When most people think about employment in the insurance sector, they imagine a high-pressure career.
However, this doesn’t have to be the case; there are instances where you can earn a lot of money working in the insurance industry.
Here is a list of the top paying jobs in property-casualty insurers, along with some of the industries they’re in.
Property-casualty insurers are insurers that cover the risks caused by fire, aircraft, and water damage. They also cover the risks associated with burglary, nuclear power and oil rig accidents.
Because of the nature of these risks, insurance companies are always looking for new and creative ways to secure massive amounts of money to reimburse their clients.
These jobs can be very rewarding for those who are willing to pursue them, but you should make sure that you know what kind of career this is before you dive into it deep.
Though the pay might be good, some people can’t handle the stress insurance jobs place on their bodies, which is a major drawback for this kind of position.
List of Best paying jobs in property-casualty insurers
1. Financial Analyst
A financial analyst’s job is to analyze an insurance company’s financial statements and to create reports that explain its operations. This analysis can help you to determine whether or not the company will be able to pay for claims in the future.
To do this, you’ll need to collect a lot of financial data; much of it will be collected manually by yourself. As a result, you’ll need to make sure that you’re very good at data analysis and report creation.
If you have good analytical skills, financial analysts can make a lot of money. A financial analyst who does something that benefits the insurance company can earn between $86,000 and $138,000 annually. If you’re an entry-level associate with less than 1 year of experience, you will make approximately $69,430.
2. Insurance Underwriter
An insurance underwriter is responsible for making sure that a policy will be issued to its client after it’s been approved. In this position, you’ll be required to look at a number of criteria, such as the client’s credit rating, risk tolerance, and the value of the policy.
When it comes to compensation here, the job can pay up to $111,060 after five years of work. Of course, this is much less than what other jobs in the insurance industry pay. But it’s still a great starting salary regardless.
3. Risk Manager
As the name would suggest, a risk manager is responsible for making sure that an insurance company stays safe from liabilities. In this position, you’ll be responsible for looking at an insurance company’s record of prior claims, as well as its assets and liabilities.
This job can pay up to $115,000 after around six years of work. However, this position isn’t very stressful overall; it’s one of the few in the insurance industry that doesn’t require any physical activity during work hours.
4. Claims Manager
If you’re someone who dislikes the stress associated with direct insurance work, then a claims manager job might be for you. In this position, you’ll be responsible for working directly with clients in order to help them file claims related to the policy they purchased from your company.
The job usually pays up to $107,000 after five years of work. This is a great salary for someone who works in the insurance industry. However, you’ll have to deal with a lot of stress while working in this position. You’ll need to take the time required to talk with clients and help them file claims, which can be very stress-inducing.
An actuary is responsible for calculating the risk associated with a policy and then assessing the likelihood that the client will be able to pay for its premium. To do this, you’ll conduct research on statistical models, which are based on past claims experiences and other risk factors.
Because of this research, the job is very stress-free. There’s no need for physical activity at work because you simply use statistics to evaluate claims. Most people have a much easier time handling this position than the other ones on this list.
6. Insurance Brokers – $86,710
Since insurance brokers aren’t employed directly by insurance companies, they’re more likely to make more money than those who are. These individuals negotiate policy terms and conditions on behalf of their clients. They then help them to find the best possible policy for them with the right coverage.
Brokers are responsible for finding the right combination of price, coverage and service. Because of this, you’ll be able to avoid a lot of stressors associated with your workday.
7. Cost Estimator
The job of a cost estimator is to help insurance companies decide the best way to purchase policies and then implement that method without fail. That’s why this role is often considered one of the most stressful jobs in the insurance industry.
In order to do your job, you’ll need to do a lot of research on different insurance plans so that you can find the one that best suits your client’s needs. Then, you’ll need to account for any expenses that your client might incur by having the insurance in the first place; this will help you to find out how much your client will pay for coverage.
8. Loss Control Specialist- $85,510
A loss control specialist’s job is to work with clients and insurance companies to come up with ways to prevent them from getting claims. These specialists are often in charge of training employees on the physical aspects of their jobs, such as fire drills and how to properly operate machinery.
Since this position requires physical activities, it can be hard on the body. However, the position can pay up to $85,510 after five years of work.
9. Claims Representative- $64,470
The title of claims representative is a bit misleading because you won’t actually be representing your client in this position. Instead, you’ll be managing your client’s claim process and their interaction with the insurance company that you’re providing coverage for them through.
In this position, you’ll need to work closely with your client in order to help them make sense of the claim process and their options; this can be very stressful. This is the reason why many people think that working in claims is one of the most difficult jobs in the insurance industry. However, if you enjoy working closely with clients and are able to handle a lot of stress, this could be a great job for you.
10. Claims Examiner- $57,370
The main job of a claims examiner is to help clients who file insurance claims avoid any extra costs or delays that might happen because of those claims. In order to do this, you’ll need to review your clients’ claims and then make sure that they’re properly filed.
If the claim is accurate, you’ll then be responsible for getting it approved. If there are any problems with the claim, you’ll work with your client to amend it so that it can be approved.
This is a stressful job because there are a lot of factors involved in insurance claims, which can make this process challenging.
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These are some of the best jobs in the insurance industry. Although these positions might have a way of making you look more experienced, they can also teach you a lot about how insurance works and how to interact with your clients on a day-to-day basis.
Even better is the fact that you can make a fair amount of money in this field, especially if you work hard and stick with it for the long run.
An insurance trader works for an insurance company and buys policies from insurance companies in order to resell them to other companies.
While this might not sound like a very stressful job at first, it can be very problematic if you don’t follow the proper steps when purchasing policies. Unfortunately, many brokers have been fired as a result of their inability to manage their position.