The Property-Casualty Insurers industry has a good outlook for the next five years. The market is expected to grow at a compound annual rate of 5.1% over the period 2017-2023, reaching US$269.5 billion in 2023.
This growth will be fueled by rising demand for property and casualty insurance products as a result of increased awareness of the need to protect businesses and households from financial losses resulting from natural disasters, accidents, and other events.
In this blog post, we will take a look at the 15 best paying jobs in the Property-Casualty Insurers industry.
Highest Paying Jobs in The Property-Casualty Insurers industry
Risk Manager
Average base salary: $90,936 per year
Risk managers develop and implement strategies to manage the financial impact of risks faced by their company.
They work with insurance companies to purchase insurance policies, and they also work with other departments within their company to identify and mitigate risks.
Financial Analyst
Average base salary: $71,260 per year
Financial analysts provide information and analysis to help Property-Casualty Insurers make decisions about investments, pricing,, and other financial matters.
They may also work with actuaries to develop models to assess risk.
Insurance Broker
Average base salary: $83,940 per year
Insurance brokers work with Property-Casualty Insurers to find the best insurance policies for their needs.
They shop around for the best rates and coverage, and they also provide advice on risk management.
Underwriting Assistant
Average base salary: $47,169 per year
Underwriting assistants work with Property-Casualty Insurers to review and process insurance applications.
They may also perform background checks on applicants and help determine whether an applicant is a good risk.
Actuary
Average base salary: $114,154 per year
Actuaries analyze cause series to calculate investment returns and make recommendations based on their findings.
They are key in determining why some investments work and others fail.
They also work with Property-Casualty Insurers to set premiums and rates.
Claims Adjuster
Average base salary: $60,636 per year
Claims adjusters investigate insurance claims and determine whether Property-Casualty Insurers are liable for the damages.
They work with policyholders, claimants, and lawyers to gather information and negotiate settlements.
Data Analyst Property and Casualty Insurance
Average base salary: $86,000 per year
Data analysts Property-Casualty Insurers use data to assess risk and make recommendations on how to manage it.
They work with actuaries and underwriters to develop models and analyze trends.
Insurance Sales Agent
Average base salary: $69,904 per year
Insurance sales agents Property-Casualty Insurers sell insurance policies to individuals and businesses.
They work with clients to assess their needs and find the best coverage for them.
Business Analyst – Insurance
Average base salary: $61,507 per year
The job involves doing research and providing accurate information to clients on the basis of that information. Such specialists help companies understand better how the insurance sector works.
Insurance Investigator
Average base salary: $58,315 per year
An insurance investigator is responsible for investigating fraud and other crimes.
To gather evidence and build cases, they work with law enforcement
Insurance Field Inspector
Average base salary: $48,693 per year
An insurance field inspector is responsible for inspecting homes and businesses to assess risk.
They take photos, measurements, and other data to help underwriters determine premiums and coverage.
Insurance Claim Clerk
Average base salary: $35,694 per year
An insurance claim clerk is responsible for processing insurance claims.
They work with claimants, adjusters, and lawyers to gather information and documentation.
Loss Control Consultant
Average base salary: $65,327 per year
A loss control consultant is responsible for assessing risk and making recommendations on how to mitigate it.
They work with clients to identify hazards and develop safety plans.
Claim Examiner
Average base salary: $48,762 per year
A claim examiner is responsible for reviewing insurance claims to determine coverage.
They work with claimants, adjusters, and lawyers to gather information and documentation.
Insurance Underwriter
Average base salary: $116,548 per year
An insurance underwriter is responsible for assessing risk and determining coverage.
In their work, they use actuaries and data analysts to develop models and further analyze trends.
Who are Property-Casualty Insurers?
Property-Casualty Insurers are insurance companies that underwrite policies to protect businesses and individuals from financial losses resulting from events such as car accidents, fires, theft, natural disasters, and lawsuits.
The Property-Casualty Insurers industry includes a wide range of companies, from small regional insurers to large global firms.
Is Property-Casualty Insurance a Good Career Choice?
Working in the Property-Casualty Insurers industry can be a very rewarding career choice. Property and casualty insurance is a stable industry, and jobs in this field are expected to grow at a faster than average rate over the next decade.
In addition, Property-Casualty Insurers offer good pay and benefits, and many companies offer flexible work schedules and telecommuting options.
What Do I Need to Become Successful in Property-Casualty Insurance?
Most Property-Casualty Insurers jobs require at least a bachelor’s degree, although some positions may only require a high school diploma or associate’s degree.
Some specialists may also require certification, such as the Associate in Insurance Services (AIS) designation.
In addition to formal education and training, jobs require analytical and problem-solving abilities, communication and customer service skills.