Salary AI Book a Demo

VP of Insurance Risk Salary in Chicago, IL

How much does a VP of Insurance Risk make in Chicago, IL?

As of October 01, 2026, the average salary for a VP of Insurance Risk in Chicago, IL is $281,367 per year, which breaks down to an hourly rate of $135.

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

  • Top Earners (90th percentile): $319,810
  • Majority Range (25th-75th percentile): $257,394 to $301,489
  • Entry-Level (10th percentile): $235,568
Salary Factors Salary-Boosting Skills Salary by Experience Related Job Salaries Top Paying Cities Explore Related Jobs

Key Factors That Influence VP of Insurance Risk Salaries

A VP of Insurance Risk'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 and company size can directly affect your earning potential.

How Experience Level Affects VP of Insurance Risk Salaries?

Experience is a primary driver of a VP of Insurance Risk'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 Supervisor (10+ years): $110,803
  • Insurance Risk Manager (10+ years): $135,023
  • Insurance Risk Senior Manager (10+ years): $187,456
  • Insurance Risk Director (10+ years): $228,810
  • VP of Insurance Risk (10+ years): $281,367
Job Role Years of Experience Average Salary
Insurance Risk Supervisor10+ years$110,803
Insurance Risk Manager10+ years$135,023
Insurance Risk Senior Manager10+ years$187,456
Insurance Risk Director10+ years$228,810
VP of Insurance Risk10+ years$281,367
View as Graph

Top Paying Cities for VP of Insurance Risks

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: $343,418
  • San Francisco: $339,658
  • Oakland: $332,500

VP of Insurance Risk Salary by Company Size: Startups vs. Enterprise

VP of Insurance Risk salary potential scales significantly with company size. Data shows that Enterprise companies (5,000+ employees) pay the highest average salary at around $314,117. While startup companies pay approximate $265,977.

VP of Insurance Risk Salary by Company Size

Company Size Employees Average Salary
Startup 1~50 $265,977
Growth Stage 51~500 $281,237
Established 501~5000 $303,304
Enterprise 5000+ $314,117

VP of Insurance Risk Salary by Industry: Top Paying Sectors

For VP of Insurance Risk 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 Aerospace & Defense and Business Services sectors offer the strongest compensation, at 20% above the average. In contrast, VP of Insurance Risk positions in Biotechnology or Chemicals typically offer lower base pay, as these industries often view VP of Insurance Risk as a support function rather than a direct revenue driver.

The top paying industries for a VP of Insurance Risk

Industry Sector Average Annual Salary Average Hourly Rate Pay vs.Avg
Aerospace & Defense$326,728$157.020%
Business Services$313,114$151.015%
Construction$299,500$144.010%
Energy & Utilities$294,055$141.08%
Healthcare$291,332$140.07%

VP of Insurance Risk Salary: Hourly Rate, Weekly Pay, and Monthly Pay

Understanding how a VP of Insurance Risk'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 October 01, 2026
$257,394
Average $281,367/year
$301,489
$21,450
Average $23,447/month
$25,124
$4,950
Average $5,411/week
$5,798
$124
Average $135/hour
$145
Annual Salary Monthly Pay Weekly Pay Hourly Wage
75th Percentile $301,489 $25,124 $5,798 $145
Average $281,367 $23,447 $5,411 $135
25th Percentile $257,394 $21,450 $4,950 $124

VP of Insurance Risk Salary Growth & Career Path

VP of Insurance Risk

Next Role

For a VP of Insurance Risk, the most direct path to higher earnings is advancing to the Chief Risk Officer role. This promotion typically comes with a significant pay increase, bringing the average annual salary to $284,809 - a projected growth of 1% over your current level.

Find Your Next VP of Insurance Risk Job

Ready to take the next step in your career? Browse thousands of current VP of Insurance Risk job openings on our job board. Use the search bar below to find your perfect match.

For Employees

Analyze the market and your qualifications to negotiate your salary with confidence.

Get a Salary Increase

Search thousands of open positions to find your next opportunity.

Search Job Openings

For Employers

Individualize employee pay based on unique job requirements and personal qualifications.

Adjust Employee Salary

Get the latest market price for benchmark jobs and jobs in your industry.

Price My Industry Jobs

Where Does Our Salary Data Come From?

Salary.com salary estimates, histograms, trends, and comparisons are derived from both employer job postings and third-party data sources. We also provide multiple percentiles of salary information for your reference, click here to know Why the Salary Midpoint Formula Is Crucial to Getting Pay Equity Right. With more online, real-time compensation data than any other website, Salary.com helps you determine your exact pay target.

Are you an HR manager or compensation specialist?

Salary.com's CompAnalyst platform offers:

  • Detailed skills and competency reports for specific positions
  • Job and employee pricing reports
  • Compensation data tools, salary structures, surveys and benchmarks.
Learn about CompAnalyst
lower level job