The property-casualty insurance industry employs 2,900,000 workers in the United States alone with an average annual salary of $56,000, according to the Bureau of Labor Statistics (BLS).
In addition to high compensation and easy entry into the job market, there are several other factors that make this industry very attractive to professionals looking for long-term careers.
By 2015, experts predict that the property-casualty insurance industry will create 180,000 new jobs due to increases in customer service demands and technological changes.
This article highlights some of the best paying jobs in property casualty insurance.
- Best Paying Jobs in Property Casualty Insurance
- What Do Property Casualty Insurance Pay
- How Many Jobs Are Available In Property Casualty Insurance
Best Paying Jobs in Property Casualty Insurance
As a property manager, you would be responsible for the overall operation of a property, including supervising staff, maintaining the budget, and ensuring that the property is well-maintained.
You would also be responsible for marketing the property and renting it out to tenants. Property managers typically earn a salary, plus commission.
Commission can account for up to 80% of your total pay. In addition, as an employer you will often receive benefits such as paid time off, health insurance, and tuition reimbursement.
As an agent or broker working with these property management companies:
- You’ll work on finding clients and negotiating deals
- You’ll help them find a new place to live if they’re moving
- You’ll answer any questions they have about renting a home or apartment; D)You’ll collect rent checks from their landlords every month.
Customer Service Representative
The customer service representative is the first point of contact for customers with questions or concerns about their insurance policy.
They must be able to answer questions and resolve issues quickly and efficiently. This position requires excellent communication and customer service skills. The average salary for a customer service representative is $30,000 per year.
The ideal candidate will have at least one year of experience in an administrative role, knowledge of auto and property insurance policies, and the ability to work shifts that are required 24 hours a day.
Average Salary: $30,000 per year Education/Experience: One year of experience in an administrative role; knowledge of auto and property insurance policies; ability to work shifts required by job (24 hours a day) * Job outlook: High due to low unemployment rate nationwide The Customer Service Representative position is among the best paying jobs in property casualty insurance.
There are many reasons why this position pays so well: they receive bonuses based on customer satisfaction ratings, they can make commissions if they sell enough policies, and many positions offer health benefits.
In addition, since this career field has a high demand there aren’t as many applicants as there are other positions available in this industry which leads to higher salaries for those who can get these jobs.
The customer service representative’s most important responsibility is providing excellent customer service because it’s essential to build trust with the company’s clients.
The right person for this job will be polite, patient, and willing to help people without judging them.
It takes patience to handle difficult situations while maintaining good business relationships.
However, overall it can be very rewarding as you’ll feel like you’re making a difference in people’s lives every day!
Property and casualty insurance marketing specialists are responsible for promoting and selling insurance policies to individuals and businesses.
They typically work for insurance companies or agencies, and may also be self-employed. Average salaries range from $51,000 to $120,000 a year.
Individuals who hold the title of marketing specialist can expect an average salary of $81,000 per year. A marketer’s education requirement is usually at least a bachelor’s degree with some coursework in marketing management and business administration.
A property and casualty insurance marketer will need experience working with large corporate clients and building up a rapport with prospective customers before they have the skills necessary to become successful in this field.
Marketers must be able to sell without being too pushy, since many people find being sold on insurance to be unpleasant. Sales training is required as well as developing strong communication skills.
A marketer needs to be knowledgeable about products and how to answer questions about them.
The final skill that marketers need is the ability to maintain confidentiality, especially when it comes to medical records or personal information about their clientele.
Personal Lines Underwriter
Property and casualty underwriters assess insurance applications to determine coverage limits and rates.
They analyze a customer’s history to predict future risks. To do this job, you need at least a bachelor’s degree in business, finance, or a related field. Starting salaries for these positions range from $60,000-$90,000 per year.
To advance your career, there are more than one hundred schools that offer specialties like actuarial science and risk management. These schools can be found in the U.S., Canada, and internationally.
One of the best paying jobs in property casualty insurance is that of a billing specialist. A billing specialist is responsible for preparing and sending invoices to customers, as well as handling customer inquiries and processing payments.
A billing specialist typically earns a salary of $40,000-$50,000 per year. They also receive bonuses based on their performance.
The work schedule varies depending on the employer but can include evening hours or weekends.
Insurance claims adjuster: An insurance claims adjuster typically researches and reviews damages caused by accidents or natural disasters, evaluates costs for settlement, recommends coverage options to the company’s clients and negotiates settlements with policyholders.
Depending on experience, an insurance claims adjuster can earn between $55,000-$110,000 per year. Career opportunities for an insurance claims adjuster are excellent because the job market is expected to grow at about 24% over the next 10 years due to new government regulations.
Many businesses are hiring more than one claims adjusters so they don’t have downtime between assignments.
As a result, there’s fierce competition for these positions. However, it’s not necessary to complete formal education requirements to become an insurance claims adjuster- many companies will train you on the job once you pass their employment exam.
The only requirement is that you must be able to pass a criminal background check and drug test.
Property and casualty insurance appraisers typically work for insurance companies. They may also be self-employed.
Appraisers inspect damaged property, estimate the cost of repairs, and determine the value of the property. They usually work full time, but some may work part time. Most appraisers have a high school diploma or equivalent, but some companies may require postsecondary education, such as completing an accredited program or taking courses related to the job.
Many appraisers are required to take continuing education classes. Some states may require licenses or certifications. The median annual wage for these professionals was $53,300.
10% earned less than $37,740; 10% earned more than $88,050. Median annual wages were higher in the Northeast ($60,500) and lower in the South ($41,640).
Jobs with property in their title tended to pay better: 25% made over $92,060.
For those interested in this career path, Appraiser Career College provides training that is recognized by many states.
There are many different types of insurance, but one of the most important and most lucrative is property casualty insurance.
This type of insurance protects against damage to property, as well as liability for injuries that occur on the property. If you’re looking to start a career in insurance, these are some of the best-paying jobs in the field.
- Senior vice president (average salary $141,000)
- Branch manager ($123,000)
- Insurance agent ($58,000)
- Claims examiner ($54,000) Senior claims adjuster ($81,000)
- Insurance broker ($102,000) loss control coordinator ($73,000) commercial underwriter ($74,000).
In order to make it into any of these positions, however, you’ll need strong interpersonal skills and analytical abilities.
Landlord Insurance Agent
Working as a landlord insurance agent can be a great way to earn a good income while helping people protect their property.
As an agent, you’ll work with landlords to find the best coverage for their needs and budget. You’ll also be responsible for handling claims and helping resolve any issues that may arise.
Property casualty insurers generally offer three levels of coverage: basic, intermediate, and full-coverage. Basic is the most affordable but provides minimal protection; full-coverage offers more protection but is expensive.
Intermediate falls somewhere in between. To become licensed as a landlord insurance agent, you need to complete postsecondary education and pass your state’s licensing exam.
The starting salary range for this job depends on where you live and how much experience you have; however, it’s typically around $32,000 per year.
Another benefit of working as a landlord insurance agent is that you don’t need to worry about inventory or customers not being able to pay – instead, you get paid when someone pays their premium!
Life Insurance Agent
A life insurance agent helps people choose the right life insurance policy for their needs and budget.
They work with clients to understand their financial needs and goals, and then provide them with options that will meet those needs.
Life insurance agents typically earn a commission on the policies they sell, so they have a vested interest in finding the right policy for each client. Some life insurance agents are self-employed or work as independent contractors, while others are employed by an agency.
There is generally no formal education requirement for this position; however, an associate degree in business administration may be required depending on the employer. The salary range is from $30k-$50k. What’s your dream job? Become a life insurance agent!
Property Casualty Agent
As a Property Casualty Agent, you’ll be responsible for sales and service of property casualty insurance products.
You’ll work with customers to determine their needs and then match them with the right policy. This can be a rewarding career, both financially and emotionally, as you help people protect their most valuable assets.
Plus, the job outlook for Property Casualty Agents is positive, with a projected 10% growth in employment from 2016 to 2026.
Given that many people have experienced flood damage or been impacted by storms like Hurricane Harvey, Hurricane Irma, or Hurricane Maria recently, this type of job may appeal to those looking for ways to help others.
What Do Property Casualty Insurance Pay
A typical property and casualty insurance agent earns about $50,000 per year, but the top earners can make more than $100,000. The best way to increase your earnings is to sell more policies and/or sell higher premium policies.
You can also earn bonuses for meeting sales goals. If you work for a larger company, you may also be eligible for benefits such as health insurance and a 401(k) plan. In addition, some companies offer commissions for referring new customers or working with local businesses. Some of these commission opportunities are offered on an individual basis while others are available through independent contractor agencies.
These agency programs may require that you have an independent contractor’s license. Other business owners who want to purchase liability insurance might consider buying it through their own employer’s group policy.
A typical property and casualty insurance agent earns about $50,000 per year, but the top earners can make more than $100,000. The best way to increase your earnings is to sell more policies and/or sell higher premium policies. You can also earn bonuses for meeting sales goals.
How Many Jobs Are Available In Property Casualty Insurance
There are plenty of opportunities available in the field of property causality insurance. The job market is strong and growing, so there are plenty of options for those looking to enter the field. The average salary for someone working in this field is quite high, making it a great option for those looking to make a good living.
There are a few different positions that tend to be the best paying in this field, so if you’re looking to make the most money possible, you’ll want to focus on these roles. The highest-paying jobs are usually found with insurers themselves, but there are other avenues as well.
For example, some people choose to work as claims adjusters or as underwriters. These professionals typically earn an annual salary somewhere between $50,000 and $100,000. If you have experience and expertise in accounting, finance, or investments, you may also find your way into one of these higher-level positions with companies like Allstate or Liberty Mutual Insurance.
You can also opt to go into law enforcement and then specialize in investigating fraud cases that involve personal injury insurance claims. As such professionals often earn upwards of $80,000 per year plus bonuses depending on their experience level.