Which insurance professionals got a 10% raise this year?

Brokers may be struggling to match their 2014 take-home pay, but new numbers suggest insurance professionals in an increasingly key role had no trouble bumping up their salaries

Risk Management News

By

Lyle Adriano

Insurance professionals in the U.S. posted an average 3.7% base salary increase this year, according to the RIMS 2015 Compensation Survey; in comparison, risk professionals in Canada have also reported an average 2.7% increase in their base salaries.

The survey incorporated data from 999 risk professionals in the United States and 143 in Canada.

The survey discovered that the median annual salary for risk professional is $115,000. The base salaries, however, differ by position, with those in management positions raking in $170,000, while claims managers/workers’ comp claims managers earn $73,000.

According to the survey, the average base salary for CROs in the U.S. dropped almost 2%. Canadian CROs, on the other hand, enjoyed a 1% increase.

Notably, the survey pointed out that the average base salary for Canadian directors of insurance and risk management surged by 10%.

Data from the survey revealed that males continue to earn more than their female counterparts. The survey suggests that this might be due to the supposedly “higher levels of education and experience” possessed by the former.
 

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