Property-casualty insurers are organizations that provide insurance that protects your home, automobile, or other property from vandalism, theft, and other risks. Property-casualty insurance is crucial in reducing financial problems and managing unintentional losses. Property-casualty insurance includes things like homeowners’ insurance, car insurance, and renters’ insurance.
Continue reading to learn about the best-paying positions in property-casualty insurance. In this article, we shared the 22 best paying-jobs in property-casualty insurers-this was done after much research in the insurance industry.
1. Executive Vice-President Of Operations
The executive vice president of operations manages the operational activities that contribute to a more efficient and cost-effective process following the insurer’s aims. The executive vice president reports directly to the president or CEO.
Salary: The average annual salary for an executive vice president of operations is $200,500.
Education and Experience:
It would help if you had a bachelor’s degree in finance, accounting, or the like. A master’s degree in insurance is also required. Other training and skill acquisition are a plus. For example, an executive vice president of operations must have 10 to 15 years of insurance experience in any management role.
2. Chief Risk Officer
A chief risk officer, also known as CRO, is a C-level executive overseeing the company’s financial risks. The CRO is responsible for aligning business with a balanced risk/reward approach for effective decisions.
They monitor, assess, and mitigate risk daily. The chief risk officer uses various techniques, like historical simulation, to quantify risk limits.
Salary: The average annual salary for a chief risk officer is $180,461
Education and Experience:
A bachelor’s degree in finance, accounting, or another closely related one is required to be a qualified chief risk officer. Also, most chief risk officers earn a master’s degree in risk management or a related field to advance their careers. Some also go as far as doing a doctorate. To become a chief risk officer, you are expected to have at least 20 years of experience in the insurance or finance field.
3. Claims Director
A claims director oversees an insurance claims department’s daily and long-term operations. They direct the department by establishing uniform policies on insurance coverage and claims for various situations, such as personal injuries, property damage, or casualty loss, based on appraisal data and claim verification by other insurance specialists. A claim director can sometimes take over complex claims from subordinates.
Salary: The average annual salary for a claims director is $125,600
Education and Experience:
To become a claims director, you need a bachelor’s degree in business administration, insurance, or any related field. Also, most claim directors earn a master’s degree in business administration (MBA) to increase their opportunities. To become a claims director, you need to have several years of experience as a claims specialist and advance to a claims manager before becoming a director.
4. Consulting Actuary
An actuary consultant advises clients on accounting and risk management. As an actuary consultant, you can work for a large consulting firm or as a freelancer. Your responsibilities include data collection and analysis and providing solutions to the organization or customer you are consulting.
Salary: The average annual salary for an actuary consultant is $97,000
Education and Experience:
To become an actuary consultant, you need a bachelor’s degree in actuarial science, mathematics, statistics, or a related field. In addition, to work as an actuary consultant, you must become a member of the Society of Actuaries (SOA) and earn the Professional Actuary designation. You also need at least four years of practical experience working in the field.
5. Actuary
Actuaries measure the financial risk of future events by applying analytical skills like statistics, math, and financial theory. They mostly use software like SQL and Excel. In addition, Actuaries price insurance policies and advise corporations on how to meet regulatory standards and balance capital.
Salary: The average annual salary for Actuary is $100,000
Education and Experience:
To become an actuary, you need a bachelor’s degree in actuarial science, statistics, or mathematics. Also, most actuaries pursue a Fellow designation by the Casualty Actuarial Society (FCAS) or an Associate designation by the Casualty Actuarial Society (ACAS) to boost their chances of employment. Furthermore, most actuaries usually have at least experience in a related field.
6. Underwriting Manager
As an underwriting manager, your responsibilities include overseeing the underwriting department’s daily operations and administrative chores, often under the supervision of a department head or director. Your tasks involve assisting underwriters in reviewing applications, implementing appropriate screening methods, and developing new approaches and models to assess the financial risk your company assumes during its client transactions. As the manager, you guarantee that your team meets its objectives and knows the office’s aims. You may also be asked to provide customer assistance on behalf of the department.
Salary: The average annual salary for an underwriting manager is $99,500
Experience and Education:
Underwriting analysts must have at least a bachelor’s degree in business administration, finance, or risk management. Some underwriting analysts go on to get a master’s degree in business administration. Most underwriting managers have at least five years of expertise in underwriting analysis.
7. Insurance Product Manager
The insurance product manager identifies new insurance products and the company’s ability to profit from the product without increasing risk. An insurance product manager also reviews existing insurance products to determine what to add or remove to reduce risk with client satisfaction.
Salary: The average annual salary for an insurance product manager is $98,850
Education and Experience:
To pursue an insurance product manager career, you need at least a bachelor’s degree in any quantitative discipline. Also, insurance product managers can earn a master’s degree to advance their careers. However, certification should be considered for those with no interest in pursuing a master’s degree. Insurance product managers obtain certifications: Certified Insurance Counselor, Associate in Risk Management, C Language Certified Associate, and Certified Scrum Product Owner. Most insurance product managers have five years of experience in insurance or management.
8. Insurance Broker
Insurance brokers act as intermediaries between insurance companies and clients. It can be individual clients or corporate clients. Insurance brokers help their clients to find the best policy when reviewing risk factors and finances.
Salary: The average annual salary for an insurance broker is $72,600
Education and Experience:
A degree in accounting, business management, economics, or mathematics will be helpful, but you can also become a junior or trainee insurance broker with GCSEs. It is because, most times, employers are interested in the employee’s skills and contribution. Junior insurance brokers can advance their careers by gaining experience and insurance qualifications. To start as an insurance broker trainee, you don’t need prior experience, just skills, and education.
9. Life Insurance Agent
Clients will be contacted by a Life Insurance Agent who will take them through applying for and acquiring life insurance coverage. While some employers provide life insurance as part of their benefits package, it is also accessible for individuals. An Insurance Agent can assist clients with the difficult task of filling out insurance forms. They provide guidance and explain complicated financial and insurance jargon in layperson’s terms. A Life Insurance Agent must be an excellent communicator who can easily translate a complex process.
Salary: The average annual salary for a life insurance agent is $100,200
Education and Experience:
To start as a life insurance agent, you will need a bachelor’s degree in finance, management, psychology, or any insurance-related field. No experience is required to start.
10. Property-Casualty Insurance Agent
A property-casualty insurance agent is a person whose duty is to sell products like automobile, boat, and motorcycle insurance. In addition, they assist clients in understanding their options, explaining coverage details, and completing the application process. A property-casualty insurance agent works mainly on commission, based on the new customer sales and customers who renew their existing policy.
Salary: The average annual salary for a property-casualty insurance agent is $54,560
Education and Experience:
A property-casualty insurance agent can have a bachelor’s degree in business, economics, or a related field. They can also have only a high school diploma but proven sales ability. To become a property-casualty insurance agent, you need to be licensed by your state to sell property and casualty insurance.
11. Homeowners Insurance Agent
Homeowner insurance agents help clients obtain homeowners insurance policies that fit their budgets and needs. In addition, they provide insurance policies that help clients protect their homes and belongings in unforeseen circumstances like theft or fire outbreaks.
Salary: The average annual salary for a homeowner insurance agent is $66,730
Education and Experience:
You can start a career as a homeowner insurance agent with a high school diploma or GED certificate. You also need to be licensed by your state. The duties of a homeowner insurance agent mainly involve cold-calling potential clients, so sales skills are crucial.
12. Insurance Agency Manager
The performance of every employee working for an insurance branch is monitored by an insurance agent manager, who also ensures that all company rules are upheld, including the filing of client records. In addition, as an insurance manager, you oversee a salesperson or broker, helping them increase sales and close adequate policies. In this role, you frequently participate in several branch actions, including the approval, rejection, or examination of claims.
Salary: The average annual salary for an insurance agency manager is $66,870
Education and Experience:
The primary qualification for getting a job as an insurance manager is a bachelor’s degree in management or any insurance-related field. In addition, most insurance agency managers have five years of experience in the insurance industry.
13. Insurance Field Inspector
An insurance field inspector inspects residential and commercial properties before the underwriter issues a policy. They examine claims for coverage under insurance policies, including homeowner insurance or automobile liability.
Salary: The average annual salary for an insurance field inspector is $57,680
Education and Experience:
To pursue a career as an insurance field inspector, you need a bachelor’s degree in a field such as finance, business, or accounting. No prior experience is required, but knowledge about construction and buildings is a plus.
14. Insurance Sales Agent
Insurance sales agents are professionals who sell insurance policies like auto, health, life, and property insurance to clients on behalf of the insurance companies. They scout potential clients for specific insurance packages. They also make use of the cold calling technique for potential clients. Finally, it is also the responsibility of the insurance sales agent to explain to the client the benefits and downsides of the insurance service.
Salary: The average annual salary for an insurance sales agent is $58,000
Education and Experience
The education required to be an insurance sales agent is a bachelor’s degree in business, insurance, or psychology. Insurance sales agents also need an insurance license, mainly for those with only their high school diploma or GED. Most insurance companies won’t ask for experience, while some might ask for at least one year of experience in sales or the insurance industry.
15. Insurance Advisor
Insurance advisors assist clients in understanding and choosing the right insurance policies according to their budgets and needs. They also advise clients on the best use of their services to maximize value. Insurance advisors primarily work with a specific product type, like automobile insurance.
Salary: The average annual salary for an insurance advisor is $54,580
Education and Experience:
If you want to be an insurance advisor, a bachelor’s degree in finance, business, economics, or actuarial science is required. Certifications are not a must, but they can help increase earning potential.
16. Business Development Representative
A business development representative is a sales professional responsible for contacting potential clients through cold calls and emails to drive customer interest in the products their insurance company offers.
Salary: The average annual salary for a business development representative is $53,320
Education and Requirement:
To pursue a business development representative career, you need a bachelor’s degree in marketing, finance, or accounting. In addition, most business development representatives have two years or more experience in lead generation fields.
17. Underwriting Analyst
An underwriting analyst evaluates the risk involved in issuing insurance policies. They analyze new business applications to determine the risk factors and price insurance policies accordingly. Another role of an underwriting analyst is to research claim history to determine if there are any indications of fraudulent activity.
Salary: The average annual salary for an underwriting analyst is $57,070
Education and Experiment:
Underwriting analysts must have a bachelor’s degree in business administration, finance, or risk management. Some underwriting analysts further their education by earning a master’s degree in business administration.
18. Property-Casualty Insurance Producer
Property-casualty insurance producers are licensed to sell, solicit or negotiate insurance. They are mainly responsible for meeting new business production goals and objectives while interviewing new leads.
Salary: The average annual salary for a property-casualty insurance producer is $52,670
Education and Experience:
A property-casualty insurance agent can have a bachelor’s degree in business, economics, or a related field. They can also have only a high school diploma but proven sales ability. To become a property-casualty insurance agent, you need to be licensed by your state to sell property and casualty insurance.
19. Property Underwriter
The insurance premium and coverage amounts needed for real estate, vehicles, and boats are decided by a property underwriter. As a property underwriter, your primary duties will be to screen applicants and evaluate a property’s risk based on factors like the borrower’s claims history, loan amounts, and environmental conditions.
Salary: The average annual salary for a property underwriter is $63,500
Education and Experience:
You will need a bachelor’s degree in business, finance, or a closely related discipline and excellent analytical abilities for this position. You can also obtain professional certification from insurance groups to prove your competence and gain an edge with companies.
20. Claims Adjuster
A claims adjuster looks into insurance claims to ascertain how much liability is covered. Claims adjusters may handle liability claims involving personal injuries or third-party property damage, as well as property claims involving damage to structures.
Salary: The average annual salary for a claims adjuster is $57,600
Education and Experience:
Typically, insurance claims adjusters need at least a high school diploma, although an associate’s or bachelor’s degree can be preferred. From there, individuals will need to study and pass a licensing exam. Claims adjusters need to complete continuing education credits to keep their licenses.
21. Power Sports Insurance Agent
Power sports insurance agents ensure most of the power sports recreational equipment, including boats, snowmobiles, motorhomes, and travel trailers. Therefore, power sports professionals must possess exceptional salesmanship abilities and solid connections with dealer partners.
Salary: The average annual salary for a power sports insurance agent is $56,040
Education and Experience:
The education required to be a power sports insurance agent is a bachelor’s degree in business, insurance, or psychology. They also need an insurance license, mainly for those with only their high school diploma or GED. Most insurance companies won’t ask for experience, while some might ask for at least one year of experience in sales or the insurance industry.
22. Claims Examiner
Claims examiners examine insurance claims to ensure that the proper procedures were followed in the investigation and reporting of claims by both claimants and claim adjusters. In addition, claims examiners check for conformity with the law, accept or reject insurance claims, and aid claim adjusters as necessary.
Salary: The average annual salary for a claims examiner is $62,300
Education and Experience:
Like the claims adjusters, claims examiners need at least a high school diploma, although an associate’s or bachelor’s degree can be preferred. From there, individuals will need to study and pass a licensing exam. Claims examiners need to complete continuing education credits to keep their licenses.