manager's earning potential can vary widely depending on several factors, including location, industry, experience, education, and the specific employer. According to the latest salary data by Salary.com, an Insurance Risk Manager earns the most in San Jose, CA, where the annual salary of an Insurance Risk Manager is $163,832.
The highest pay for Insurance Risk Manager is $145,037.
The lowest pay for Insurance Risk Manager is $106,866.
Manages the analysis of insurance needs of an organization to provide optimum coverage, costs, and claim settlements. Collects, classifies, and analyzes data from multiple sources such as audits, claims, renewals, and financial reporting. Identifies and classifies risk exposures to provide optimum coverage, costs, and claim settlements. Conducts regular policy reviews and research. Implements processes that identify risk exposure and classify, measure, and manage insurable risks. Compiles loss trends and reviews actuarial estimations to make recommendations. Administers systems to collect data and generate meaningful models and reporting to support decisions. Prepares policy renewals and applications. May administer self-insured plans. Requires a bachelor's degree. Typically reports to a director. Manages subordinate staff in the day-to-day performance of their jobs. True first level manager. Ensures that project/department milestones/goals are met and adhering to approved budgets. Has full authority for personnel actions. Typically requires 5 years experience in the related area as an individual contributor. 1-3 years supervisory experience may be required. Extensive knowledge of the function and department processes.
Specify the abilities and skills that a person needs in order to carry out the specified job duties. Each competency has five to ten behavioral assertions that can be observed, each with a corresponding performance level (from one to five) that is required for a particular job.
Risk Management: Risk management is the identification, evaluation, and prioritization of risks (defined in ISO 31000 as the effect of uncertainty on objectives) followed by coordinated and economical application of resources to minimize, monitor, and control the probability or impact of unfortunate events or to maximize the realization of opportunities. Risks can come from various sources including uncertainty in financial markets, threats from project failures (at any phase in design, development, production, or sustainment life-cycles), legal liabilities, credit risk, accidents, natural causes and disasters, deliberate attack from an adversary, or events of uncertain or unpredictable root-cause. There are two types of events i.e. negative events can be classified as risks while positive events are classified as opportunities. Several risk management standards have been developed including the Project Management Institute, the National Institute of Standards and Technology, actuarial societies, and ISO standards. Methods, definitions and goals vary widely according to whether the risk management method is in the context of project management, security, engineering, industrial processes, financial portfolios, actuarial assessments, or public health and safety.
Risk Assessment: Broadly speaking, a risk assessment is the combined effort of: identifying and analyzing potential (future) events that may negatively impact individuals, assets, and/or the environment (i.e. risk analysis); and making judgments "on the tolerability of the risk on the basis of a risk analysis" while considering influencing factors (i.e. risk evaluation).Put in simpler terms, a risk assessment analyzes what can go wrong, how likely it is to happen, what the potential consequences are, and how tolerable the identified risk is. As part of this process, the resulting determination of risk may be expressed in a quantitative or qualitative fashion. The risk assessment is an inherent part of an overall risk management strategy, which attempts to, after a risk assessment, "introduce control measures to eliminate or reduce" any potential risk-related consequences.
Diversity and Inclusion: Developing and promoting acquaintance, empowerment, and integration of each unique individual to create a productive and safe working environment.
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