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

Invenergy LLC

Associate, Insurance

Chicago, IL · On-site

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 ...

Invenergy

Associate, Insurance

Chicago, IL · On-site

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 ...

Invenergy LLC

Associate, Insurance

Chicago, IL · On-site

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 ...

At-Bay

Actuary / Senior Actuary

Chicago, IL · On-site

As an Senior Actuary on the Pricing team, you will be working under the risk function with talented team members in modeling, risk analytics, decision engine, insurance and tech product. The Pricing ...

At-Bay

Actuary / Senior Actuary

Chicago, IL · On-site

As an Senior Actuary on the Pricing team, you will be working under the risk function with talented team members in modeling, risk analytics, decision engine, insurance and tech product. The Pricing ...

Aon Corporation

CyQu Marketplace Analyst

Chicago, IL · On-site

Conduct market research and competitive analysis on cybersecurity providers, emerging technologies, cyber risk trends, and insurance market developments to support Marketplace strategy. * Support day ...

Swiss Re

Risk Consultant- P&C Insurance

Chicago, IL · On-site

$98K - $163K/yr

We are currently expanding our Risk Consulting & Analytics team within the Swiss Re Risk Data ... Our clients include some of the largest global insurance carriers as well as regional insurers ...

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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
Associate, Insurance

Associate, Insurance

Invenergy LLC

Chicago, IL • On-site

Full-time

Medical, Dental, Vision, Retirement, PTO

Re-posted 2 days ago

Invenergy rating

8.6

Company rating: 8.6 out of 10

Based on 7 frontline employees who took The Breakroom Quiz

Job description

Invenergy is North America's largest privately held developer, owner, and operator of power infrastructure. With 25 years of trusted execution, we deliver reliable, affordable energy through a diverse portfolio that includes natural gas, solar, land-based wind, energy storage, transmission, and domestic manufacturing. Headquartered in Chicago, we develop, own, and operate large scale projects that power communities and support the energy future.
This position will be open for application for at least 3 calendar days from the posting date. This position will remain open for application based on business need, which may be before or after the 3-day posting window.
Job Description
Position Overview
The Associate, Insurance, will report to the Manager, Insurance, and support the insurance team with execution of insurance strategy of a multinational portfolio of wind, solar, energy storage, thermal projects in various lifecycle stages.
Responsibilities
  • Claim support:
    • Responsible for a wide range of claim related activities - claim notice intake, evaluation, and reporting, oversee claim handling, support claim investigations, complex claims and coverage determination and disputes, claim payment collections and payment records management.
    • Coordinate communication between Invenergy and insurance adjusters/insurers, monitor claim activities and support speedy claim resolutions. Engage external experts as needed.
    • Maintenance of accurate records of claims across all lines of coverage in internal claim management systems.
    • Oversee regular claim reporting and maintain open claims status by working closely with the insurance team, Asset Management, Project Management and other internal departments.
    • Assist in identifying loss trends and communicate these to the appropriate internal parties.

  • Loss control support:
    • Manage insurer and third-party property insurance inspections at Invenergy's sites.
    • Work closely with Invenergy's internal stakeholders (asset management, operations, finance, and more) to review and respond to insurer recommendations.
    • Maintain recommendation registers and provide reports of recommendation trends and progress.
    • Support site managers, operations and engineering teams with insurance inspections, including but not limited to jurisdictional pressure vessel and appraisal visits.
    • Develop and maintain operational and technical knowledge or Invenergy fleet's major equipment, and support fleet-wide loss control and prevention.

  • 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 opportunities to reduce Invenergy's total costs of risk. Support the preparation of annual insurance budgets.
    • Support Invenergy insurance team in coordinating insurance efforts from development through to operational phases of all projects, analyzing and evaluating insurable risks and potential risk mitigants.
    • Support the administration of insurance contracts and support Invenergy's insurance team in negotiations with insurance brokers, insurance companies and project contractors (including EPC/BOP and modules/turbine suppliers) on insurance coverages and conditions.
    • Coordinate communication between Invenergy and insurance broker to monitor upcoming construction completion activity to support placement of insurance for newly operational projects.
    • Maintain accurate records of insurance placements, including providing certificates of insurance, tracking policy endorsements, and processing invoices.
    • Engage with lenders' insurance consultants to ensure project insurance compliance with applicable financing documents.
    • Identify process improvements and automation opportunities to improve invoice production timeliness and achieve other efficiencies.
    • Work cross-functionally with Development, Project Management, Asset Management, Finance, Legal and other teams to ensure the Company has appropriately structured insurance programs
    • Provide support to ad hoc requirements as they may arise.

Basic Qualifications
  • Bachelor's degree
  • 3+ years of working insurance or risk management industry experience
  • Eligible to work in the United States without the need for employer visa sponsorship now or in the future.

Preferred Qualifications
  • Bachelor's degree in insurance, risk management or other relevant majors, with a proven track record of high performance and industry participation.
  • Proven track record evidencing commitment, endurance, initiative & drive, professional learning & development, and high performance.
  • Exhibit effective written and oral communication skills, including email, Skype and Microsoft Teams video conferencing, phone, and in-person communications.
  • Insurance or risk management designations
  • Ability to communicate verbally and in writing in Spanish or Japanese is a strong asset.
  • Power and/or natural gas experience is preferred.
  • Track record of being able to work reliably under tight timelines, experience training junior team members and propose, design and implement process improvements.
  • Strong analytical and problem-solving skills and good attention to details.
  • Exceptional organizational and time management skills to complete settlement responsibilities in accordance with internal and external deadlines.
  • Must be able to work independently with minimal oversight as well as in a team setting.
  • Must be a self-starting and motivated team player who is able to efficiently become skilled at new systems and effectively manage deadlines.

Base Pay
88,000.00 - 113,000.00 USD Annual
Bonus: 20% - 30%
The base pay range reflects the minimum and maximum target salary for the position. Invenergy considers a number of factors when determining base pay offers such as the scope and responsibilities of the position and the candidate's experience, education and skills.
In addition to base pay, the total annual compensation package may also include eligibility to participate in our bonus program(s) which are designed to reward individual and company performance. Your recruiter can share more about bonus eligibility for this position during the hiring process.
Invenergy offers a variety of other benefits including medical, dental and vision insurance, 401k, paid time off, etc.
Invenergy LLC is an equal opportunity employer. All qualified applicants will receive consideration for employment without regard to, among other things, race, color, religion, sex, sexual orientation, gender identity, national origin, age, status as a protected veteran, or disability.

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