Property and casualty insurance (also referred to as P&B insurance), is a broad form of insurance coverage that protects you and the properties you own. Property insurance helps insure personal belongings, like your car or house.
Casualty insurance, on the other hand, provides liability coverage to protect you if you are found legally responsible for an accident that caused injuries to another person, or damage to their properties. These two insurance policies put together make up property and casualty insurance.
The property insurance industry has proven to be one of the most stable, and fastest-growing sectors of the economy. This ever-expanding niche offers several job opportunities for persons with great human and risk management skills.
You can now pick one from the many options available depending on your interests and educational qualifications. This industry would definitely create a reliable source of income for you if you know your onions.
Here are our top 10 picks of the best-paying jobs in this field in no particular order:
As an insurance underwriter, you are responsible for making sure that all company policies are succinctly reviewed and approved. To become an insurance underwriter, you must be prepared to work for long hours, and that includes unofficial periods like during weekends and holidays to meet up with deadlines.
It’s your responsibility to ensure that all policies match up to the company’s standards and that every client gets the full benefits they deserve. You must thoroughly analyze all the risks involved in insuring clients and their assets. As an insurance underwriter, you can expect to earn about $67,700 annually.
An insurance broker is qualified insurance personnel that works with the insured. That is, as an insurance broker, you are expected to work with consumers and businesses and help them get the best insurance coverage there is, to meet their needs.
Although working as an insurance broker is very lucrative, it is not the easiest of jobs as you might also need to convince potential clients why they need insurance coverage. This would require you to have great marketing skills.
As an insurance broker, you would also need to work closely with underwriters to identify the risks involved, create policies, and assist clients with claims. Your salary as an insurance broker could range from $65,000 to over $200,000.
Homeowners Insurance Agent
Homeowners insurance agents help insure the homes of clients if their safety is compromised, like in the case of theft or a fire accident. This policy includes both the structure of the client’s home and the belongings contained in it.
Since you will be working directly with clients, you have to be amiable and well-experienced in liability coverage to ensure that your clients needs are well catered for. Working as a home insurance agent in major cities like San Francisco and New York City would ensure a higher salary. You could expect to earn around $56,000 to $94,000 annually.
Landlords Insurance Agent
Landlord insurance agents work with landlords who rent out the properties they own. This insurance policy covers all properties generating rental income to the landlord, as well as any casualty that might occur on the premises of the rented apartment.
Landlords are always on the lookout for insurance coverage for their properties to help them stay protected, so this could be a lucrative source of income. Just like homeowners insurance agents, getting clients in high-brow areas would ensure higher pay.
Life Insurance Agent
Life insurance agents have licensed insurance executives that market life insurance policies. These insurance policies are mostly owned by insurance companies that the agents work for. Life insurance agents can also work independently and sell insurance policies from a wider range of choice companies.
Life insurance is usually a sensitive subject for most people so to work as an agent, you will have to be tactful and possess a high level of emotional intelligence to help manage your clients. Annually, you can earn an average income of $82,000.
Insurance Customer Service Representative
As an insurance customer service representative, you are the intermediary between the insurer and the insured. You are expected to work in an insurance company and provide profitable connections between the policy providers and clients.
You are also expected to manage complaints from insurance customers and provide information for their inquiries. To excel at this job, you must be patient and have great communication skills. You should also be able to dutifully follow up with potential clients. You would be earning $37,000 to $53,000 annually on this job.
Property Casualty Agent
As a property-casualty agent is insurance personnel, who markets insurance to protect the homes and personal properties of clients from physical damage and liabilities. These properties include automobiles and even business properties. As a property-casualty agent, you get to relate with customers often as such, you must have great communication skills.
This job would also require you to take in a lot of information at once, so you must be organized and pay due attention to even the littlest of details. Working in well-populated cities would be good for business, and you can earn an average of $86,000 yearly.
Insurance Financial Analyst
As an insurance financial analyst, you can either work with insurance companies or clients and help them make profitable financial decisions. A financial analyst should be able to gather from past business deals, and utilize this data in predicting future results.
Financial analyst also play a key role in predicting a return of investments, and quantification of risks based on the company’s past and current financial performance. This has proven to be a highly-valued skill by individuals who invest large amounts of money.
As a financial analyst, you must be critical and have good problem-solving skills. You should also be able to deliver both when working independently and in teams. Your salary could range from $85,000 to $121,000 annually.
Risk Control Manager
The responsibility of a risk control manager is to prevent the company from suffering any form of financial loss that could be caused by theft, fraud, accident or natural disasters. Not only clients get insured, policy makers do as well. It is the job of this personnel to ensure that the company has sufficient insurance coverage.
A risk control manager could also be in charge of auditing the company’s financial records to curtail any form of fraud. They also oversee day-to-day company operations to ensure that they are compliant with the company’s policies and regulations. The average yearly salary is $131,000.
Insurance Claim Examiner
This is probably one of the most tasking jobs in this field, and would require a strong degree in business or insurance. As a claim examiner, you are responsible for reviewing all insurance claims to determine their authenticity. You are also to make written notes to support your decision.
To woke as a claim examiner, you have to be vast in operating computer applications and have a solid mathematical background. Your annual salary ranges from $56,000 to $74,000.
The property and casualty insurance industry is undoubtedly a great career choice, as it is sustainable and lucrative. Asides from your personal interests, another way to help you decide which specialty you’d blossom in, is by taking up an internship program perhaps while still in school. This would help narrow down your options, and set you straight on course for a profitable working experience.