May 24, 2007 by Canadian Underwriter
On average, a U.S. enterprise-wide risk management professional earns an annual salary of US$130,997, according to The Risk and Insurance Management Society Inc. (RIMS)s 2007 Risk Management Compensation Survey.
The survey presents base salary and incentive data for 12 industry-specific jobs, categorized by company size (full time employees and annual revenues), risk management department size, industry and geography, details a RIMS statement.
This survey is a significant resource for employers that are seeking pay data on risk and insurance management positions, Joseph Kilmartin, director of compensation at Salary.com, said in a statement.
Employers can use the survey results to set compensation at levels that will help attract and retain qualified risk professionals, he added.
The survey found that an enterprise-wide risk management professional earns an average annual salary of $130,997 and $150,100 in annual total cash compensation; insurance and risk management professionals bring home an average salary of $106,814 and $121,104 in total cash compensation; claims managers earned salaries of $81,228 and total cash compensations of $89,577; risk management analysts have an average salary of $56,037 and $57,724 in total cash compensation; and claims analysts made $44,351 with a total cash compensation of $45,394.
On June 7 at 1:00pm EDT, RIMS and Salary.com will co-host a webinar titled Using Salary Surveys Makes Cents: Competitive Salaries in the Risk and Insurance Management Profession to help interpret the survey results.
To access the webinar or for more information, please visit www.RIMS.org/comp2007.