Are you thinking about building a career in the insurance field? Is property casualty insurers a good career path, according to you? Then, you have come to the right article. Because in this article, we will talk about the best paying jobs in property-casualty insurers.
Now, the insurance business does not appeal to a lot of people. After all, it involves generating premiums from customers and investing the same in stocks. So, the business goes well when things are right. But what about when the times when things go wrong?
Well, property casualty insurance is a sector in the field that is always on the upside. Why? Because professionals working in the industry protect people against damages caused by car crashes, fires, and other mishaps.
So, there are lots of benefits to working in the field. But what are the jobs that one can apply for? Don’t worry. That’s what we are here to talk about.
So, without further ado, here are the best paying jobs in property-casualty insurers.
Methodology: We have sourced these jobs’ salaries from salary.com and indeed.com. Secondary research has also been conducted for the same.
Note: Top positions like that of Chief Executive Officers and Vice Presidents are high-level positions in all industries. One makes the highest salary in these roles, sometimes up to $500K or beyond.
This article will not mention their wages as they might differ heavily based on the employer.
Best Paying Jobs in Property Casualty Insurers (Between $100K and $125K)
1. Risk Manager
Every organization needs to have a risk management mechanism in place. Naturally, they also need professionals for the same. And that’s where the risk manager comes in. This role involves assessing risk management policies and giving recommendations.
For this role, you will need excellent observation skills. After all, the job involves identifying risks and finding ways to minimize them. A Sound understanding of the business and analytical skills are also important.
This is one of the best paying jobs in property-casualty insurers. On average, this job can earn you $122,000 annually, and it comes with various perks and benefits. There is also a lot of room for growth in this role. With that comes a flexible schedule, paid time off, and other similar benefits.
So, if you have an analytical eye, this can be a great job opportunity for you.
2. Insurance Underwriter
When someone applies for an insurance policy, a process follows. This involves making sure the person should get the preferred plan. Determining the coverage amount and premiums is also essential.
That’s where the insurance underwriter comes in. In this role, your job is to evaluate insurance applications. Based on that, you decide whether or not that person is eligible for the policy. This role also involves assessing the client’s background and analyzing the risk.
For this role, you need good analytical skills and attention to detail. Naturally, good mathematical skills are also part of the job. It is one of the best paying jobs in property-casualty insurers.
On average, this role will earn you $113,169 every year in the United States. With that, this job also allows for a lot of room for incentives and growth. The salary may differ based on the candidate’s years of experience and other factors.
With every insurance policy comes a level of risk and uncertainty. After all, an insurance firm needs to be sure about who to give the policy to and who not to. And the job of an Actuary is to analyze the financial risk in a risk.
They utilize maths, statistics, and finance theory to arrive at a conclusion. And based on that, they come up with ways to minimize the risk involved. In a nutshell, their job is to help businesses and their clients develop policies to minimize the risks involved.
For this role, you will require excellent numeracy and research skills. A deep understanding of economics is also needed for the role. In addition, you will also need to have sound knowledge of legislation regarding financial services.
On average, this role will earn you $108,781 annually in the United States. This is a role that also comes with a range of perks and benefits. These include insurance, assistance program, parental leave, etc.
4. Claims Manager
A Claims manager plays a crucial role in every step of the insurance process. They handle insurance claims and even conduct an investigation if needs be. They also work with the policyholder to make sure they get the claim they should.
Being a claims manager needs the candidate to have good management skills. This also means they should be able to communicate well and do several tasks simultaneously. Their oversight must also be commendable, and so should their customer service skills. After all, the role involves ensuring 100% satisfaction for the policyholders.
It is one of the best paying jobs in the industry. In the United States, this role will earn you an annual average of $107,000. The pay can be even higher if you have several years of experience in the field.
Also, this job comes with a wide range of perks and benefits. Massive room for career growth is also one of its plus points.
5. Loss Control Consultant
Every business wants to minimize the loss they incur in any form. For that, they need professionals with the right skills to make it possible. And that’s where a Loss Control Consultant comes in.
In this role, you have to help organizations and clients mitigate risks. They suggest ways for insurance companies to offer cost-effective coverage. After all, a few bad policies can cause huge damage to insurance firms.
For this role, you need to have an in-depth knowledge of insurance coverage. The role also requires you to prepare reports which also asks for research skills. In some companies, this job will also need you to do a lot of traveling within a territory.
It is one of the best paying jobs in the industry. This role can earn you up to $105,000 annually in the United States. Again, the salary will depend on factors such as years of experience. The role also comes with a range of perks that are commonplace in the industry.
Best Paying Jobs in Property Casualty Insurers (Between $55K and $90K)
6. Insurance Brokers
Insurance Brokers work as middlemen in the industry. They help people choose the best policy from the many options available in the market. They have agents who guide and assist clients in finding a policy that suits them the best.
In a nutshell, this role needs the candidate to find the best possible coverage at the best price for the client. Naturally, this is a job that requires one to have impressive customer service skills.
A keen eye for detail and good numeracy skills are also needed to excel in the role. The great thing about it is the unlimited paying potential; this role holds for the candidate. Even without the vast incentives, this is one of the best paying jobs in property-casualty insurers.
In the United States, this role will earn you $88,216 annually. As you grow and excel in your career, this salary can also cross the mark and move into six figures.
So, there is enormous room for career growth in this role. No wonder why so many are attracted to this role in the industry.
7. Data Analyst
Every industry works based on what the data tells them. Analyzing and acting upon data is a sure-shot key to success in today’s business world. The same goes for the property casualty insurers industry.
In this role, you will have to collect, analyze, and convert data into useful information. This information can be anything that the company can utilize to boost profits and sell policies. The data is also used to compile cutting-edge reports for clients and customers.
Machine Learning and Data Management are two of the most important skills for a data analyst. A good grasp of statistics and probability will be a plus point when applying for this role.
This one is also among the best paying jobs in the industry. In the United States, this role can earn you an annual average of $81,000. As you gain experience, the room for growth in this role is just immense.
So, if data is your thing, this might be the job for you in the property casualty insurance industry.
8. Insurance Financial Analyst
The purpose of any company is to be as profitable as possible. The same goes for insurance firms. And that’s where the role of a Financial Analyst comes in. You will have to gather, organize, and analyze financial data in this role.
You will also have to guide the senior leadership to make sound business choices based on the evaluation. Naturally, this role is vital for any insurance company. The skills you require for this role include accounting, financial modeling, business valuation, etc.
Good communication skills will also come in handy. Why? Because one has to persuade the senior leadership to take action on what your analysis says. This one is also among the best paying jobs in property-casualty insurers.
On average, this role will earn you around $71,000 annually in the United States. Again, the salary here will depend heavily on your years of experience in the role. Also, this job comes with various perks and benefits like insurance, paid time off, etc.
9. Insurance Agent
An Insurance Agent sells policies to people. They work with the clients in order to identify which policy will suit them the best. Unlike an Insurance Broker, an Agent has to be present at every step of the process.
For instance, they even assist the client in filling out the application form and other types of paperwork involved. They also follow up with the client and ensure 100% satisfaction by solving all the client’s problems in a prompt manner. Apart from this, they also find ways to promote policies and boost sales.
Again, this is a role that requires you to have excellent customer service skills. Persuasion is among the top skills that an Insurance Agent needs. Once established, the paying potential in this role is enormous.
This role can easily earn you around $60,000 annually in the United States. So, it is one of the best paying jobs in the industry. Once you start selling those policies quickly, though, the salary will continue growing.
10. Insurance Claims Investigator
As the name suggests, a claims investigator looks at the validity of an insurance claim. They conduct both online and on-field investigations to verify a claim. This role is essential for companies to steer clear of fake claims. After all, Auto Insurers alone lose $29 billion a year due to insurance fraud.
Good decision-making and observation skills are a must for this role. Also, you must possess solid knowledge of insurance law to excel in this job. The ability to stay compassionate while dealing with people is also a trait you need for this one.
It is one of the best paying jobs in property-casualty insurers. This role can earn you up to $58,000 annually in the United States. This salary will vary based on the candidate’s years of experience in the industry. And the job comes with perks and benefits that are standard in the industry.
Property-casualty insurance is one area of the Insurance industry that is always on the high. As you can see, there is a diverse range of jobs available. The potential for hefty paychecks is also there. In a nutshell, there are lots of reasons to start a career in the field.
We believe we have done enough to show you the right path in the industry. So, do you think you have the skills to work any one of these jobs? If you do, now’s the time to update your resume, write a crisp cover letter, and land that dream job.
We hope you found this article helpful on your journey. To conclude, we would like to wish you Happy Job hunting. And yes, remember to bookmark this article for later and check it out to sort out the best paying jobs in property-casualty insurers.
Ranu Kumari is a Professional Writer and a Marketing enthusiast who currently runs her own Marketing Consultancy, LatitudeBOX. She has written promotional articles for multiple brands and has published her work in Scopus indexed journals. She is passionate about expressing her thoughts and ideas to connect with her readers in a voice that they understand.