How much does an Insurance Risk Manager make in the United States? The average Insurance Risk Manager salary in the United States is $137,786 as of May 28, 2024, but the range typically falls between $118,659 and $161,184. Salary ranges can vary widely depending on many important factors, including education, certifications, additional skills, the number of years you have spent in your profession. With more online, real-time compensation data than any other website, Salary.com helps you determine your exact pay target. 

Insurance Risk Manager Salaries by Percentile
Percentile Salary Location Last Updated
10th Percentile Insurance Risk Manager Salary $101,244 US May 28, 2024
25th Percentile Insurance Risk Manager Salary $118,659 US May 28, 2024
50th Percentile Insurance Risk Manager Salary $137,786 US May 28, 2024
75th Percentile Insurance Risk Manager Salary $161,184 US May 28, 2024
90th Percentile Insurance Risk Manager Salary $182,486 US May 28, 2024
25% $118,659 10% $101,244 90% $182,486 75% $161,184 $137,786 50%(Median) Didn’t find job title? Click
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What skills does an Insurance Risk Manager need?

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.

1.

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.

2.

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.

3.

Diversity and Inclusion: Developing and promoting acquaintance, empowerment, and integration of each unique individual to create a productive and safe working environment.

Risk Management 19.43%
Risk Assessment 1.9%
Diversity and Inclusion 1.42%
Others 77.25%
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Job Description for Insurance Risk Manager

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. Being an Insurance Risk Manager identifies and classifies risk exposures to provide optimum coverage, costs, and claim settlements. Conducts regular policy reviews and research. Additionally, Insurance Risk Manager 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. The Insurance Risk Manager 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. To be an Insurance Risk Manager 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. (Copyright 2024 Salary.com)... View full job description

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Job Openings for Insurance Risk Manager

Career Path for Insurance Risk Manager

A career path is a sequence of jobs that leads to your short- and long-term career goals. Some follow a linear career path within one field, while others change fields periodically to achieve career or personal goals.

For Insurance Risk Manager, the first career path typically progresses to E-commerce Risk Director.

The second career path typically starts with an Insurance Risk Senior Manager position, and then progresses to Insurance Risk Director.

Additionally, the third career path typically starts with a Senior Risk Manager position, and then progresses to Risk Management Director.

Those that have already made the climb...
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Fiscal Year Ended in 2022
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Insurance Risk Manager salary varies from city to city. Compared with national average salary of Insurance Risk Manager, the highest Insurance Risk Manager salary is in San Francisco, CA, where the Insurance Risk Manager salary is 25.0% above. The lowest Insurance Risk Manager salary is in Miami, FL, where the Insurance Risk Manager salary is 3.5% lower than national average salary.

City, State Compared to national average
City, State San Francisco, CA Compared to national average
+ 25.0%
City, State Washington, DC Compared to national average
+ 11.3%
City, State Miami, FL Compared to national average
-3.5%
City, State Chicago, IL Compared to national average
+ 4.9%
City, State Boston, MA Compared to national average
+ 12.1%
City, State New York, NY Compared to national average
+ 16.8%
City, State Dallas, TX Compared to national average
-1.3%

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Average Base Salary

Core compensation

 
 
 
118659
161184
137786

Average Total Cash Compensation

Includes base and annual incentives

 
 
 
126904
184897
153306
These charts show the average base salary (core compensation), as well as the average total cash compensation for the job of Insurance Risk Manager in the United States. The base salary for Insurance Risk Manager ranges from $118,659 to $161,184 with the average base salary of $137,786. The total cash compensation, which includes base, and annual incentives, can vary anywhere from $126,904 to $184,897 with the average total cash compensation of $153,306.
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118659
161184

 

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Skills associated with Insurance Risk Manager: Coverage Evaluation, Insurance Products, Risk Analysis, Financial Analysis ...More

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Insurance Risk Manager Salary in United States
Insurance Risk Manager Salary Graph, Regional Distribution and Summary