Risk manager salaries up sharply since 2019: RIMS

The median annual base salary for U.S. risk managers jumped to $135,000 in 2021, up from $118,000 in 2019, the Risk & Insurance Management Society Inc. said Tuesday.

U.S. risk management professionals saw a 14.4% average increase in their annual base salary from 2019 to 2021, according to the bi-annual RIMS 2021 Compensation Survey. This compared with an average increase of 18.8% for their Canadian counterparts, the New York-based risk management organization said.

U.S. executives with the title of director of insurance and risk management saw the biggest average salary increase — nearly $19,000 — in the two-year period, according to the report.

Chief risk officers in 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 14.2% and 14.7%, respectively. In Canada, women saw raises of 22%, versus 8.7% for men.

The median annual base salary for Canadian risk managers rose to Canadian $120,000 ($94,909) in 2021, up from CA$101,000 in 2019.

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.