Insurance Risk ManagerPrint
INSURANCE AND RISK MANAGERS help safeguard a company against losses from injuries or faulty products. They determine what the chances of loss are for a company from fire, embezzlement, burglary, etc. They must estimate what such losses could cost the company over a period of time. They determine the amount of insurance needed, and from which company insurance is to be purchased. They negotiate with various insurance companies to arrange adequate, low-cost coverage for workers. They review current insurance legislation and modify risk coverage as needed. They coordinate loss prevention programs and negotiate settlements of loss claims with insurance companies.
Salary, Size & Growth
- $96,000 average per year ($46.25 per hour)
- A large occupation (478,900 workers in 2010)
- Expected to grow moderately (0.8% per year)
Employers require INSURANCE AND RISK MANAGERS to have an undergraduate degree. Advanced degrees and additional certification are a plus. A degree in the insurance and risk management field is preferred. Experience in the field also enhances chances for employment. Many colleges and universities offer courses designed to prepare persons for careers in risk management. Insurance and risk managers may be required to have some form of advanced, recognized insurance industry designation, such as AIC, ARe, ARM, or CPCU.