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As of August 01, 2026, the average salary for an Insurance Risk Analyst in Illinois is $83,989 per year, which breaks down to an hourly rate of $40.
However, an Insurance Risk Analyst's salary can vary significantly. Here’s a look at the typical salary range:
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Insurance Risk Analyst Salaries by Percentile
| Annual Salary |
Monthly Pay |
Weekly Pay |
Hourly Wage |
|
| 75th Percentile | $91,670 | $7,639 | $1,763 | $44 |
| Average | $83,989 | $6,999 | $1,615 | $40 |
| 25th Percentile | $78,218 | $6,518 | $1,504 | $38 |
DMG MORI - Hoffman Estates, IL
Alliant Credit Union - Chicago, IL
Alliant Credit Union - Chicago, IL
DV Trading - Chicago, IL
An Insurance Risk Analyst'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.
Experience is a primary driver of an Insurance Risk Analyst'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:
| Levels | Salary |
|---|---|
| Risk Anal... Level Insurance Risk Analyst | $67,068 |
| Insurance... Level Insurance Risk Analyst | $82,389 |
| Risk Anal... Level Insurance Risk Analyst | $100,260 |
| Risk Anal... Level Insurance Risk Analyst | $127,084 |
| Risk Anal... Level Insurance Risk Analyst | $161,556 |
What Am I Worth?
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 Analysts. For example, consider the average annual salaries in these key locations:
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:
For Insurance Risk Analyst roles, the industry you choose can affect earning potential by as much as 43% (the gap between the highest and lowest paying industries). Data shows that the Insurance and Energy & Utilities sectors offer the strongest compensation, at 18% above the average. In contrast, Insurance Risk Analyst positions in Hospitality & Leisure or Edu., Gov't. & Nonprofit typically offer lower base pay, as these industries often view Insurance Risk Analyst as a support function rather than a direct revenue driver.
| Industry Sector | Average Annual Salary | Average Hourly Rate | Pay vs.Avg |
|---|---|---|---|
| Insurance | $99,107 | $48.0 | 18% |
| Energy & Utilities | $96,588 | $46.0 | 15% |
| Software & Networking | $94,908 | $46.0 | 13% |
| Healthcare | $94,068 | $45.0 | 12% |
| Internet | $94,068 | $45.0 | 12% |
Understanding how an Insurance Risk Analyst'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.
| Annual Salary | Monthly Pay | Weekly Pay | Hourly Wage | |
|---|---|---|---|---|
| 75th Percentile | $91,670 | $7,639 | $1,763 | $44 |
| Average | $83,989 | $6,999 | $1,615 | $40 |
| 25th Percentile | $78,218 | $6,518 | $1,504 | $38 |
Ready to take the next step in your career? Browse thousands of current Insurance Risk Analyst job openings on our job board. Use the search bar below to find your perfect match.
AbbVie
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