Correction: RIMS/Mercer statistical error reported

A statistical error occurring in the original release of the RIMS/Mercer risk management compensation survey, resulted in incorrect information being published in Canadian Underwriter’s May 26 article, “Risk management compensation rises.” The error reflected the unintentional amalgamation of Canadian and US data that reflected inaccurate compensation trends. The correct data, citing only US data, states that the total cash earnings of insurance and risk managers rose by 8.9% over the past year, not the previously reported10%-25%. In addition, the average total cash compensation of claims managers rose this year by 11% to US$79,500 not 24.8% to US$83,000. Finally, corrected statistics reflect a 0% increase in average total cash compensation of insurance management professionals, a far cry from the inaccurate report of a 14.8% increase to US$100,000. The new statistics report an average total cash compensation for risk management positions of 0-12% increase over the past year.