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The salary of insurance risk managers varies depending on location, experience, and industry. In the United States, the average annual salary for an insurance risk manager is $130,634, with an hourly rate of $63. In Colorado, the average gross salary is $146,653, or $71 per hour, with an average bonus of $12,099. This is 5% higher than the national average. The salary range for insurance risk managers in the US is between $58,000 and $152,835. The salary range for entry-level insurance risk managers in Colorado is between $102,197 and $182,315 for senior-level positions.
| Characteristics | Values |
|---|---|
| Average salary of insurance risk managers in Colorado | $133,286-$146,653 |
| Average entry-level salary (1-3 years of experience) | $102,197 |
| Average senior-level salary (8+ years of experience) | $182,315 |
| Average salary in the United States | $90,847-$130,634 |
| Average hourly rate in the United States | $43.68-$63 |
| Average salary in the construction industry | $80,878 |
| Average salary in 2014 | $72,553 |
| Average salary in San Francisco, CA | $163,149 |
| Average salary in New York, NY | $151,392 |
| Average salary in Boston, MA | $145,696 |
| Average salary range in Colorado Springs, CO | $94k-$150k |
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What You'll Learn
- The average salary for insurance risk managers in Colorado is $133,286
- Salaries range from $102,197 for entry-level roles to $182,315 for senior-level roles
- Salaries are impacted by location, experience, skills, company size, and local market factors
- The cost of living in Colorado is 10% higher than the US average
- The average insurance risk manager salary in the US is $90,847
The average salary for insurance risk managers in Colorado is $133,286
The salary for insurance risk managers can vary depending on location, experience, and industry. For example, in San Francisco, CA, the average yearly salary for an insurance risk manager is $163,149, whereas, in New York, it is $151,392. The average salary for insurance risk managers in the construction industry is $80,878, the lowest of any industry.
Experience also plays a role in salary variations. Entry-level insurance risk managers with less than a year of experience can expect to earn around $126,539, while those with 1-2 years of experience may earn an average of $127,030. Senior-level professionals with 5-8 years of experience earn an average of $130,634, and those with over 8 years of experience can expect an average salary of $133,583.
The salary range for insurance risk managers in the United States is broad, typically falling between $58,000 and $141,000 yearly. The average hourly rate for insurance risk managers is $43.68, but this can also vary depending on location and experience.
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Salaries range from $102,197 for entry-level roles to $182,315 for senior-level roles
In Colorado, insurance and risk managers can expect to earn salaries ranging from $102,197 for entry-level roles to $182,315 for senior-level roles. The average insurance and risk manager salary in Colorado is $146,653, which is 5% higher than the national average. This salary is impacted by factors such as cost of living, which is 10% higher in Colorado than the US average.
The salary for insurance and risk managers in Colorado varies depending on experience level. Entry-level insurance and risk managers with 1-3 years of experience can expect an average salary of $102,197. As experience increases to 1-2 years, the average salary rises to $127,030, and for those with 2-4 years of experience, the pay typically increases to $128,668. Senior-level professionals with 5-8 years of experience can expect an average salary of $130,634, while those with over 8 years of experience can earn an average of $133,583.
The salary range for insurance and risk managers in Colorado is comparable to the national salary range for this profession. In the United States, insurance and risk managers earn an average annual salary of $90,847, with salaries typically ranging from $58,000 to $141,000. The national average salary has increased significantly over the years, rising by $18,294 in the last ten years.
The salary for insurance and risk managers can also vary depending on the industry and location. For example, insurance and risk managers in the construction industry earn an average salary of $80,878, while those in San Francisco, California, earn an average yearly salary of $163,149. Additionally, factors such as company size and local market trends can influence compensation.
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Salaries are impacted by location, experience, skills, company size, and local market factors
The salaries of insurance risk managers in Colorado are influenced by a multitude of factors, including location, experience, skills, company size, and local market forces. These elements collectively shape the earning potential within this profession.
Location
Location is a pivotal factor in salary determination. Insurance risk managers' salaries can vary significantly depending on the state or city in which they are based. For instance, the average salary for this profession is notably higher in states like New Hampshire, Maryland, and New York, while states like Utah, Mississippi, and Florida tend to have lower average salaries. Cities like San Francisco, Baltimore, and New York also offer higher wages. Companies often consider the cost of living in a particular location when setting salaries, aiming to remain competitive and attract top talent.
Experience
Experience plays a pivotal role in salary levels. The more experience an insurance risk manager has, the higher their earning potential. For instance, in the tech industry, professionals with 6-10 years of experience saw a 1.7% increase in salaries, while those with over 15 years of experience enjoyed a 4.3% bump. However, during periods of economic uncertainty, companies may tighten their belts, leading to potential salary decreases for those with less experience.
Skills
Skills and specialities are crucial in differentiating oneself in the job market and commanding a higher salary. Certain skills may be in higher demand or be considered more specialised, thus enabling individuals to negotiate higher pay. For example, project management skills are highly valued and can lead to lucrative salaries.
Company Size
The size of the company, often measured by annual revenue, also impacts salaries. Generally, larger companies tend to offer higher salaries compared to smaller ones. However, within the retail industry, midsize companies with annual revenues between $25 million and $100 million can offer competitive salaries, with many employees earning between $75,001 and $500,000.
Local Market Factors
Local market forces, such as the national market rate for a position, can influence salaries. Companies use salary research tools to determine market rates for specific roles in a given area. Additionally, the cost of living in a particular location is a significant consideration. Companies may also provide salary boosts to employees in countries with high tax rates to offset these costs.
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The cost of living in Colorado is 10% higher than the US average
Groceries in Colorado are around 2% higher than in the rest of the country, with the Bureau of Economic Analysis estimating an average annual non-restaurant food cost per person to be $4,922, or about $410 per month. For a family of four, the grocery bill could be about $1,641 per month. Additionally, healthcare services such as doctor check-ups and dentistry are 4% higher in Colorado than the national average. Childcare costs can also significantly impact the cost of living, with the average annual cost of infant care in Colorado being $15,325, or $1,277 per month, which is 9.8% more than the average rent in the state.
The cost of living in Colorado varies depending on the city, with Pueblo being the most affordable major city, and Westminster being the priciest, with a cost of living 3% higher than the state average and 17% higher than the rest of the US. The average home value in Colorado as of May 2024 was $553,692, and the median rent across all bedroom and property types was $2,250, which is just over $100 more than the national median.
The range of salaries for insurance risk managers in Colorado is reflected in these living costs. The average insurance and risk manager gross salary in Colorado is $146,653, with an hourly rate of $71. This is 5% higher than the average insurance and risk manager salary in the US. An entry-level insurance and risk manager with 1-3 years of experience earns an average salary of $102,197, while a senior-level manager with 8+ years of experience earns an average of $182,315.
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The average insurance risk manager salary in the US is $90,847
Salaries vary depending on location, education, experience, company size, and local market factors. For example, the average insurance risk manager salary in Colorado is $133,286, while in California, it is $144,089. The average salary in Colorado Springs, CO is $20-$27 per hour, based on experience.
The average salary for insurance risk managers in the construction industry is $80,878, the lowest of any industry. Over the last ten years, the average salary for insurance risk managers has increased by $18,294, or 10%.
Senior-level professionals with 5-8 years of experience earn around $130,634, while those with over 8 years of experience can expect an average salary of $133,583.
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Frequently asked questions
The average insurance and risk manager gross salary in Colorado is \$133,286 per year, with an hourly rate of \$71. This is 5% higher than the average insurance and risk manager salary in the United States.
The salary range for insurance risk managers in Colorado is between \$102,197 for entry-level positions and \$182,315 for senior-level positions.
The salary of insurance risk managers in Colorado is higher than the average salary in other states such as Alabama, Arkansas, and Arizona. However, it is lower than states like California, New York, and Massachusetts.
The national average salary for insurance risk managers in the United States ranges from \$90,847 to \$130,634 per year. The hourly rate is approximately \$43.68 to \$63.
Experience significantly impacts the salary of insurance risk managers in Colorado. Entry-level positions with 1-3 years of experience can expect an average salary of \$102,197. In contrast, senior-level positions with 8+ years of experience can earn up to \$182,315.
