The median annual base salary for U.S. risk managers jumped to $135,000 in 2022, up from $118,000 in 2022, the Risk & Insurance Management Society Inc. said Tuesday.
U.S. risk management professionals saw a 12.6% average increase in their annual base salary from 2022 to 2022, according to the bi-annual RIMS 2022 Compensation Survey. This compared with a typical increase of 15.9% for their Canadian counterparts, the brand new York-based risk management organization said.
U.S. executives using the title of director of insurance and risk management saw the largest average salary increase – nearly $19,000 – within the two-year period, based on the report.
Chief risk officers within the U.S. have the highest median salary at $215,000, while those with the title risk management analyst (Insurance) typically earn $85,000.
Both male and female risk professionals in the U.S. saw similar average pay increases at 12.5% and 12.8%, respectively. In Canada, women saw raises of 18%, versus 8% for men.
The median annual base salary for Canadian risk managers rose to Canadian $120,000 ($94,909) in 2022, up from CA$101,000 in 2022.
The RIMS report incorporates data from 1,039 risk professionals in the U.S. and 174 in Canada and includes findings for seven different risk management job titles.
