Do you have a desire to work within P&C (property insurance) insurance? Are you wondering what the highest-paying jobs available in property-casualty insurers? This article will provide the highest-paying positions.
What Is The Property Casualty Insurers Industry?
Property-casualty (P&C) insurance industry offers insurance services to help consumers as well as businesses secure their belongings.
The property insurance provides protection on items you own such as your home. The casualty insurance provides protection in the event that you are found to be responsible for an accident that harms others, such as the case of if you’re responsible in a car crash, for instance.
Things that are covered can be insured include:
- House
- Condo
- Autos
P&C insurance products could include condo insurance, auto insurance, insurance for liability and other items. The customers purchase insurance products they will pay for in the long run. When they realize they must make an insurance claim, they call the insurance company in order to recuperate their loss.
For instance, a leaky faucet at home could have led to wood rot, which requires your kitchen cabinets be replaced. Contact your homeowner’s insurance provider to initiate the process of submitting an insurance claim in order to begin these repairs.
A different scenario would be when your vehicle was damaged by vandalism and required the windshield and doors replaced and repaired. You’d contact your insurance provider for your car to file a claim in order to start repairs.
P&C insurance is a field that is which is home to a myriad of insurance jobs. There are a range of experienced and entry-level jobs in the insurance industry, which include perks like the ability to work from home, advance in career as well as competitive salaries as well as benefits, and many more.
15 Of Best Paying Jobs In Property Casualty Insurers
1. INSURANCE SALES AGENT
Median National Salary: $49,840/year
Education Requirements:High school diploma
Number of Jobs:507,200 in 2020
Job Growth 2020 – 2030:7%
Job Descriptions:The job duties of an insurance salesperson consist of:
- Prospective customers should be contacted to offer insurance products
- Answering insurance questions/inquiries
Insurance sales agents interact with clients and sell insurance policies. This might include homeowners insurance, auto insurance, or different kinds or P&C Insurance policies.
Insurance agents can specialize in one area of insurance, or they may be licensed to deal with multiple types of insurance.
2. INSURANCE UNDERWRITER
Median National Salary: $76,390/year
Education Required: Bachelor’s degree
Number of Jobs:119,400 in 2020
Job Growth 2020 – 2030:-2%
Job Tasks:The job duties of insurance underwriters is to:
- Insurance policies that are underwritten
- Assess the risk level and
- Decide to extend the insurance policy to the customer
Underwriters of insurance look at a variety of elements to determine the risk.
The P&C insurance business the insurance company will assess potential customers to determine if they’re risk-free enough to be insured.
For instance, in the case of auto insurance, underwriters take a look at the driver’s record, age along with the vehicle’s type to determine the risk that it would be to the insurer in securing the client. The greater the degree of danger, the higher the insurance price would be to the client. If a customer is extremely risky insurance companies may refuse to cover them, in addition.
3. CLAIMS ADJUSTER
Median National Salary: $64,710/year
Education Requirements:High school diploma
Number of Jobs:349,400in 2020
Job Growth 2020 – 2030:-3%
Job Descriptions:The job duties of an adjuster for claims are to:
- Assess the validity of insurance claims
- Calculate the amount of claim
- Examine the damaged area.
The claims adjuster reviews the information about the insurance claim and then pays the claim. This can involve activities including speaking with witnesses, looking over the police report, and much more.
4. COST ESTIMATOR
Median National Salary: $65,170/year
Education Required: Bachelor’s degree
Number of Jobs:199,400 in 2020
Job Growth 2020 – 2030:1%
Job Descriptions:The job duties of the cost estimator are:
- Gather, record and then review the data to identify the resources required to make the product or service you want to create.
Rated #23 in the Best Business Jobs. Cost estimators will be accountable for estimating the cost. You’ll gather data, looking at different factors such as time, raw materials and labour to determine the approximate replacement cost for insurance claims.
5. INSURANCE APPRAISER
Median National Salary: $52,207/year
Education Requirement:High school diploma
Number of Jobs:349,400 in 2020
Job Growth 2020 – 2030:-3%
Job Roles:The job duties of an appraiser of insurance are to:
- Assess the property in order to determine an amount on the damage.
- Help settle claims for insurance
An appraiser for insurance determines the value of properties such as cars, houses, etc. It is possible to travel for the appraisal process, since appraisers are required to visit areas in person to assess and appraise damage.
6. INSURANCE CLAIMS EXAMINER
Median National Salary: $50,265/year
Education Requirements:High school diploma
Number of Jobs:349,400 in 2020
Job Growth 2020 – 2030:-3%
Job Descriptions:The job duties of an examiner of insurance claims are to:
- Examine insurance claims to make sure they’ve complied with the guidelines
- Support claims adjusters for complex insurance claims.
The insurance claim examiners are responsible of examining insurance claims for accuracyand ensuring that they are in line with company and industry guidelines. They also assist the department responsible for claims, if required.
7. CUSTOMER SERVICE REPRESENTATIVE
Median National Salary: $36,920/year
Education Requirements:High school diploma
Number of Jobs:2,923,400 in 2020
Job Growth 2020 – 2030:-1%
Job Descriptions:Customer service representatives have the following job responsibilities:
- Help answer customer questions/inquiries
- Perform routine transactions such as repayments and requests for refunds
- Handle complaints
Customer service representatives assist P&C customers with questions or inquiries as well as routine transactions such as processing payment and service needs.
This entry-level job may be suitable for those who want to break into the property casualty insurance sector but don’t have any an education or experience.
8. RISK CONTROL MANAGER
Median National Salary: $131,710/year
Education Required: Bachelor’s degree
Number of Jobs:681,700 in 2020
Job Growth 2020 – 2030:17%
Job Descriptions:Risk control managers have the following job responsibilities:
- Control the risk profile of the business.
- Manage and identify risk that could negatively impact the business
A Risk control manager is responsible of limiting risk for the company. You’ll be able to identify and assess risks, and decide on the best course of action to address the degree of risk. Management of insurance policies reporting, and the planning of risk management plans will be among the responsibilities you’ll be required to perform.
9. INSURANCE FINANCIAL ANALYST
Median National Salary: $81,410/year
Education Required: Bachelor’s degree
Number of Jobs:492,100 in 2020
Job Growth 2020 – 2030:6%
Job Descriptions:Insurance financial analysts have the following job responsibilities:
- Help senior leaders make business choices that will make the business more profitable
- Data collection, organization and analysis
- Create financial forecasts for the future prospects of the company
It is a job of a financial analyst in an insurance company. You’ll gather and analyze financial information that will assist you to make financial projections to aid in financial planning.
10. HOMEOWNERS INSURANCE SALES AGENT
Median National Salary: $49,840/year
Education Requirements:High school diploma
Number of Jobs:507,200 in 2020
Job Growth 2020 – 2030:7%
Job Description:The job duties of a homeowner insurance sales agent are:
- Contact potential homeowners insurance customers and promote homeowners insurance products
- Answer homeowners insurance questions/inquiries
As a homeowner insurance sales representative You’ll be working with clients to promote homeowners ‘ insurance coverage. This could be the sole insurance product you’re specialized in, or you might deal with a variety of insurance products.
You’ll work one-on one with potential customers, identifying their requirements and determining the best homeowner insurance plan for them. You will also be providing customer service and assisting with questionsas required.
11. INSURANCE PRODUCER
Median National Salary: $49,840/year
Education Requirements:High school diploma
Number of Jobs:507,200 in 2020
Job Growth 2020 – 2030:7%
Job Tasks:The job duties of an insurance producer include:
- Offer a range of insurance products offered by various insurance companies
- Claims report
- Answer insurance questions/inquiries
The insurance producer acts as an agent for sales in the insurance industry typically working for a variety of insurance products. They may also be specialized in a specific set of insurance products. They are not typically employees but are employed by a variety of insurance businesses on commission and only.
The job of an insurance producer is like that the role of an insurance sales representative but with the difference that they are working on their own and not being an employee of a single company.
12. LANDLORD INSURANCE SALES AGENT
Median National Salary: $49,840/year
Education Requirements:High school diploma
Number of Jobs:507,200 in 2020
Job Growth 2020 – 2030:7%
Job Description:The job duties of an insurance sales representative for landlords include:
- Follow up with potential landlord insurance customers and market insurance for landlords
- Answer landlord insurance questions/inquiries
A sales agent for landlords is licensed to sell insurance to landlords. It is a form of insurance designed for investment properties. In this capacity, you can concentrate on selling this kind of P&C insurance, or sell various insurance products.
You will assist prospective clients to identify the best policy of insurance for landlords Sell policies, and respond to questions.
13. CONDO INSURANCE SALES AGENT
Median National Salary: $49,840/year
Education Requirement:High school diploma
Number of Jobs:507,200 in 2020
Job Growth 2020 – 2030:7%
Job Description:The job duties of an insurance sales representative for condos include:
- Follow up with potential condo insurance clients and market condo insurance products
- Answer condo insurance questions/inquiries
Sales agents for condo insurance have been licensed by the government to offer condo insurance. Their clients are owners of condos who require property insurance.
They will talk to condo owners on their requirements as well as sell insurance products. They will answer questionsas required.
You could legally sell insurance for condos solely or provide condo insurance in along with other insurance products you’re licensed to sell such as renter’s insurance, homeowners insurance, etc.
14. INSURANCE CLAIMS DIRECTOR
Median National Salary: $98,980/year
Education Required: Bachelor’s degree
Number of Jobs:2,704,400 in 2020
Job Growth 2020 – 2030:8%
Job Roles:The job duties of the director of insurance claims are to:
- Set up insurance policies and claim procedures
- Inspect the department for insurance claims
- Long-term operations planning
The insurance claims director position is a top leadership position above the insurance managers. The job of the director is to supervise and oversee the department of claims which includes reviewing and establishing policies, operations analysis, and planning for the long-term.
15. RENTERS INSURANCE SALES AGENT
Median National Salary: $49,840/year
Education Requirements:High school diploma
Number of Jobs:507,200 in 2020
Job Growth 2020 – 2030:7%
Job Description:The job duties of an agent for renters insurance include:
- Contact prospective renters insurance clients and offer renters insurance products
- Answer renters insurance questions/inquiries
Agents selling renters insurance can be licensed to offer renter’s coverage. Their client base will consist of homeowners, renters of homes, apartments and other real property.
They will talk to customers to understand their needs They will also offer and market relevant products. They will also respond to questions and inquiries as required.
If you are an insurance agent for renters You may be authorized to sell a variety of insurance services, including renter’s insurance. You may also focus on renter’s insurance exclusively.
Pros and Cons of Property Casualty Insurers Careers
The advantages of a P&C insurance profession are as follows:
- High Salary: There’s the opportunity to earn mid-five figure up to six-figure earnings employed as a part of P&C insurance.
- Progression in career Opportunities for upward mobility are readily available so you have the opportunity to climb the ladder of career advancement in this sector.
- Rewards-based work The HTML0 is an profession where you’ll be fulfilled by helping others.
- Travel The prospect of traveling is there, based on your profession and can be attractive to many.
The disadvantages associated with working within the P&C insurance sector include:
- Certification is required:Some jobs (not all) will require certification or licensure. For instance, insurance agents must pass a state-wide exam.
- variable income Certain, but not every job have the option of a variable salary, such as insurance agent jobs where some of the income could comprise commissions.
- High-pressure workplace:Expectations for top performance can create a stressful workplace that can cause stress in the workplace and burnout.
Requirements And Skills To Work In P&C Insurance
Based on the field you choose to pursue, certain jobs require certification or licensing. These requirements can vary according to the state you are employed in.
Alongside having a minimum High School diploma. Here are additional abilities that are excellent to include on your resume:
- Active listening abilities:Being an active listener is about being attentive, demonstrating that you’re listening and giving feedback.
- Skills for communication: Being able to communicate effectively abilities is a crucial skill in the insurance industry for property casualties. It’s a delicate industry which has its customers anxious, overwhelmed and experiencing a myriad of emotions while trying to have their property assessed, inspected and then go through the entire process of insurance.
- ability to function on your own and in teams: Switching between working both independently and in a group setting quickly is a crucial skill for any field.
How do you get a Paying Job in P&C insurance?
Finding a job that pays well in P&C insurance requires the knowledge, skills and expertise to perform the job right.
Make your abilities shine and brag about your accomplishments in your resume. A good resume writing service can customize your resume to be in line with the job you’re applying to.
Our list of the most effective resume writing services will help you outsource the creation of your resume so that you can let the experts to construct your perfect resume.
When your resume is finished and you have it all sorted, you can begin your job hunt!
Where To Find The Best-Paying Jobs In Property And Casualty Insurers
Find the highest-paying jobs available in the property and casualty insurance industry by using these job search sites.
ZIPRECRUITER
ZipRecruiter is among the top job search sites on the internet. You can look for and submit applications to P&C insurance positions as well as review salaries and job seeker reviews.
LinkedIn is a professional-oriented social network and resource that you can post jobs while creating your professional profile. LinkedIn is an excellent place to build a network and gain access to job opportunities that aren’t yet posted online!
INDEED
Indeed is a simple to use job search site. You can search for job openings through keywords and places and review details on salary and other information, and much more.
The Bottom Line
The insurance for property and casualty sector is flourishing. P&C insurance is an estimated market value of more than 800 billion dollars. It is growing year-over-year by about 4% in the year 2017.
The opportunities in this field are plentiful, offering numerous opportunities to pursue jobs that you can participate in and develop over the long run.