Insurance Risk Manager Salary in Chicago, Illinois

How much does an Insurance Risk Manager make in Chicago, IL? The average Insurance Risk Manager salary in Chicago, IL is $127,166 as of September 25, 2020, but the range typically falls between $107,396 and $148,534. 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. 

About Chicago, Illinois    Chicago (/ʃɪˈkɑːɡoʊ/ (listen), locally also /-ˈkɔː-/), officially the City of Chicago, is the most populous city in Illinois, as well as the third mos....More

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Job Description

Manages an organization's overall insurance programs. Analyzes insurance needs by identifying risk exposures and analyzing and classifying risks to provide optimum coverage, costs and claim settlements. Conducts regular policy reviews, research and compile loss trends, review actuarial estimations. Administers systems to collect data and generate meaningful models and reporting to support decisions. Coordinates 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. (Copyright 2020 Salary.com)

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Understand the total compensation opportunity for a Insurance Risk Manager, base salary plus other pay elements

Average Base Salary

Core compensation

 
 
 
107396
148534
127166

Average Total Cash Compensation

Includes base and annual incentives

 
 
 
113938
167355
140164
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 Chicago, IL. The base salary for Insurance Risk Manager ranges from $107,396 to $148,534 with the average base salary of $127,166. The total cash compensation, which includes base, and annual incentives, can vary anywhere from $113,938 to $167,355 with the average total cash compensation of $140,164.
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107396
148534

 

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Career Path for this job

  1. Down a level:

    Insurance Risk Analyst IV

    7 + years experience
    Bachelor's Degree

  2. This Job:

    Insurance Risk Manager

    5 + years experience
    Bachelor's Degree

  3. Up a level:

    Insurance Risk Director


    Bachelor's Degree

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Job Openings for Insurance Risk Manager in Chicago, IL