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Yes, Property-Casualty Insurers is a good career path. The Property-Casualty insurance market is only growing. There are plenty of job openings in this broad field that require a wide variety of skills and talents. Working in this environment can be both rewarding and lucrative for employees, making it an ideal career for many.
With so many things changing in our world today, the insurance market is only expanding and finding new ways to protect individuals against loss. If you enjoy helping people and being customer-facing, property-casualty insurance could be a great career choice for you.
Here are 4 great jobs in Property-Casualty Insurers:
The 8 Best-Paying Jobs in Property-Casualty Insurers
Although the Property-Casualty Insurance industry has been resistant to change in previous years, the risk landscape is also actively evolving in cyber, climate change, pandemic, and intangible assets. Property-Casualty insurance companies must find ways to evolve alongside these shifts, meaning that there is high demand and often high pay associated with these jobs.
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Homeowners Insurance Agent
Average Annual Salary: N/A
Homeowner’s insurance helps protect clients homes and any belongings should something threaten their safety. This can include theft and fire. Agents who work with homeowners insurance will be well-versed in liability coverage to help protect their clients to the best of their ability.
Finding work in a more lucrative city such as San Francisco, California, or Norwalk, Connecticut, will ensure higher salaries for Homeowners Insurance Agents. Since you’ll work with clients most of the time, it’s important to be personable and have good salesmanship in this type of role.
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Power Sports Insurance Agent
Average Annual Salary: N/A
Power Sports Insurance Agents insure most power sport recreational products like boats, snowmobiles, motorhomes, and travel trailers. Insurance agents who work in Power Sports must shift their mindsets from traditional ‘need to have’ industry benefits to ‘want to have’ industry benefits.
Those working in power sports must have impeccable salesmanship skills, as well as strong relationships with dealer partners. Dealers can improve the likelihood of landing insurance clients in the power sports industry as they can partner up on sales strategies and techniques.
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Landlord Insurance Agent
Average Annual Salary: N/A
Landlord Insurance agents work with landlords who rent out space they own. This type of insurance typically includes both property and liability protection, protecting the landlord from financial losses. This can include everything from the dwelling itself to other structures or personal property used to service the rental.
Similar to Homeowners insurance, finding work in more lucrative cities will enable a higher salary for agents. Additionally, you’ll want to have great people skills and be motivated to follow up with clients. Most landlords are looking to protect their property and investments, so this may be a good opportunity for those new to the field.
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Average Annual Salary: $62,000
Life insurance agents are licensed professionals who sell life insurance. They typically work for insurance companies that sell policies carried by the insurance company or can work independently to sell insurance from a range of companies.
Life insurance can be a touchy subject for many, so it’s important to have a high level of emotional intelligence to be able to read and empathize with your clients. You may also be required to have knowledge of a wide array of products, so mental retention is an important skill to bring to the table.
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Average Annual Salary: $59,000
An insurance underwriter is a professional who evaluates and analyzes the risks involved in insuring people and assets. An insurance underwriter’s main job is to establish appropriate pricing for accepted insurable risks. Underwriters typically use specialized software and actuarial data to determine risk.
Underwriters get paid well but work hard to increase both new business and profitability for their business. To succeed as an underwriter, you’ll want to be sure you maintain underwriting discipline, innovate, create lasting human connections and find ways to set yourself apart, such as earning a professional designation.
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Insurance Entrepreneur
Average Annual Salary: N/A
If you’ve ever wanted to own your own small business, looking into becoming an insurance entrepreneur is a great choice. These individuals are owners of a business typically associated with a larger company, who provide their local area with insurance while creating partnerships with local partners.
Building a business is hard work, and you’ll need to make sure you’re prepared to take on the responsibility. These can include things from the training of staff to budget planning, sales, and customer service. You are responsible for either handling these responsibilities or hiring individuals who can.
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Property Casualty Agent
Average Annual Salary: N/A
A Property Casualty agent is an individual who sells insurance to protect homes, personal property, automobiles, and business properties against physical damage or liability judgments. Typically, this is a customer-facing role in which you would consult with prospective clients to understand their insurance needs.
As a Property Casualty agent, you’ll want to make sure you have good sales and customer service skills with great organization and attention to detail. A lot of this job is collecting information and calculating reasonable quotes. This means you’ll be working the majority of the time in front of a computer.
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Property & Casualty Insurance Producer
Average Annual Salary: N/A
In the insurance industry, producers are defined as any person required to be licensed to sell, solicit, or negotiate insurance. This means this role can be anybody from a broker to a reinsurance intermediary or excess lines broker. The insurance you offer can be anything that protects the individual from financial losses.
Producers are mainly responsible for meeting new business production goals and objectives while soliciting new leads. If you have previous experience in inside sales, this might be the right fit for you.
7 Entry-Level Jobs in Property-Casualty Insurers
If you’re looking to enter the insurance market, it’s good to be prepared. Know that you must take a formal training class, conducted either online, self-study, or in a classroom setting, that you must pass in order to practice. Depending on the state you work in, these requirements may differ. Once you have done this, you must sit for a property and casualty license exam.
If you pass the required tests, there is usually a small fee for a license to practice selling insurance. Although there are many insurance agents who are self-employed, it’s not recommended to try and make it on your own without any experience. Consider working for a company before working for yourself, as well as finding a mentor who can help guide you.
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Car Insurance Agent
Average Annual Salary: N/A
Car insurance agents help clients shop for auto insurance in case of any damage or liability in an accident. Car insurance agents work with clients to understand their needs and help to find the most suitable options. You may compare and contrast quotes from multiple insurance companies or from the company you work for.
Selling car insurance is similar to homeowners and landlord insurance in that you are required to have exceptional people skills and good salesmanship or customer service skills. Having a high level of energy can also help, as well as knowledge of the car insurance industry as a whole.
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Condo Insurance Agent
Average Annual Salary: N/A
A condo insurance agent is similar to other roles we’ve now discussed. Their primary responsibility is to promote and sell insurance policies and services to customers. Those working specifically in condo insurance know the market well and can give customers actionable advice and guidance they need to choose the best policy.
To succeed in condo insurance, it’s important to understand all options you can provide to your clients and articulate them in an understandable way. Sales skills are important here. Depending on where you live, the options for condo insurance agents are plenty. If you work in an urban area, there is typically high demand for this position.
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Renters Insurance Agent
Average Annual Salary: N/A
Renters insurance is different from landlord insurance as it protects the renter and their personal belongings and not the house or apartment in which they reside. Those in rental insurance provide clients with protection if their personal property is damaged, stolen, or destroyed.
The market for renters insurance has skyrocketed in the past few years due to the instability of the housing market. Many individuals now rent apartments or homes and are looking for protection for their belongings. Those working as renters insurance agents should look to understand the audience and how best to sell to them.
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Average Annual Salary: $72,000
A Property Casualty insurance account manager is someone who assists producers by handling the marketing of new business and renewal submissions. These individuals are typically required to handle all aspects of new and renewal business as well as act as liaisons between clients and insurance carriers.
Depending on the firm, you may be required to have some experience to fill this role, but it’s a great way to work your way up to becoming an insurance producer. Knowledge of basic software and working in a team environment are important skills, as well as being personable and having good organizational skills.
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Insurance Apprentice
Average Annual Salary: N/A
Becoming an insurance apprentice is the best way to break into this market. Insurance apprenticeships provide industry exposure, preparation for a professional license, and the workplace competencies necessary to build your career.
In an apprenticeship, you’ll be expected to learn basic insurance concepts and be exposed to many different career paths. You may be required to provide customer service, discuss different types of insurance policies, answer client questions, prepare quotes, and finalize sales transactions.
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Personal Insurance Specialist
Average Annual Salary: N/A
Personal insurance specialists deal with individuals looking for insurance to cover them and their families against loss that results from death, injury, or loss of property. This can include things like medical bills that result from a visitor’s injury at your home, legal expenses resulting from lawsuits trying to recover damages, and more.
To be successful in this type of role, you’ll want to make sure you have impeccable sales skills and knowledge of the different types of insurance offered to individuals. This is a great way to get closer to the medical insurance market.
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Customer Service Representative
Average Annual Salary: $30,000
Insurance customer service representatives work in the insurance industry and provide a valuable connection between insurance customers and policy providers. As a customer service representative, you’ll be responsible for handling customer inquiries and complaints, as well as any information they require about insurance.
Customer service jobs can be ideal for individuals looking to learn more about the market, those who like to work closely with people, and who don’t mind being on the phone for the majority of the day.
Why Choose a Career in Property-Casualty Insurers?
Being in property-casualty insurance is a great career choice. Agents receive great pay and benefits and have a number of career path options to choose from. It can be a demanding job but ultimately incredibly satisfying, especially for those looking to make a difference in the lives of their clients. Here are some benefits to this career path.
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Flexibility. Working in this field provides a good amount of flexibility as to what type of job you’d like to perform. From underwriting to sales, property-casualty insurance has a wide variety to choose from.
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Financial freedom. Property-Casualty insurance careers pay well, including providing commission to high-performing agents and salespeople.
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Rewarding. Being able to help individuals protect themselves against damage and theft is a rewarding career path. Your clients will be thankful for your services, especially if they need to use them.
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Entrepreneurship. After building up credibility, it’s a common move for agents to move out on their own to either become an independent insurance agents or someone running a small business as a subsidiary of a larger insurance company.
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Knowledge. As an insurance agent, you’ll gain extensive knowledge of all different types of industries. Arming yourself with this knowledge can help elevate you in the insurance industry or give you new openings in different career fields.
Education and Certification Requirements for a Career in Property-Casualty Insurers
Getting into the insurance industry is a great career choice for many reasons, but one important one is that the requirements to enter the profession aren’t incredibly difficult. So, what do you need to begin working in property-casualty insurance?
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Pass the licensing exam in your state. You need to pass the licensing exam in the state where you’re choosing to work in order to sell insurance. The licensing process varies by state, as does the passing score and pass rate.
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Set aside 35-40 hours of studying to pass the Property and Casualty exam. It’s recommended to study for the exam over the course of a few weeks rather than cramming into a single week.
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Utilize practice exams. Many practice exams for Property and Casualty are available. These can help you gauge how well you’re absorbing the information you’re studying.
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Take an exam prep course. Although not all states require it, it’s recommended to take an insurance certification course for your Property and Casualty licensing exam.
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Submit documents to the state insurance board. Once you’ve passed your exam and received your results, you’ll want to send them to the state insurance board. All states require these official documents to conduct a background assessment.
What Do People Working In Property-Casualty Insurance Do?
Property insurance and casualty insurance are types of insurance coverage that help protect you and the property you own. Whereas property insurance covers things like your home or your car, casualty insurance offers policies that include liability coverage to protect you, should you be found legally responsible for an accident or damage to another person’s belongings.
The Property-Casualty Insurance industry has rebounded since the COVID-19 pandemic began, lifting policyholders’ surplus to an all-time high of $955.1 billion as of December 2020. With P&C representing about one-third of premiums in the insurance industry, it’s both a lucrative and sustainable industry to begin a career in.
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Author
Caitlin Mazur is a freelance writer at Zippia. Caitlin is passionate about helping Zippia’s readers land the jobs of their dreams by offering content that discusses job-seeking advice based on experience and extensive research. Caitlin holds a degree in English from Saint Joseph’s University in Philadelphia, PA.
