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Insurance Risk Analyst Jobs in Chicago, IL (NOW HIRING)

PremiStar

Risk Manager

Deerfield, IL · On-site

Enterprise Insurance Strategy * Lead administration and strategic oversight of all property ... Analyze claim frequency, severity, lag time, and emerging loss trends to drive corrective action ...

First Industrial

Insurance Coordinator

Chicago, IL · On-site

$58K - $68K/yr

Interacts with Corporate Insurance/Risk Management when needed to adjust contract requirements or complete internal waiver documentation. Essential Job Functions * Analyze and interpret lease and ...

Wintrust

Analyst, Counterparty Credit Risk

Rosemont, IL · On-site

$59K - $77K/yr

Position Overview The Counterparty Credit Risk Analyst will assist the VP and Department SVP in ... Insurance, Sovereign, and Mortgage counterparties, as well as Third-Party Vendors) are appropriate ...

Wintrust

Analyst, Counterparty Credit Risk

Rosemont, IL · On-site

$59K - $77K/yr

Position Overview The Counterparty Credit Risk Analyst will assist the VP and Department SVP in ... Insurance, Sovereign, and Mortgage counterparties, as well as Third-Party Vendors) are appropriate ...

Ulta Beauty, Inc.

Risk Management Analyst

Bolingbrook, IL · Hybrid

$66K - $84K/yr

Additionally, the Risk Management Analyst will assist with insurance procurement and administration, as well as risk management financial budgeting, tracking, and reporting to support effective ...

Ulta Beauty

Risk Management Analyst

Bolingbrook, IL · On-site

$66K - $84K/yr

Additionally, the Risk Management Analyst will assist with insurance procurement and administration, as well as risk management financial budgeting, tracking, and reporting to support effective ...

Invenergy

Manager, Insurance (Captive)

Chicago, IL

Provide regulatory, insurance, risk management, underwriting expertise, and administrative captive ... Strong analytical and problem-solving skills and good attention to details. * Exceptional ...

At-Bay

Senior Actuarial Analyst, Pricing

Chicago, IL · On-site

$120K - $135K/yr

Senior Actuarial Analyst DRIVE PROFITABLE GROWTH FOR THE BUSINESS About At-Bay At-Bay is the world ... cyber risk head on. By combining industry-leading insurance with world-class cybersecurity ...

At-Bay

Senior Actuarial Analyst, Pricing

Chicago, IL · On-site

$120K - $135K/yr

Senior Actuarial Analyst DRIVE PROFITABLE GROWTH FOR THE BUSINESS About At-Bay At-Bay is the world ... cyber risk head on. By combining industry-leading insurance with world-class cybersecurity ...

tastytrade

Head of Fraud Risk

Chicago, IL

$195K - $250K/yr

Experience with fraud analytics and data. * Strong vendor evaluation and management skills. You ... Pet Insurance * Wellness & Mental Health Programs * Charitable Donation Matching * Two Paid ...

New

Invenergy

Associate, Insurance

Chicago, IL

General insurance support: * Assist with the preparation of monthly, quarterly, and annual risk reports for various committees and boards. Assist in preparing loss analyses and identifying ...

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Showing results 1-20

All JobsInsurance Risk Analyst JobsInsurance Risk Analyst Jobs in Chicago, IL

Insurance Risk Analyst information

See Chicago, IL salary details

$50.5K

$85.8K

$160.8K

How much do insurance risk analyst jobs pay per year?

As of Jul 9, 2026, the average yearly pay for insurance risk analyst in Chicago, IL is $85,814.00, according to ZipRecruiter salary data. Most workers in this role earn between $67,000.00 and $89,200.00 per year, depending on experience, location, and employer.

How much does an insurance analyst make?

The average salary for an insurance risk analyst is around $70,000 to $85,000 per year, depending on experience, location, and certifications. Entry-level analysts typically earn less, while those with specialized skills or advanced credentials can earn higher salaries. Compensation may also include bonuses and benefits based on performance and company size.

What are some common challenges faced by Insurance Risk Analysts in evaluating emerging risks?

Insurance Risk Analysts often encounter challenges when assessing emerging risks such as cyber threats, climate change, or new technologies, as there may be limited historical data available. This requires them to continuously update their knowledge, collaborate with underwriters, actuaries, and external experts, and adopt advanced analytical tools to make informed recommendations. Staying proactive in identifying trends and adapting risk models is essential for success in this dynamic environment.

How much do risk analysts get paid?

Risk analysts in the insurance industry typically earn a median annual salary of around $70,000 to $90,000, depending on experience, location, and certifications. Entry-level positions may start lower, while experienced analysts with specialized skills can earn over $100,000 annually.

What are Insurance Risk Analysts?

Insurance Risk Analysts are professionals who assess and analyze potential risks that could affect an insurance company or its clients. They evaluate data and financial information to determine the likelihood and potential cost of events such as accidents, natural disasters, or other losses. Their work helps insurance companies set appropriate premiums and develop strategies to minimize financial loss. Insurance Risk Analysts also monitor trends and provide recommendations to reduce risk exposure.

What does a risk analyst do for an insurance company?

An insurance risk analyst evaluates potential risks that could affect an insurance company's financial stability by analyzing data, assessing risk exposure, and developing strategies to mitigate losses. They use statistical tools and industry knowledge to determine policy pricing and ensure the company's risk management aligns with regulatory standards.

What is the difference between Insurance Risk Analyst vs Insurance Underwriter?

AspectInsurance Risk AnalystInsurance Underwriter
Required CredentialsBachelor's degree in finance, economics, or related field; certifications like CPCU or ARM beneficialBachelor's degree in finance, economics, or related field; certifications like CPCU or ARM beneficial
Work EnvironmentAnalyzes data, assesses risks, and provides reports; often in an office settingEvaluates applications, determines policy terms, and approves or declines coverage; office-based
Employer & Industry UsageInsurance companies, risk management firms, consulting agenciesInsurance companies, brokerage firms, underwriting agencies

While both roles require similar credentials and work in the insurance industry, Insurance Risk Analysts focus on analyzing and quantifying risks to inform decision-making, whereas Insurance Underwriters evaluate individual applications to determine policy terms. Understanding these differences helps clarify career paths and employer expectations in the insurance sector.

What are the key skills and qualifications needed to thrive as an Insurance Risk Analyst, and why are they important?

To thrive as an Insurance Risk Analyst, you need strong analytical skills, a solid understanding of risk assessment methodologies, and typically a bachelor’s degree in finance, mathematics, or a related field. Familiarity with statistical software, risk modeling tools, and certifications such as Chartered Property Casualty Underwriter (CPCU) or Associate in Risk Management (ARM) are often required. Attention to detail, critical thinking, and effective communication are crucial soft skills for interpreting data and presenting findings to stakeholders. These skills ensure accurate risk evaluation, informed decision-making, and the development of effective risk mitigation strategies within insurance organizations.

Is risk analyst an entry level job?

A risk analyst position can be entry-level or require some experience, depending on the employer. Entry-level risk analyst roles typically require a bachelor's degree in finance, economics, or a related field, and may involve on-the-job training. Advanced roles may require additional certifications or experience in data analysis or risk management tools.

What Does an Insurance Risk Analyst Do?

An insurance risk analyst performs a variety of duties related to assessing risks your clients may undergo and how to insure them properly. You collect and analyze data, such as past claims in the industry, competitor pricing, and various risk management strategies to help your company keep costs down. Qualifications for the job include career training, education, and specialized skills. Typically, you need a bachelor’s degree in accounting or finance and some work experience in the industry. Important skills include an excellent eye for detail and strong analytical problem-solving.

More about Insurance Risk Analyst jobs
What are popular job titles related to Insurance Risk Analyst jobs in Chicago, IL? For Insurance Risk Analyst jobs in Chicago, IL, the most frequently searched job titles are:
What job categories do people searching Insurance Risk Analyst jobs in Chicago, IL look for? The top searched job categories for Insurance Risk Analyst jobs in Chicago, IL are:
Insurance Risk Analyst jobs near you
Risk Manager

Risk Manager

PremiStar

Deerfield, IL • On-site

Full-time

Posted 9 hours ago

Job description

The Risk Manager is responsible for leading the organization's enterprise insurance strategy, claims management oversight, and risk mitigation initiatives within a multi-state HVAC and MEP service and construction environment.
Reporting jointly to the Controller and Director of Safety, this role serves as a strategic partner to Finance, Safety, Operations, and Executive Leadership to reduce total cost of risk, strengthen insurance performance, and protect enterprise financial stability across all Business Units.
This position requires a seasoned risk professional with deep property & casualty insurance expertise, executive-level claims management experience, and working knowledge of field operations and safety performance in HVAC/MEP environments.
Key Responsibilities
  • Enterprise Insurance Strategy
  • Lead administration and strategic oversight of all property & casualty insurance programs, including general liability, auto liability, workers' compensation, umbrella/excess, and property
  • Partner with brokers and carriers to develop renewal strategy, underwriting submissions, coverage negotiations, and program structure optimization.
  • Lead the annual insurance renewal process, gather necessary information from business units for the annual renewal, prepare summarized information to review internally and supply to the broker. Develop insurance rates for monthly accruals performed by the business.
  • Evaluate limits, deductibles, and retention strategies to align with operational risk profile and financial objectives
  • Support M&A due diligence, insurance modeling, and post-acquisition integration

Claims & Total Cost of Risk Management
  • Provide executive-level oversight of workers' compensation, auto, general liability, and property claims arising from HVAC and MEP operations
  • Partner with TPAs, carriers, and legal counsel to manage complex and litigated claims
  • Review reserves, monitor large-loss development, and provide financial forecasting insight to leadership
  • Conduct structured quarterly claims reviews with Business Unit leadership
  • Analyze claim frequency, severity, lag time, and emerging loss trends to drive corrective action

Risk Analytics & Operational Alignment
  • Analyze TRIR trends, at-fault auto incidents, and operational loss drivers across the enterprise
  • Partner with the Director of Safety to align prevention initiatives with insurance data and financial impact
  • Support targeted interventions for high-loss Business Units
  • Provide insurance education and financial risk insight to General Managers and senior leadership
  • Parter with Corporate Accounting on monthly deductible cross charges
  • Key contact for business and insurance broker related to insurance matters

Contractual Risk & Compliance
  • Review of contractual insurance requirements in commercial service and construction agreements
  • Ensure certificates of insurance and compliance documentation align with enterprise standards
  • Mitigate contractual transfer risk exposure

Qualifications
  • Bachelor's degree in risk management, Insurance, Finance, Business, Safety, or related field required
  • Minimum 10 years of progressive experience in insurance risk management, claims oversight, underwriting, or enterprise property & casualty leadership
  • Experience supporting construction, HVAC, MEP, or field service operations strongly preferred
  • Experience managing large deductible or self-insured retention programs preferred
  • Demonstrated experience partnering with executive leadership on financial risk strategy
  • Strong analytical, financial modeling, and communication skills

MINIMUM AND/OR PREFERRED QUALIFICATIONS:
  • ARM
  • CPCU
  • CSP or safety credential a plus
  • MBA or advanced business degree a plus

Additional Requirements
  • Ability to travel to Business Unit locations as needed
  • Ability to walk active construction sites, rooftops, mechanical rooms, and shop environments
  • Ability to access elevated work areas and fleet operations environments
  • Executive presence and ability to influence senior operational leaders
  • Ability to manage priorities across geographically dispersed operations

PHYSICAL DEMANDS
  • The physical demands described here are representative of those that must be met by an employee to successfully perform the essential functions of this job.

WORK ENVIRONMENT:
This job operates in both an office and a field environment. Must be able to sit and/or stand for extended periods of time.
REASONABLE ACCOMODATION:
Reasonable accommodation will be made to enable individuals with disabilities to perform the essential job functions unless doing so presents an undue hardship on the Company's business operations.
OTHER DUTIES:
Please note this job description is not designed to cover or contain a comprehensive listing of activities, duties or responsibilities required of the employee for this job. Duties, responsibilities, and activities may change at any time with or without notice. Employees understand the above job description and agree to comply with and be subject to its conditions. Employee further agrees this job description does not alter his/her at-will employment status. Employees understand the Company reserves the right to delegate, remove, expand or change all responsibilities. Employees acknowledge that he/she can fulfill the above duties with or without reasonable accommodation.
Equal Opportunity Employer/Protected Veterans/Individuals with Disabilities
This employer is required to notify all applicants of their rights pursuant to federal employment laws. For further information, please review the Know Your Rights notice from the Department of Labor.

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