In general, insurance companies are some of the least sexy businesses around. They generate profits by collecting premiums from customers and investing them in stocks and bonds while paying as little as possible to cover damages. It’s a nice business when things are going well, but it struggles when interest rates drop.
But there is one type of insurance that has been consistently profitable for decades: property-casualty insurance. And now is an excellent time to consider working for a property-casualty insurer.
Property-casualty insurers sell policies that protect people from financial losses caused by car crashes, fires, and other disasters. These policies are struggling more profitable than health plans because they cover unpredictable losses rather than predictable health costs.
According to a report from the International Labor Organization, property-casualty insurers employ about 2 million people around the globe. The industry includes insurance companies that write policies for automobiles, homes, and businesses. In terms of market share, the largest property-casualty insurers include State Farm Mutual Automobile Insurance Co., Allstate Corp., Berkshire Hathaway Inc., Liberty Mutual Holding Co. Inc., Progressive Corp., and Travelers Cos. Inc.
Why Chase a Career in Property-Casualty Insurer?
Working in the property-casualty industry is a great career choice for those who enjoy helping others and working with numbers. It’s an industry that’s growing and one that also offers a high salary and benefits package. And it’s an industry that offers job security, as well.
Companies that insure property and people are called “property-casualty” (PC) insurers. They are a good place to start because their business is fairly straightforward and, in an economic sense, highly competitive.
A PC insurer pays for property damage and for people’s injury or death. At first sight, this sounds like it should be a very straightforward business, with little competition from other insurers.
What insurance companies sell is the right to sue them. It’s a general principle of the law that if you want to sue someone, you can’t just walk up and slap them with a subpoena. Have some reason for suing.
And in particular, have some legal claims against them. An insurance policy creates such a claim by promising to pay you money if something bad happens to you. The insurance company has given you ground on which to sue them.
Best Paying Jobs in Property Casualty Insurers
#1. Insurance Underwriter
Average annual salary: $67,680
Insurance underwriters are the first line of defense for insurance companies. They review insurance applications and decide which insurance policies should be issued and at what cost. They also decide whether to accept the risk of issuing a policy to a particular individual or business.
These workers evaluate information from applicants using statistical tables showing the likelihood of certain risks (e.g., accidents, fires, floods) occurring. Insurance underwriters often specialize in insurance coverage, such as life insurance or property and casualty coverage.
#2. Underwriting Assistant
Average annual salary: $55,120 – $63,720
Insurance underwriters review applications for insurance to determine whether to provide insurance and under what terms. They use their knowledge of the various insurance and other forms of risk management to evaluate the applicant’s information, determine coverage amounts and pricing, and write policies.
They must be able to assess potential risks and decide whether an applicant should be insured. Insurance underwriters also may evaluate insurance applications and decide whether to accept them, reject them, or refer them to supervisors. They must evaluate liability risks when deciding how much coverage a client should receive or how much they should pay for a policy.
Insurance underwriters must have a bachelor’s degree, preferably in business or a related field such as finance or economics. Certification is available from The Institutes for individuals who already work in the industry but lack insurance degrees.
Average annual salary: $101,000
Actuaries often work with probability statistics and are expected to have a solid understanding of probability theory and calculus. In addition to calculating the likelihood of a loss occurring, actuaries are also responsible for designing new insurance products. Actuaries who work for life insurance companies may also calculate mortality rates or how people die.
The typical salary of an actuary is $101,000 per year, and demand for actuaries is expected to continue rising over the next decade. This makes it one of the highest-paying jobs in property-casualty insurers.
#4. Risk Manager
Average annual salary: $139,110
Property and casualty insurance companies employ many risk managers. The successful candidate for this position must have a bachelor’s degree in business or finance and several years of experience in the field. These professionals develop and implement risk management plans for their employers.
Risk managers begin by identifying areas where their company might suffer losses. They then update existing risk management plans or create new ones to mitigate these risks. After this, they monitor their company’s adherence to these plans, making revisions as necessary.
When employees cannot follow these plans, risk managers can also discipline them. In addition, they may develop education programs on safety and security that help employees make better decisions while at work.
#5. Claims Adjuster
Average annual salary: $60,000
Claims adjusters typically work for property-casualty insurance companies. They investigate insurance claims by interviewing the claimant and witnesses, consulting police and hospital records, and inspecting property damage to determine the extent of the company’s liability. Adjusters may also attempt to negotiate a settlement with the claimant or the lawyer representing the claimant.
Adjusters spend most of their day on the phone coordinating with medical providers and lawyers or driving to meet with claimants. The job requires a certain amount of empathy for people who have been injured in an accident or lost property.
#6. Loss Control Consultant
Average annual salary: $100,000
Loss Control Consultants are about the best paying jobs in property-casualty insurers. These professionals evaluate the loss exposure of an insurance carrier’s insureds. They work closely with underwriters, sales representatives, and clients to develop and deliver loss control programs to help clients reduce their risk of loss, minimize accidents and increase safety.
They perform on-site surveys of the insured’s operations to identify potential hazards and recommend eliminating or minimizing the hazards. Loss control consultants provide training and conduct seminars designed to educate insureds about loss prevention techniques and strategies.
Also, they prepare reports that outline their findings and the steps that should be taken to avoid losses. Loss Control Consultants also establish relationships with clients and work closely with them in order to help them achieve their goals. In addition, they serve as a liaison between carriers, agents, insureds, and other stakeholders in order to provide information and services that will benefit their clients.
#7. Data Analyst Property and Casualty Insurance
Average annual salary: $86,000
Data analysts are the key to success in any business. They collect data from various sources, clean it and then turn it into useful information. Data analysts help in making informed decisions by providing valuable insights based on the data.
Data analysts can work in any industry, including property and casualty insurance companies. These companies use statistical methods to analyze data and then create reports for clients and customers. They also work with marketing and sales teams to develop new ways of using data to make the company more profitable.
When looking for best paying jobs in property-casualty insurers as a data analyst in a property and casualty insurance company, you need to have good communication skills since you will work with people from all departments within the organization. You also need experience working with databases or other software programs that store large amounts of information, such as Microsoft Excel or Access databases.
#8. Financial Analyst
Average annual salary: $75,000
Financial Analysts provide data and financial information to management in order to help them make more informed decisions. They work in many industries and use many types of analysis. Some specialize in a certain type of research, such as risk or profitability analysis, while others provide a broader range of analytical services.
They are not just found in the financial markets. They also serve as analysts for insurance companies and self-insured organizations. These analysts provide managers with more information about the risks associated with their products and the costs of self-insuring versus using an outside insurer. They also work with actuaries who deal with specific issues surrounding insurance products, such as life insurance or pension funds.
#9. Insurance Broker
Average annual salary: $66,000
Insurance brokers are the middlemen of the insurance industry. They have licensed agents who sell and help their clients choose insurance policies offered by different insurance companies. Insurance brokers’ primary goal is to find their clients the best coverage for the best price available.
In order to accomplish this, they must do a great deal of research and shop around. First, they must assess their clients’ needs and determine which types of coverage are necessary. For example, if a client owns a home that they would like to insure, a broker would need to determine how much coverage they will require to cover all potential damages.
Once they have determined which types of policies are necessary, brokers compare offers from different insurance companies to find the best deal for their clients. Sometimes, brokers may even negotiate with insurers on their clients’ behalf in order to lower premiums or deductibles.
#10. Business Analyst – Insurance
Average annual salary: $64,000
A business analyst in the property and casualty insurance industry analyzes data, financials, and processes related to the production of policies. The business analyst will also create reports, update databases, and make recommendations to management based on their findings.
This position requires a bachelor’s degree or equivalent work experience and knowledge of data analytics software. A property and casualty insurance business analyst earn an average salary of $64,000 per year.
For example, business analysts are in high demand by insurers, as they are tasked with identifying ways to improve organizational efficiency and reduce costs while increasing employee productivity. And while digital marketing may be a relatively new field, insurers have been quick to embrace it to reach new customers through search engine optimization (SEO), social media marketing, and website design.
#11. Insurance Sales Agent
Average annual salary: $58,000
An insurance sales agent sells life and/or health, property, and casualty policies to people. Sometimes they will help small businesses with their insurance needs as well. As a sales agent, you will work with customers to determine their insurance needs and recommend the right policies. Besides doing this, you will help them fill out the application and any other paperwork needed for the policy.
Insurance sales agents can earn a significant income once they become established. Many agents can earn anywhere from $50,000 to $70,000 per year or more for earners. Many companies offer good benefits packages, including health care coverage and retirement plans.
#12. Claim Examiner
Average annual salary: $56,000
Claim examiner is a critical position within the property-casualty insurance industry. These professionals perform tasks such as reviewing, investigating, and adjusting claims for vehicle accidents, property damage, and personal injuries. They also make sure that it pays claims in a timely manner.
Most insurance companies prefer candidates with both a college degree and experience in the insurance industry. Every day, claim examiners review insurance claims and decide whether to pay them. If a bad guy smashes your car, you call your insurance company and make a claim.
A claim examiner will look at the damage and decide how much money the company should pay to cover it. They might also assess how much money to award for pain and suffering if you were injured in an accident.
#13. Insurance Investigator
Average annual salary: $55,000
Insurance investigators are responsible for investigating suspicious claims. The investigations may involve:
- Interviewing the claimant or other witnesses.
- Inspecting the property in question.
- Checking police records.
- Conducting surveillance.
Investigators also provide written reports on their findings and recommendations for payment, denial, or further investigation.
They typically have a background in law enforcement, though some employers prefer candidates with degrees in criminal justice or law enforcement. Most jobs require a high school diploma, though some positions may require a bachelor’s degree.
Property and casualty insurance investigators usually need at least a high school diploma and usually receive on-the-job training that lasts up to a year for entry-level positions. Some states require applicants to get a private investigator’s license before they can begin work.
#14. Insurance Field Inspector
Average annual salary: $34,600
Insurance Field Inspectors are responsible for inspecting and documenting property or casualty claims. They use photographs and video equipment to document the condition of the property and collect evidence to determine if a loss occurred. Most work independently, traveling to different properties.
Field Inspectors often work irregular hours depending on the needs of their clients. They often work evenings or weekends to meet deadlines and may work long hours during busy periods. Some may be required to travel long distances, depending on their region, and must live within a specified radius of their territory. They usually work alone while on assignments, but they may need to contact clients by phone or in-person when completing reports. Most Field Inspectors have offices, but they must frequently travel for assignments.
#15. Insurance Claim Clerk
Average annual salary: $30,600
Claims Clerks work in all areas of insurance, including health, life, property, and casualty. Claims clerks investigate insurance claims to ensure they are valid. They review the facts of a claim and determine if it falls within the specific coverage limits. The average hourly pay for an Insurance Claim Clerk is $17/hr, and the average man works about 1,800 hours a year.
Claims clerks may make minor decisions regarding the payment of small claims, but they will typically turn over major decisions to managers or supervisors. They may also assist policyholders with filing claims and provide them with information on how to proceed with their claims.
People who wish to become Insurance claim clerks should have excellent communication, customer service, and negotiation skills. They should also be able to work under pressure, have good problem-solving skills, and be able to decide. An insurance claim clerk must have a high school diploma or equivalent qualification and prior work experience.
Pay varies by experience and location within a company. Often, higher positions include raises in compensation. As experience is gained, promotion within the company is possible. The top three people in each department become exceedingly well paid.
Property-casualty insurance is a lucrative career, but it’s one that takes years of education and experience to be successful. Anyone can get started on the road for any of the above positions by earning a bachelor’s degree from a school with a strong insurance program.
Most insurance companies generate revenue in two ways: charging premiums for insurance coverage, then reinvesting those premiums into other interest-generating assets. Like all private businesses, insurance companies try to market effectively and minimize administrative costs.
Solomon Huebner’s designation as the “father of insurance education” is undisputed. He taught the first course ever given in insurance, established the insurance department, and became the architect of the modern financial services industry.
With a projected compound annual growth rate (AGR) of almost 6%, according to Mordor Intelligence, the U.S. property and casualty (P&C) insurance market outlook for 2020-2025 looks robust.
An uninsurable risk is a risk that insurance companies cannot insure (or are reluctant to insure) no matter how much you pay. Common uninsurable risks include reputational risk, regulatory risk, trade secret risk, political risk, and pandemic risk.
- www.ziprecruiter.com – The 25 Highest Paying Insurance Jobs in 2022
- www.howtodiscuss.com – BEST PAYING JOBS IN PROPERTY CASUALTY INSURANCE
- www.dice.com – Top 20 Property and casualty insurance jobs
- www.simplyhired.com – licensed property and casualty agent hourly pay jobs