In general, insurance companies are some of the least attractive businesses out there. They make a profit by collecting premiums from customers and investing them in stocks and bonds while paying as little as possible to cover damages. It’s a good deal when things are going well, but it runs into trouble when interest rates go down.
But there is one type of insurance that has been consistently profitable for decades: property damage insurance. And now is an excellent time to consider working for a property and casualty insurer.
Property and casualty insurers sell policies that protect people from financial losses caused by car accidents, fires, and other disasters. These policies are more cost effective than health plans because they cover unpredictable losses rather than predictable health costs.
According to a report by the International Labor Organization, property and casualty insurers employ about 2 million people worldwide. The industry includes insurance companies that write auto, home, and business policies. In terms of market share, the largest property-casualty insurers include State Farm Mutual Automobile Insurance Co., Allstate Corp., Berkshire Hathaway Inc., Liberty Mutual Holding Co. Inc., Progressive Corp. and Travelers Cos. inc.
Why pursue a career in property and casualty insurance?
Working in the property casualty industry is a great career option for those who enjoy helping others and working with numbers. It is a growing industry that also offers a high salary and benefits package. And it is an industry that also offers job security.
Companies that insure property and people are called “property-casualty” (PC) insurers. They are a good place to start because their business is fairly simple and, in an economic sense, highly competitive.
A PC insurer pays for property damage and personal injury or death. At first glance, it seems that it should be a very simple business, with little competition from other insurers.
What insurance companies sell is the right to sue them. It’s a general principle of law that if you want to sue someone, you can’t just walk up and slap them in the face with a citation. Have any reason to sue.
And in particular, have some legal claims against them. An insurance policy creates such a claim by promising to pay you money if something bad happens to you. The insurance company has given you cause to sue them.
The highest paying jobs in property casualty insurers
#1. insurance underwriter
Salario anual medio: $ 67,680
Insurance underwriters are the first line of defense for insurance companies. They review insurance applications and decide which insurance policies should be issued and at what cost. They also decide whether to accept the risk of issuing a policy to a particular person or company.
These workers evaluate applicants’ information using statistical tables that show the probability of certain hazards (for example, accidents, fires, floods) occurring. Insurance underwriters often specialize in insurance coverage, such as life insurance or property and casualty coverage.
#two. subscription assistant
Average annual salary: $55,120 – $63,720
Insurance underwriters review insurance applications to determine if insurance should be provided and under what terms. They use their knowledge of various insurance and other forms of risk management to evaluate applicant information, determine coverage amounts and prices, and write policies.
They must be able to assess potential risks and decide whether an applicant should be insured. Insurance underwriters can also review insurance applications and decide whether to accept, reject, or refer them to supervisors. They must assess liability risks when deciding how much coverage a customer should receive or how much to pay for a policy.
Insurance underwriters must have a bachelor’s degree, preferably in business or a related field, such as finance or economics. Certification is available from The Institutes for people who already work in the industry but lack insurance degrees.
Salario anual medio: $ 101,000
Actuaries often work with probability statistics and are expected to have a strong understanding of probability theory and calculus. In addition to calculating the probability of a loss occurring, actuaries are also responsible for designing new insurance products. Actuaries who work for life insurance companies may also calculate mortality rates, or how people die.
The typical salary for an actuary is $101,000 per year and the demand for actuaries is expected to continue to increase over the next decade. This makes it one of the highest paying jobs in property and casualty insurance.
#4. risk manager
Salario anual medio: $ 139,110
Property and casualty insurance companies employ many risk managers. The successful candidate for this position should have a bachelor’s degree in business or finance and several years of experience in the field. These professionals develop and implement risk management plans for their employers.
Risk managers start by identifying the areas where your company could suffer losses. They then update existing risk management plans or create new ones to mitigate these risks. After this, they monitor your company’s compliance with these plans and make any necessary reviews.
When employees fail to follow these plans, risk managers can discipline them as well. Additionally, they can develop safety and security education programs that help employees make better decisions on the job.
#5. claims adjuster
Salario anual medio: $ 60,000
Claims adjusters generally work for property and casualty insurance companies. They investigate insurance claims by interviewing the claimant and witnesses, reviewing police and hospital records, and inspecting property damage to determine the extent of the company’s liability. Adjusters may also attempt to negotiate a settlement with the claimant or the attorney representing the claimant.
Adjusters spend most of their day on the phone coordinating with medical providers and attorneys or driving to meet with claimants. The job requires a certain amount of empathy for people who have been injured in an accident or have lost property.
#6. Loss Control Consultant
Salario anual medio: $ 100,000
Loss control consultants are among the highest paying jobs in property and casualty insurers. These professionals assess the exposure to loss of an insurance company’s policyholders. They work closely with underwriters, sales representatives and customers to develop and deliver loss control programs to help customers reduce the risk of loss, minimize accidents and increase safety.
Conduct site surveys of the insured’s operations to identify potential hazards and recommend eliminating or minimizing the hazards. Loss control consultants provide training and conduct seminars designed to educate policyholders on loss prevention techniques and strategies.
In addition, they prepare reports that describe their findings and the steps that must be taken to prevent losses. Loss Control Consultants also build relationships with clients and work closely with them to help them achieve their goals. In addition, they serve as a link between carriers, agents, insureds and other interested parties to provide information and services that will benefit their customers.
#7. Property & Casualty Insurance Data Analyst
Salario anual medio: $ 86,000
Data analysts are the key to success in any business. They collect data from various sources, clean it, and then turn it into useful information. Data analysts help make informed decisions by providing valuable insights based on data.
Data analysts can work in any industry, including property and casualty insurance companies. These companies use statistical methods to analyze data and then create reports for clients and consumers. They also work with the marketing and sales teams to develop new ways to use data to make the business more profitable.
When searching for the highest paying property and casualty insurance jobs as a data analyst at a property and casualty insurance company, you need to have good communication skills as you will be working with people from all departments within the organization. You also need experience working with databases or other software programs that store large amounts of information, such as Microsoft Excel or Access databases.
# 8. Analista financiero
Salario anual medio: $ 75,000
Financial analysts provide financial data and information to management to help them make more informed decisions. They work in many industries and use many types of analysis. Some specialize in a certain type of research, such as risk or return analysis, while others provide a broader range of analytical services.
They are not only found in the financial markets. They also serve as analysts for insurance companies and self-insured organizations. These analysts provide managers with more information about the risks associated with their products and the costs of self-insuring versus using an outside insurer. They also work with actuaries who deal with specific issues related to insurance products, such as life insurance or pension funds.
#9. Insurance broker
Salario anual medio: $ 66,000
Insurance brokers are the intermediaries of the insurance industry. They have licensed agents who sell and help their clients choose insurance policies offered by different insurance companies. The main objective of insurance brokers is to find their clients the best coverage at the best available price.
To accomplish this, they must do a great deal of research and shop around. First, they must assess the needs of their clients and determine what types of coverage are necessary. For example, if a client owns a home that he would like to insure, a broker would need to determine how much coverage he would need to cover all potential damages.
Once they have determined what types of policies are necessary, brokers compare offers from different insurance companies to find the best deal for their clients. Brokers can sometimes even negotiate with insurers on behalf of their clients to lower premiums or deductibles.
#10. Business Analyst – Insurance
Salario anual medio: $ 64,000
A business analyst in the property and casualty insurance industry analyzes data, finances, and processes related to the production of policies. The business analyst will also create reports, update databases, and make recommendations to management based on their findings.
This position requires a bachelor’s degree or equivalent work experience and knowledge of data analysis software. A property and casualty insurance business analyst earns an average salary of $64,000 per year.
For example, insurers are in high demand for business analysts, as they are tasked with identifying ways to improve organizational efficiency and reduce costs while increasing employee productivity. And while digital marketing may be a relatively new field, insurers have been quick to embrace it to reach new customers through search engine optimization (SEO), social media marketing, and website design.
#eleven. insurance sales agent
Salario anual medio: $ 58,000
An insurance sales agent sells life and/or health, property and casualty policies to individuals. They will also sometimes help small businesses with their insurance needs. As a sales agent, you will work with clients to determine their insurance needs and recommend appropriate policies. In addition to doing this, you’ll help them fill out the application and any other paperwork needed for the policy.
Insurance sales agents can earn a significant income once they are established. Many agents can earn between $50,000 and $70,000 per year or more for salaries. Many companies offer good benefits packages, including health care coverage and retirement plans.
#12. claims examiner
Salario anual medio: $ 56,000
The claims examiner is a critical position within the property and casualty insurance industry. These professionals perform tasks such as reviewing, investigating, and adjusting vehicle accident, property damage, and personal injury claims. They also make sure you pay claims in a timely manner.
Most insurance companies prefer candidates with a college degree and experience in the insurance industry. Every day, claims examiners review insurance claims and decide whether to pay them. If a criminal wrecks your car, you call your insurance company and file a claim.
A claims examiner will look at the damage and decide how much money the company should pay to cover it. They can also assess how much money to award for pain and suffering if you were injured in an accident.
#13. Insurance Investigator
Salario anual medio: $ 55,000
Insurance investigators are responsible for investigating suspicious claims. Investigations may involve:
- Interview the claimant or other witnesses.
- Inspect the property in question.
- Checking police records.
- Realización de vigilancia.
Investigators also provide written reports of their findings and recommendations for payment, denial, or further investigation.
They typically have a law enforcement background, although some employers prefer candidates with degrees in criminal justice or law enforcement. Most jobs require a high school diploma, although some positions may require a bachelor’s degree.
Property and casualty insurance investigators generally need at least a high school diploma and typically receive on-the-job training lasting up to a year for entry-level positions. Some states require applicants to obtain a private investigator license before they can begin work.
#14. Insurance Field Inspector
Salario anual medio: $ 34,600
Insurance field inspectors are responsible for inspecting and documenting property or casualty claims. They use photography and video equipment to document the condition of the property and collect evidence to determine if a loss has occurred. Most work independently, traveling to different properties.
Field inspectors often work irregular hours depending on the needs of their clients. They often work nights or weekends to meet deadlines and may work long hours during busy periods. Some may have to travel long distances, depending on their region, and must live within a specific radius of their territory. They typically work alone during assignments, but may need to contact clients by phone or in person when completing reports. Most field inspectors have offices, but must travel frequently for their assignments.
#fifteen. insurance claims clerk
Salario anual medio: $ 30,600
Claims clerks work in all areas of insurance, including health, life, property and casualty. Claims clerks investigate insurance claims to make sure they are valid. They review the facts of a claim and determine if it falls within specific coverage limits. The average hourly wage for an insurance claims clerk is $17 per hour, and the average man works about 1,800 hours a year.
Claims clerks may make minor decisions regarding the payment of small claims, but will generally turn major decisions over to managers or supervisors. They can also help policyholders file claims and provide information on how to proceed with their claims.
Individuals who wish to become insurance claims clerks must have excellent communication, customer service, and negotiation skills. They must also be able to work under pressure, have good problem-solving skills and be able to decide. An insurance claims clerk must have a high school diploma or equivalent qualification and previous work experience.
Pay varies based on experience and location within a company. Higher positions often include increases in compensation. As experience is gained, promotion within the company is possible. The three most important people in each department receive extraordinarily good compensation.
Property damage insurance is a lucrative career, but it requires years of education and experience to be successful. Anyone can start down the path to any of the above positions by earning a bachelor’s degree from a school with a strong insurance program.
Most insurance companies generate income in two ways: They collect premiums for insurance coverage and then reinvest those premiums in other interest-earning assets. Like all private businesses, insurance companies try to market effectively while minimizing administrative costs.
Solomon Huebner’s designation as the “father of insurance education” is indisputable. He taught the first insurance course, established the insurance department, and became the architect of the modern financial services industry.
With a projected compound annual growth rate (AGR) of almost 6%, according to Mordor Intelligence, the outlook for the US property and casualty (P&C) insurance market for 2020-2025 looks strong.
An uninsurable risk is a risk that insurance companies cannot insure (or are reluctant to insure) no matter how much you pay. Common uninsurable risks include reputational risk, regulatory risk, trade secret risk, political risk, and pandemic risk.