Any job in the insurance industry can be lucrative, but not all of them are created equal in terms of compensation. The salary you make as an insurance agent as an insurance agent depends on the carrier you work for and your success within that organization, but some companies pay their agents better than others. Here is the list of insurance jobs with their annual salary;
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17 Best Paying Jobs In Property Casualty Insurers
Finding a good-paying job can be tough, especially when you’re entering the working world or moving up the ladder in your career. That’s why we took the time to round up the highest paying jobs in property casualty insurance, so you can get started on your next career move with the confidence that you’ll be paid accordingly. Here are our top picks…
Insurance Broker Jobs $66,000 to $70,000
Insurance brokers act as middlemen between customers and insurance companies. They usually work for independent brokerages and deal with clients on a one-on-one basis, providing advice about products and services and helping them to compare different policies from different insurers. Brokers are also responsible for submitting insurance claims to carriers and handling customer complaints. The Bureau of Labor Statistics reports that approximately 33 per cent of all insurance agents are self-employed.
The average annual salary for an insurance agent is $66,000; however, salaries vary depending on whether you’re working at an agency or in self-employment.
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Business Analyst – Insurance $50,000 to $64,000
A business analyst is someone who analyzes and studies a particular organization or company to help improve performance in various aspects of that organization. A business analyst could be with a major insurance company, making sure that claims are processed efficiently, or with an individual insurance agent, helping him run his business more smoothly.
If you have good analytical skills, are detail-oriented and enjoy problem-solving, then becoming a business analyst could be just what you’re looking for. Business analysts typically need at least a bachelor’s degree in finance, the management or another related field. However, many companies will hire candidates with an associate degree as well if they have relevant experience and/or industry certifications.
The Bureau of Labor Statistics estimates that job growth for business analysts will increase by about 20 per cent through 2020, which is much faster than average. Median pay was $64,000 per year as of May 2011. Boys and a dog homemaking tips
Property casualty Insurance
Claim Examiner $40,000 to $56,000
The title of claim examiner can vary by the insurance company, but generally speaking, it’s a job that involves investigating losses and calculating insurance payouts. Claim examiners must be analytical and have a great deal of experience in property/casualty claims.
They also need to have good customer service skills and an eye for detail. Since claim examiners spend their days combing through accident reports, medical bills, and countless other documents, property-casualty insurers with strong data-management systems tend to be big hiring players.
A large portion of claim examiners is employed by just five companies: Allstate, State Farm, Nationwide Mutual Insurance Company, Farmers Insurance Group of Companies and Liberal lnsurance Group.
Insurancee Investigator $45,000 to $55,000
Insurance investigators are responsible for determining whether claims made by clients are valid. They’re also responsible for analyzing insurance policies to make sure that they’re being applied correctly. Insurance investigators use their investigation skills to look at previous accident records, witness statements and medical reports, among other sources of information.
Once they have enough information about a claim, insurance investigators compile all of their evidence into a report and present it to their employer for consideration. The average salary for an insurance investigator is $55,000. However, salaries can vary depending on location and experience level.
For example, insurance investigators in Florida tend to earn higher salaries than those in California.
Special agent (FBI) $70,200: Special agents with the Federal Bureau of Investigation conduct investigations involving white-collar crime or public corruption as well as violations of federal law.
Insurance Claim Clerk $25,000 to $30,600
Property-casualty insurance companies rely on trained claim clerks to process and settle claims for everything from car accidents to natural disasters. You’ll need at least a high school diploma or GED, but beyond that, you can specialize in property or casualty insurance by earning a certification from an accredited organization like American Institute for CPCU or Chartered Property Casualty Underwriter.
The BLS projects employment growth of 13% between 2014 and 2024, adding around 24,700 new jobs in that period.  Read More: Best High-Paying Jobs That Don’t Require a Degree
AICP $99,660: AICP stands for Accredited Insurance Counselor Program. Insurance professionals who hold an AICP designation have passed all three parts of the Financial Services Institute’s (FSI) rigorous examination.
Data Analyst Property and Casualty Insurance $70,000 to $86,000
Allstate Insurance Company ranked No. 1 on Glassdoor’s 2016 list of top-paying U.S. companies for data analysts, paying an average annual salary of $86,000 and offering a generous benefits package with 401(k) matching and tuition reimbursement.
Local offices have just one or two employees in IT and support roles, so it may be easier to land a job there as opposed to a bigger corporate office. There are plenty of opportunities to grow your career here, says one employee. You are given enough room to experiment without being too restricted by policies. There is also always room for advancement if you do well at what you do!
Loss Control Consultant $85,000 to $100,000
Loss control specialists help prevent property losses by reducing risks and implementing cost-effective solutions. Most of these professionals spend their days inspecting a company’s facilities, such as parking lots, office spaces and warehouses, to ensure that there are no safety hazards.
They then create reports detailing their findings. Additionally, these professionals can negotiate with contractors for improvements to construction sites or emergency repairs on a company’s premises. Loss control consultants typically need at least a bachelor’s degree in engineering, business administration or public policy.
It is important to note that most employers prefer candidates who have some experience in loss prevention. These professionals should also be detail-oriented and have excellent organizational skills. The job outlook for loss control consultants is expected to grow by 4% through 2026 (www.bls.gov).
Risk Manager $100,000 to $139,110
In a property-casualty insurance company, risk managers’ responsibility is to manage and assess risks for a variety of products and services. Risk managers also find ways to reduce those risks so that their organization doesn’t lose money in the event of an insurance claim.
Risk managers often report directly to top executives within an organization, although some P/C insurers hire outside firms or individuals with expertise in risk management to work as consultants.
Risk managers are responsible for overseeing all aspects of risk, including loss prevention and claims management. They may also develop strategies for new product development based on current market trends. The median annual wage for risk managers was $139,110 in May 2015.
20% More than Risk Managers: Underwriters – $154,000: Underwriters help determine whether an applicant should be granted coverage under a policy.
Financial Analyst $60,000 $75,000
Financial analysts working in property-casualty insurance must have an in-depth knowledge of financial statements, investment performance and risk management.
They might work for a company that’s a long-time industry leader, or an upstart insurer looking to do something different. In either case, their day will start with reading financial reports before meeting with clients to discuss strategy and review finances. You can learn more about these roles on Payscale, where we have job listings from employers in your area.
If you want to get into the property-casualty analysis, there are also online courses you can take through programs like Coursera and Udemy.
The highest-paying jobs in property-casualty insurance are all actuarial roles. The highest-paid actuaries are those in statistical consulting, where median salaries can reach up to $122,000 per year.
Actuaries with a focus on life insurance work closely with underwriters and product managers to determine the risk and profitability of life insurance policies based on current economic conditions. These professionals are essential for determining premium rates for life insurance policies, which is why their median salary is $103,750 per year. Finally, some actuaries specialize in healthcare pricing; these specialists use data from hospitals and other medical providers to determine how much health care should cost. Their median salary is $98,500 per year.
What career in insurance makes the most money?
Consider these numbers when thinking about your career options. It might be time to start looking for new job opportunities. For example, at $129,180 per year on average (according to Glassdoor), Claims Adjusters make more than double that of both Medical Assistants ($42,670) and Medical Records Technicians ($36,560). The following are top 3 high-paying jobs in property casualty insurers. 1. Claims Adjuster Average Salary: $129,180 per year 2. Customer Service Representative Average Salary: $67,918 per year.
Which are the largest in property/casualty premiums?
Allstate, Farmers Insurance Group of Companies, State Farm Mutual Automobile Insurance Company and Travelers Companies Inc. are among the largest P/C insurers in terms of policyholders and premiums written. State Farm is one of largest auto insurers in U.S., with 43 million policyholders nationwide as of 2013. It also writes more than $1 billion in commercial property-casualty insurance annually. The company’s home office is located in Bloomington, Illinois. It has a presence in all 50 states and Puerto Rico
What are the biggest risks facing Property Casualty Insurers?
Although there are a number of risks facing property casualty insurers, from natural disasters to cyber security and fraud, one stands out: new regulations. The Trump administration’s moves to roll back many Obama-era regulations will have an impact on premiums for years to come. Because insurance companies are regulated by state law, any rollback of federal rules will not affect those laws—meaning that state governments would still have to comply with them.
The property-casualty insurance industry employs a wide range of professionals, including both white-collar and blue-collar workers. Regardless of your educational background or occupational interests, you’ll find numerous companies within property-casualty insurance with jobs to match your skills and ambitions. While the pay may vary from company to company, on average all property-casualty insurer positions pay more than $75,000 per year for full-time employees in 2017.