How much does an Insurance Risk Analyst make in Illinois? As of September 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:

  • Top Earners (90th percentile): $98,660
  • Majority Range (25th-75th percentile): $78,217 to $91,668
  • Entry-Level (10th percentile): $72,962

Key Factors That Influence Insurance Risk Analyst Salaries

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.

How Experience Level Affects Insurance Risk Analyst Salaries?

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:

  • Entry-Level (less than 1 year): $67,065
  • Early Career (1-2 years): $82,389
  • Mid-Level (2-4 years): $100,253
  • Senior-Level (5-8 years): $127,088
  • Expert (over 8 years): $161,573
Job RoleYears of ExperienceAverage Salary
Risk Analyst I less than 1 year $67,065
Insurance Risk Analyst 1-2 years $82,389
Risk Analyst III 2-4 years $100,253
Risk Analyst IV 5-8 years $127,088
Risk Analyst V over 8 years $161,573

Top Paying Cities for Insurance Risk Analyst

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:

  • Effingham: $77,421
  • Saint Peter: $77,315
  • Salem: $77,609

Insurance Risk Analyst Salary by Industry: Top Paying Sectors

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.

The top paying industries for an Insurance Risk Analyst

Industry Sector Average Annual Salary Average Hourly Rate Pay vs.Avg
Insurance $99,107 $48.0 18%
Energy & Utilities $96,587 $46.0 15%
Software & Networking $94,908 $46.0 13%
Healthcare $94,068 $45.0 12%
Internet $94,068 $45.0 12%

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

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.

  • Yearly
  • Monthly
  • Weekly
  • Hourly
  • Table View
Last Updated on September 01, 2026
$78,217
Average $83,989/year
$91,668
$6,518
Average $6,999/month
$7,639
$1,504
Average $1,615/week
$1,763
$38
Average $40/hour
$44
Annual Salary Monthly Pay Weekly Pay Hourly Wage
75th Percentile $91,668 $7,639 $1,763 $44
Average $83,989 $6,999 $1,615 $40
25th Percentile $78,217 $6,518 $1,504 $38

Find Your Next Insurance Risk Analyst Job

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.

  • Preferred Risk Insurance | Chicago, IL

    Preferred Risk Insurance | Chicago, IL

    Job Description. Job Description. We are seeking the ideal candidate for our iSeries Developer opening for our growing insurance company. This position wil... more

    7 Days Ago

  • Preferred Risk Insurance | Chicago, IL

    Preferred Risk Insurance | Chicago, IL

    Job Description. Job Description. We are seeking an experienced Regulatory Compliance Professional to join our Compliance Team. The Senior Regulatory Compl... more

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  • Confidential | Chicago, IL

    Confidential | Chicago, IL

    Vice President, Risk & Insurance. About the Company. Nationally recognized commercial construction organization with diverse portfolio of active projects a... more

    7 Days Ago

  • Paylocity | Schaumburg, IL

    Paylocity | Schaumburg, IL

    Job Description. Job Description. Description. Paylocity is an award-winning provider of cloud-based HR and payroll software solutions, offering the most c... more

    8 Days Ago

  • Transunion | Chicago, IL

    Transunion | Chicago, IL

    hackajob is collaborating with TransUnion to connect them with exceptional professionals for this role. TransUnion's Job Applicant Privacy Notice Personal ... more

    6 Days Ago

  • Above Lending | Chicago, IL

    Above Lending | Chicago, IL

    Job Description. Job Description. Above Lending is a next-generation financial services company helping everyday Americans break the cycle of high-cost deb... more

    10 Days Ago

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