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Insurance Risk Manager Salary in the United States

How much does an Insurance Risk Manager make in the United States?

As of August 01, 2026, the average salary for an Insurance Risk Manager in the United States is $130,655 per year, which breaks down to an hourly rate of $63.

However, an Insurance Risk Manager's salary can vary significantly. Here’s a look at the typical salary range:

  • Top Earners (90th percentile): $152,864
  • Majority Range (25th-75th percentile): $120,016 to $142,280
  • Entry-Level (10th percentile): $110,330
Salary Factors Salary-Boosting Skills Salary by Experience Related Job Salaries Top Paying Cities Explore Related Jobs

Key Factors That Influence Insurance Risk Manager Salaries

An Insurance Risk Manager's salary isn't a fixed number. It's shaped by several important factors. Below, we'll explore how your years of experience, geographic location, education and company size can directly affect your earning potential.

How Experience Level Affects Insurance Risk Manager Salaries?

Experience is a primary driver of an Insurance Risk Manager's salary. As you build your skills and take on more complex tasks, your compensation generally increases. Here's how the average salary grows at different career stages:

  • Insurance Risk Analyst V (7-10 years): $141,861
  • Insurance Risk Supervisor (10+ years): $107,224
  • Insurance Risk Manager (10+ years): $130,655
  • Insurance Risk Senior Manager (10+ years): $181,353
  • Insurance Risk Director (10+ years): $221,349
Job Role Years of Experience Average Salary
Insurance Risk Analyst V7-10 years$141,861
Insurance Risk Supervisor10+ years$107,224
Insurance Risk Manager10+ years$130,655
Insurance Risk Senior Manager10+ years$181,353
Insurance Risk Director10+ years$221,349
View as Graph

How Do Insurance Risk Managers Salaries Vary from State to State?

Your salary can change significantly depending on where you work. States with a higher cost of living and strong industrial sectors often pay more to attract Insurance Risk Managers. For example, consider the average annual salaries in these key locations:
  • District of Columbia: $144,661.
  • California: $144,112.
  • Massachusetts: $142,192.

Top Paying Cities for Insurance Risk Manager

Salaries can also vary between different cities. Major metropolitan areas or cities with a high demand for technicians often offer more competitive pay. Here are a few examples of average annual salaries in different U.S. cities:

  • San Jose: $164,795
  • San Francisco: $162,991
  • Oakland: $159,556

What Skills Can Increase an Insurance Risk Manager's Salary?

Demanded Skills for the Role:

  • Risk Management (Mentioned in 20.2% Job Postings): 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.
  • Actuarial (Mentioned in 1.97% Job Postings): Actuarial performs complex calculations to determine the likelihood of various outcomes related to accidents, illnesses, consumer demand, and investments.
  • Risk Assessment (Mentioned in 1.97% Job Postings): 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.
Skills Demand Percentage
Risk Management 20.2%
Actuarial 1.97%
Risk Assessment 1.97%
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What skills can make your compensation higher?

Mastering certain specialized skills can lead to a significant increase in pay. Here are examples of skills and the potential impact they can have on an Insurance Risk Manager's salary.

  • Actuarial Science: Can increase your salary by up to 15%.
  • Team Operations: Can increase your salary by up to 10%.
  • Decision Making: Can increase your salary by up to 9%.
Skill Salary Salary % Increase
Actuarial Science $150,253
15%
Team Operations $143,721
10%
Decision Making $142,414
9%
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Insurance Risk Manager Salary by Company Size: Startups vs. Enterprise

Insurance Risk Manager salary potential scales significantly with company size. Data shows that Enterprise companies (5,000+ employees) pay the highest average salary at around $146,261. While startup companies pay approximate $123,733.

Insurance Risk Manager Salary by Company Size

Company Size Employees Average Salary
Startup 1~50 $123,733
Growth Stage 51~500 $130,862
Established 501~5000 $141,241
Enterprise 5000+ $146,261

Insurance Risk Manager Salary by Industry: Top Paying Sectors

For Insurance Risk Manager roles, the industry you choose can affect earning potential by as much as 40% (the gap between the highest and lowest paying industries). Data shows that the Biotechnology and Software & Networking sectors offer the strongest compensation, at 20% above the average. In contrast, Insurance Risk Manager positions in Retail & Wholesale or Edu., Gov't. & Nonprofit typically offer lower base pay, as these industries often view Insurance Risk Manager as a support function rather than a direct revenue driver.

The top paying industries for an Insurance Risk Manager

Industry Sector Average Annual Salary Average Hourly Rate Pay vs.Avg
Biotechnology$156,786$75.020%
Software & Networking$156,786$75.020%
Energy & Utilities$150,253$72.015%
Financial Services$150,253$72.015%
Pharmaceuticals$143,720$69.010%

How Education impacts an Insurance Risk Manager's Salary?

Your level of education can impact your salary potential. While many Insurance Risk Manager enter the field with a Bachelor's Degree, higher education can lead to more specialized and higher-paying roles.

According to our 100% employer-reported salary data, the median salary for an Insurance Risk Manager with a Bachelor's Degree is between $131,422 and $142,737.

Insurance Risk Manager Salaries by Degree Level

Typical Education for Insurance Risk Manager
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%
View as Graph

Insurance Risk Manager Salary: Hourly Rate, Weekly Pay, and Monthly Pay

Understanding how an Insurance Risk Manager's annual salary breaks down can help with budgeting. Below, you can see the average hourly rate, weekly pay, and monthly pay for this role. Use the buttons to switch between different pay periods.

Last Updated on August 01, 2026
$120,016
Average $130,655/year
$142,280
$10,001
Average $10,888/month
$11,857
$2,308
Average $2,513/week
$2,736
$58
Average $63/hour
$68
Annual Salary Monthly Pay Weekly Pay Hourly Wage
75th Percentile $142,280 $11,857 $2,736 $68
Average $130,655 $10,888 $2,513 $63
25th Percentile $120,016 $10,001 $2,308 $58

Insurance Risk Manager Salary Growth & Career Path

Insurance Risk Manager

Next Role

Advancement

Promotions are the fastest way to increase your earnings. As an Insurance Risk Manager, you have the following paths for advancement. The table below compares the salary raises for common next-step roles. By comparing these figures, you can choose the career path that best meets your financial goals.

Next Step Role Estimate Salary Projected Raise
E-commerce Risk Director $156,697 20%
Insurance Risk Senior Manager $181,353 39%
Senior Risk Manager $151,954 16%

Most common benefits for Insurance Risk Manager

  • Social Security
  • 401 (k)
  • Disability
  • Healthcare
  • Pension
  • Time Off (days)

Common company salaries for Insurance Risk Manager

Here are companies hiring for Insurance Risk Manager and their salaries, click below for more details.

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FAQ about Insurance Risk Manager

1. Where can an Insurance Risk Manager earn the most?

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 $164,795.

2. What is the highest pay for Insurance Risk Manager?

The highest pay for Insurance Risk Manager is $152,864.

3. What is the lowest pay for Insurance Risk Manager?

The lowest pay for Insurance Risk Manager is $110,330.

4. What are the responsibilities of Insurance Risk Manager?

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.

5. What industry pays the highest salary for Insurance Risk Manager?

The Biotechnology industry offers the highest average compensation for Insurance Risk Manager roles, with salaries approximately 20% above the market median.

Where Does Our Salary Data Come From?

Salary.com provides salary estimates, histograms, trends, and comparisons using data from employer job postings and third-party sources.

We offer detailed salary information across multiple percentiles for your reference. (Click here to learn Why the Salary Midpoint Formula Is Crucial for Achieving Pay Equity.)

With the most extensive online, real-time compensation data available, Salary.com helps you pinpoint your exact pay target.

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