Best Paying Jobs in Property Casualty Insurers

Last updated 03/18/2024 by

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Summary:

Property-casualty insurance is a type of insurance that covers damage or losses to property, as well as liability if harm has been caused to others. There are many well-paying jobs in P&C insurance, from technical underwriters to salespeople and even CFOs. In order to get some of the best-paying jobs in property and casualty insurance, you will need a college degree, technical skills, and expertise in the field.

Property-casualty insurance is the original insurance. Also referred to as “general insurance,” or “P&C insurance,” property-casualty insurance protects the insured from both damages to property as well as possible liability should they get sued. In ancient times, merchants and traders would pool their resources to protect themselves from a loss of goods in a shop. In modern times, property-casualty insurance is an umbrella category that covers damage and vandalism to your home and other types of property.

As almost anyone will have a subset of property-casualty insurance, such as homeowner’s insurance or auto insurance, many well-paying jobs are available in the industry. There are jobs for people with all kinds of skills, from sales pros to people who are masters of Excel spreadsheets, and more. Let’s dive into the types of jobs available and how well they pay.

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What kinds of jobs are available in the property & casualty insurance industry?

The U.S. property-casualty insurance industry currently employs around 628,000 people. Property-casualty insurance is an umbrella term used to define many types of insurance, such as:

Auto insurance
Homeowner’s insurance
Renters insurance
Landlord insurance
Condo insurance
Motorcycle insurance

As you are required to have auto insurance if you have a car and homeowner’s insurance if you have a mortgage, many people already have a property and casualty insurance policy. Ben Guttman, a North Central Insurance Agency broker, always recommends it to his clients. “Not just because it’s how I make a living or because most of it, like auto insurance, is often compulsory,” he says. “It genuinely is often the best mechanism to transfer risk and to preserve your peace of mind when facing a catastrophe.”

It genuinely is often the best mechanism to transfer risk and to preserve your peace of mind when facing a catastrophe. - Ben Guttman, a broker with North Central Insurance Agency Click to Tweet

These types of policies protect your property from theft and damage and protect you from liability should you get sued by someone. If you would like to pursue a career in this industry, you’ll find that there are many jobs in P&C insurance, with the majority paying $50,000-$100,000 per year or more. We will break these jobs down into sales, technical, administrative/marketing, and field work and show you both the average salaries and what the top earners make.

Sales

Are you good at persuading people to buy a product? These jobs might be a good fit for you.

Auto insurance sales agent

Average salary: $50,408
Top earners: $81,000

As everyone who owns a car must have auto insurance to drive legally, this would seem like an easy sell. However, like with most types of property-casualty insurance, the auto insurance industry is very competitive. In the majority of cases, insurance agents work for one of the larger companies, such as Progressive or Allstate.

As auto insurance policies are quite similar in size and scope, an auto insurance salesperson must be skilled at convincing people to go with their insurance. People person skills are a must, along with an innate drive to succeed.

Homeowner’s insurance sales agent

Average salary: $68,299
Top earners: $109,500

Homeowner’s insurance is another competitive field in which there is a ton of demand for the product. Many lenders will require that you pay homeowner’s insurance as part of their mortgage terms. Therefore, this industry has a healthy amount of competition from different insurance companies.

A homeowner’s insurance agent must be good at sales but also be familiar with real estate and how it works. Those with a real estate background or an interest in real estate should be a good fit. They need to see things from an owner-occupier or landlord’s perspective and be able to sell the product accordingly.

Technical

Those with specialized technical skills may find they are well-suited for these jobs.

Insurance underwriter

Average salary: $76,880
Top earners: $107,000

Insurance underwriters are needed for all types of property and casualty insurance. Their main focus is to analyze risk and perform due diligence on every applicant’s submission. Unlike risk analysts who set parameters on a macro level to determine who should be granted insurance and on what terms, an insurance underwriter will review every application.

An insurance underwriter must be able to micro-analyze every individual’s situation in order to approve or decline them. A good insurance underwriter will notice inconsistencies in applications and follow up on them immediately.

Financial controller

Average salary: $105,869
Top earners: $156,000

A financial controller in the P&C industry is responsible for controlling and analyzing the operations of the business, as well as forecasting what will be needed in the future. Insurance companies derive income from premiums and they can then invest a portion of the premiums if they choose. An insurance company’s outgoings are based on the claims that they pay out.

A financial controller can work in any industry. However, insurance companies tend to pay quite well, so this can be a perfect fit for those with an accounting background. A good financial controller will know where every cent has gone and where it will go in the future with incredible efficiency.

CFO

Average salary: $424,464
Top earners: $653,846

The CFO, or chief financial officer, is a vital role for all companies in the P&C insurance industry. A CFO will refine both the macro-outlook of the business over a few years and review income and expenses that are recorded and forecasted by the financial controller.

Many times, companies like to hire CFOs that have either previous CFO or high-level accounting experience at a company or a Big Four accounting firm. The CFO position is at the top of the heap in terms of positions in the accounting industry. The CFO for a large insurance company in the property and casualty insurance industry will stand to make a good amount of money. Usually, the pay packages include salary + bonus. Sometimes, the CFO might be able to get stock options as well.

Administrative and marketing

You may be able to utilize a background in other industries to find success in the P&C insurance field.

Auto insurance marketing associate

Average salary: $61,381
Top earners: $150,000

Marketing is crucial to the auto insurance industry, as it is incredibly competitive. Most people have seen scores of ads for auto insurance on TV or on their social media accounts. Major insurance companies have in-house marketing teams and collaborate with ad agencies for their marketing campaigns. If you have marketing or advertising experience, you could find a high-paying job in the insurance industry.

Pro Tip

A marketing insurance associate in the auto insurance industry must be well-versed in all marketing platforms, from television to radio and the internet. Knowledge of the trendy online and mobile apps that all the kids are using is a huge plus. When kids get their driver’s licenses at age 16, they need to be aware of their auto insurance options, and you can help with that.

Field work

You may need to spend a lot of time traveling and visiting properties with these jobs.

Home insurance residential appraiser

Average salary: $48,140
Top earners: $95,800

With home insurance, it’s obviously in the insurance company’s interest to know the value of your home. Therefore, there is a significant demand for appraisers who can confirm the value of a home should a company look to insure against it. They will also look for other risk factors within the home to make sure that everything is in line with the application and that there are no extreme risks for the lender.

Loss control agent

Average salary: $40,558
Top earners: $57,000

Loss control agents take preventative measures to make sure that an insurance company avoids paying out claims. For instance, a loss control agent in a manufacturing environment will make sure that the workplace is safe. For auto insurance, a loss control agent might pay a visit and make sure that a car is up to snuff.

During these visits, a loss control agent conducts a number of risk evaluations and comes up with suggestions on how to prevent losses. Effectively, they tell the customer how to eliminate and recognize all risks, to prevent the insurance company from having to pay out claims later.

Pick up a side hustle

Sure, these jobs pay pretty well. But you might want to earn a little extra money on the side. Explore your options below.

FAQ

What career in insurance makes the most money?

Top salespeople can make a good amount of money if they are skilled at sales and the bulk of their income is from commissions rather than a fixed salary. There are many jobs where technical skills, such as accounting and Excel modeling, can become promising careers in the insurance industry.

Is P&C insurance a good career?

The great part about P&C insurance is that many of its subsets are required by law, such as auto insurance and homeowners insurance. Due to this factor, there will always be a demand for P&C insurance coverage and it should make a good career path for the future.

How do insurance agents make millions?

Insurance agents can make millions by being very good at both marketing themselves as well as sales. Property-casualty insurance companies tend to pay out significant commissions, and as with anything in sales, if you can close, you can earn money.

Is insurance a stressful career?

That depends on what stresses you out. If sales stress you out, then you might want to avoid sales. If you can’t use Excel and are horrible at math, you might be stressed out by a financial controller job. It really depends on each individual’s aptitudes and their likes and dislikes.

What is the best position in insurance?

The best position is subjective. The top earners are the CEOs, followed by the COOs and CFOs. However, some don’t want to make it all the way to CFO or CEO and just want to help people. Take Levon Galstyan of Oak View Law Group, for instance. “In the property and casualty insurance industry, the most rewarding aspect for many people is the opportunity to help individuals and businesses recover from unexpected events, such as natural disasters, accidents, or theft,” he says.

“Insurance agents and claims adjusters can be critical in providing support and guidance during these challenging times, which can be very rewarding. Additionally, working in the property and casualty insurance industry can provide opportunities for career growth, professional development, and financial rewards through commissions, bonuses, and other incentives.”

Working in the property and casualty insurance industry can provide opportunities for career growth, professional development, and financial rewards through commissions, bonuses, and other incentives. - Levon Galstyan Click to Tweet

Key takeaways

The property casualty insurance industry protects customers against damage or theft of property, as well as potential liabilities.
There are many subsets of property casualty insurance you might be familiar with, such as auto insurance, homeowner’s insurance, and landlord insurance.
A sales insurance agent or insurance broker position can be a great fit for those with good sales and people skills. More technical and administrative roles are readily available as well.
Some jobs in the insurance industry will require a college degree and are considered white-collar. However, some positions don’t require a degree, such as sales agents or loss control agents.

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