Many graduates want to know the best paying jobs in property casualty insurers. Some are asking how many jobs are available in property-casualty insurers. The truth is that the property casualty insurance industry is one of the fastest-growing segments in the insurance industry. The best-paying jobs in property casualty insurers are often found in claims and underwriting, but there are opportunities across the board.
Getting one of these high-paying jobs helps to know what types of positions are available, as well as what skills you will need to get hired and succeed in the field.
Learn what a Property Casualty insurer is, the highest paying jobs in Property Casualty insurers, the industry’s risk, and the number of jobs available in the Property Casualty insurer.
What is Property Casualty Insurer?
Property Casualty insurance, also known as P&C insurance, is a type of property and casualty insurance that covers risks in broad categories such as fire, natural disaster, liability, and medical payments. Other types of coverage include car, home, and life insurance.
The property casualty insurance industry is very large and diverse. It’s made up of many types of insurance companies that offer policies to fit your needs. Property Casualty insurers write policies for businesses and individuals to protect their assets from damage caused by fire, theft, or other perils listed in the policy documents.
Property Casualty insurance covers a wide range of coverage types, including:
- Auto insurance for cars, motorcycles, and other vehicles
- Homeowners insurance for residential properties such as houses and condominiums
- Commercial property insurance for businesses such as offices, retail stores, and warehouses
- Business owners policy (BOP) provides both property and liability coverage for a single annual premium
- Flood insurance covers damage from flooding caused by rising water levels (not wind-driven water)
The property-casualty insurance industry is expected to increase by 3% according to the U.S. Bureau of Labor Statistics (BLS).
Highest and Best Paying Jobs In Property Casualty Insurer
Below are the top highest paying jobs in property casualty insurer you want to apply for today.
1. Actuaries
Actuaries are some of the best paying jobs in property casualty insurers. Actuaries are mathematical experts who calculate the probability of future events. They use their knowledge of statistics to predict the risk of events such as fire, theft, and natural disasters.
Actuaries formulate mathematical models that help insurers determine premiums based on risk factors such as age or gender. They also may help determine whether policyholders are eligible for certain types of coverage. A bachelor’s degree in mathematics or a related field is typically required for this position, and prior experience in insurance or finance is also beneficial.
The annual median salary of Actuaries ranges from $150,000 to $250,000.
2. Insurance Underwriters
Insurance underwriters are the second highest paying jobs in property casualty insurers in the US. Insurance underwriters review applications for insurance policies and determine if applicants are eligible for coverage under a particular policy or group of policies. They also research the insurance company’s practices and make recommendations to management regarding possible changes in policy terms, rates, or coverage options.
They also assess the risk management practices of companies applying for coverage. These individuals must understand complex financial statements and manage large amounts of data.
An insurance underwriter makes about $59,720 to $182,500 depending on their experience level, position, and expertise.
3. Loss Prevention Analysts
Loss prevention analysts work with companies to help them reduce their losses from theft and other losses by developing techniques that prevent such losses from occurring in the first place. They also help companies develop strategies for minimizing damage from disasters such as floods or fires to reduce claims on their insurance policies.
Loss prevention analysts must have great analytical skills and make a median salary of $51,739 in the United States.
4. Property Loss Adjuster
Property loss adjuster focuses exclusively on losses caused by natural disasters such as floods and hurricanes instead of accidents or other incidents involving human error or negligence. Property loss adjusters also typically handle more complex cases than their counterparts in claims adjustment because they deal with situations requiring engineering and construction expertise.
In the United States, the Property loss adjuster makes $26.21 per hour and $54,520 annually as an average salary.
5. Underwriting Manager
The underwriting manager is responsible for managing all aspects of an insurance company’s underwriting department, including setting premiums and determining the eligibility of claims. They also work with senior executives to develop new products, pricing strategies, or marketing campaigns.
As of September 26, 2022, the average annual salary of an Underwriting Manager is $123,500, which ranges between $107,031 and $144,990.
6. Chief Compliance Officer
This position requires its occupant to ensure that their company’s business practices comply with current laws and regulations. A chief compliance officer must have experience working in law enforcement or financial services, as well as extensive knowledge of corporate governance policies.
Most times, the chief Compliance Officer does have a solid background in law, specifically business or financial law.
The average base salary of the Chief Compliance Officer is $237,601.
7. Accountant
Property and casualty insurance companies need accountants to maintain accurate financial records and prepare client tax returns. Accountants work closely with auditors on projects that require financial analysis or audits.
They may also provide tax planning services for clients or help them determine whether they should invest in stocks or bonds for growth purposes. Accountants can expect to earn an average annual salary of $89,000.
8. Auditor
Auditors review insurance company financial statements and determine whether they accurately reflect assets and liabilities within an organization’s accounting system. Auditors also perform internal control tests on behalf of the insurance company. They must have strong mathematical and financial knowledge.
Auditors earn a median salary of 94,814 in the United States.
9. Claims Adjuster
Claims adjusters review claims submitted by policyholders, investigate them and decide whether they should be paid out. They may also negotiate with policyholders to settle claims before the court.
Claims Adjuster has a good knowledge of the law and insurance and has solid investigative skills. They earn about $53,500 to $114,000 depending on your specification of Claims Adjuster. The highest-paid claim adjuster is the General Claims Adjuster.
10. Sales Representative
Sales representatives sell insurance policies to potential customers through direct sales or referrals from other agents within the agency network.
They have good marketing and customer service skills. Their median annual salary ranges from $62,070 to $89,030.
What are the Biggest Risks Facing Property and Casualty Insurers?
Every industry in the world economy has its own advantages and disadvantages as well as the risks involved in working in such an industry.
Below are some of the biggest risks facing Property and Casualty insurers today.
1. Natural Disasters
Natural disasters are one of the biggest risks facing property and casualty insurers today. The risks involved are so high that one might have to think twice.
Hurricanes and earthquakes are two major natural disasters that property-casualty insurers must contend with when providing coverage to their customers. Natural disasters can cause millions of dollars in damage, so property/casualty insurers must prepare by developing a plan for how to react if a natural disaster strikes their area.
The best way to do this is by having a comprehensive risk management plan (RMMP) that includes a disaster preparedness strategy and an emergency response plan (ERP).
2. Increased Competition
The risk involved in starting any business is the market competition. This makes competition a major risk involved in property casualty.
The increase in natural disasters drives demand for property-casualty insurance coverage from individuals and businesses. At the same time, insurers have become more aggressive about increasing their market share by lowering premiums and improving claims-handling processes to attract more customers who might otherwise go with an alternate provider.
3. New Technology
Insurers are also facing new competition from tech companies like Google, Amazon, and Apple, which are investing heavily in artificial intelligence (AI) applications that could disrupt their business or provide services to customers.
4. Changing Regulatory Environment.
The insurance industry is being reshaped by new regulations and legislation, including the Dodd-Frank Act and the Affordable Care Act.
5. Rising Reinsurance Costs And Climate Change-Related Risks.
Reinsurance costs have risen in recent years because of extreme weather events such as hurricanes Harvey, Irma, and Maria, wildfires in California, and earthquakes in Mexico City. In addition, climate change presents new risks for property casualty insurers that must be accounted for in pricing policies and setting rates.
6. The shift in Business Model
The shift from traditional commission-based sales to value-based models and alternative distribution channels (direct or captive channels) can diminish some of the traditional safeguards against mis-selling and fraud, such as broker training requirements or independent appraisals.
7. Cyberattacks
Cyberattacks have increased in frequency and severity since the turn of the century and continue to grow in both number and severity. The best protection against cyberattacks is to have an insurance policy that covers you for losses due to data breaches, system failure or disruption, business interruption, and more.
What Is The Highest Paying Job In The Insurance Industry?
The highest-paying job in the insurance industry is Actuaries. Actuaries are one of the best paying jobs in property casualty insurers. They earn from $152,000-$263,000 per year depending on the size of the company you are working in.
Actuaries are mathematical experts who calculate the probability of future events. They use their knowledge of statistics to predict the risk of events such as fire, theft, and natural disasters.
Actuaries formulate mathematical models that help insurers determine premiums based on risk factors such as age or gender. They also may help determine whether policyholders are eligible for certain types of coverage. A bachelor’s degree in mathematics or a related field is typically required for this position, and prior experience in insurance or finance is also beneficial.
The annual median salary of Actuaries ranges from $150,000 to $250,000.
What is the difference between life insurance and property and casualty insurance?
Life insurance provides coverage if the insured dies while the policy is in force. Property and casualty (P&C) policies cover damage to or loss of your property due to theft, fire, vandalism, or other causes like hurricanes. In most cases, P&C policies can be canceled at any time without paying a cancellation fee.
Life insurance policies are more expensive, but they are not cancelable unless you become unable to pay premiums due to death or illness.
What types of Property Casualty Insurance are there?
Property Casualty insurance can be divided into three broad categories: general liability, commercial auto, and business owner’s policy (BOP). General liability covers claims resulting from bodily injury or property damage caused by your business operations or products. Commercial auto covers the cost of bodily injury or property damage to others in your vehicle and damage to your vehicle. A BOP provides property coverage for personal assets such as inventory or office equipment and liability coverage for personal injury and damage to other people’s property. Additional coverages may include product liability, crime coverage, and cyber liability.
Are all states required to have Property Casualty Insurers?
No. All states have laws requiring certain types of insurers, but not all states require every type of insurer. For example, some states do not require automobile insurers, while others require them but do not specify how many companies must offer this kind of coverage.
What is the difference between a property/casualty and a life/health insurer?
Property/casualty insurers insure risks associated with tangible property, such as homes, vehicles, and business property. Life/health insurers are in the business of insuring risks related to people’s lives and health. The two most common types of property/casualty policies are homeowners’ insurance (which covers residential property) and auto insurance (which covers automobiles).
In A Nutshell;
The highest and best paying job in property and casualty insurance is an Actuary. Most jobs in the Property Casualty insurance sectors are office-based, requiring financial, insurance, mathematic or legal background. To work in the industry, you must have a minimum of a bachelor’s degree in any of these fields. The jobs are highly rewarding, and the more experience you gather, the higher your pay and better job benefits.
