How Many Jobs are Available in Property Casualty Insurers?
Are you looking for a career with major prospects? Want to learn more about Property-Casualty Insurers? You’ve come to the right place. Get free report on the potential of this industry and see if it is a suitable fit for your skills, talents and interests.
Property causality insurance is ideal industry to enter with more than 100,000 jobs available in the US alone. Good thing is this industry has many entry level jobs for graduates who are looking for high paying jobs.
Property-Casualty insurers offer greater job stability than most other industries and have a good future outlook. The US Bureau of Labor Statistics predicts that insurance carriers will continue to increase their hiring rate through 2024, when over 50,000 new jobs will open up each year.
With a median salary of $94K and a growth rate of 20%, it is no wonder why there are so many jobs in property and casualty insurance. But before you apply, there are questions you should ask yourself first. Whether you’re a recent graduate or veteran, check out the things you need to know about this career path.
IS PROPERTY-CASUALTY INSURERS A GOOD CAREER PATH?
Property casualty insurance is a good career path, especially if you have an interest in the insurance industry. The Bureau of Labor Statistics estimates that employment for property, liability and other casualty insurance agents will grow by 20% from 2014 to 2024. This is much faster than average for all occupations.
Property-casualty insurance is one of the most popular career paths in the United States and for good reason. The property-casualty insurance industry is expected to grow at a rate of 5% over the next 10 years, according to the Bureau of Labor Statistics (BLS). The BLS also reports that jobs in this field are projected to grow by 9% from 2016 through 2026.
DOES PROPERTY-CASUALTY INSURANCE INSURERS HAVE A BRIGHT FUTURE?
Property-casualty insurance is a great industry for those who want to help others. The work environment is fast-paced and exciting, and the opportunities for advancement are plentiful.
But before you start taking out your checkbook to pay the application fee, there are some things you’ll want to consider:
- You need a high school diploma or GED. Most insurers will accept applicants with some college education, but they prefer candidates who have at least two years of college or an associate’s degree.
- You can also become an adjuster with only a high school diploma or GED if you have experience working in property-casualty insurance or other related fields such as construction or engineering.
- You must pass an exam and licensing requirements set by your state’s insurance department. These regulations vary from one state to another, but most require that you pass an exam covering general knowledge about insurance principles and practices as well as a state-specific exam testing your knowledge of local laws, regulations and procedures related to property coverage claims.
WHAT Are PROPERTY-CASUALTY INSURERS WORK CONDITIONS AND ENVIRONMENT?
Property-casualty insurance companies are a diverse group of businesses that sell various kinds of insurance coverage. They include such large corporations as Travelers, Allstate and State Farm, but also thousands of smaller companies. Property-casualty insurers may sell such products as homeowners’ policies, auto insurance, life insurance and business property insurance.
The industry is made up of three basic types of firms: stock companies, mutual companies and captives. Stock companies are publicly traded companies that issue stock on the public market. Mutual companies are owned by policyholders who receive dividends based on profits. Captives are privately owned companies that provide all services to their parent company’s operations.
- Most property-casualty insurers work regular hours in offices or other facilities set aside for the purpose of doing business with customers and conducting administrative tasks related to running the business (such as accounting).
- Some property-casualty insurers may work at home; however, they usually do so only if they have special skills that don’t require face-to-face contact with clients or other employees. In general, property-casualty insurers have demanding schedules because they must deal with clients.
WHAT ARE THE EDUCATION REQUIREMENTS OF A PROPERTY-CASUALTY INSURERS
The educational requirements for a property-casualty insurance agent vary by state and by insurance company. Most states require agents to have a high school diploma or GED, but some require an associate’s degree or higher. Some states also require continuing education in order to renew your license.
Some positions require a college degree, while others do not. It is important for applicants to check the job posting or contact the potential employer before submitting their resume and cover letter. In addition to having a high school diploma or its equivalent, it is also important that applicants have some prior work experience in the insurance industry.
This can include internships or other part-time jobs where candidates gain valuable knowledge about the industry and its various products and services. When applying for positions as an underwriter or claims adjuster, it is important that candidates have strong analytical skills that allow them to make good decisions under pressure.
WHAT ARE THE JOB REQUIREMENTS FOR PROPERTY-CASUALTY INSURERS
Insurance companies hire applicants with a wide range of educational backgrounds and skills. The following are some examples:
- Bachelor’s degree in business administration or other related field
- Business experience
- CPA certification
To work as an actuary at a property-casualty insurer, you need a bachelor’s degree in mathematics or statistics from an accredited college or university (with at least six credits in calculus). Your degree must be from an accredited U.S. institution.
If you studied abroad, your school needs to be approved by the Department of Education. You should also have experience in statistics, probability theory and risk assessment as well as familiarity with statistical software such as SAS or R programming language.
WHAT ARE THE JOB DUTIES of a PPOPERTY-CASUALTY INSURANCE AGENT?
Property-casualty insurance agents handle policies related to fire, theft, vandalism, flood and other types of damage to personal property. They also help people determine how much coverage they need based on their assets, income and other factors. Agents represent insurers like State Farm and Liberty Mutual.
One of their most important duties is explaining policies so customers fully understand what they’re buying. They also provide advice about how to protect their home from damage caused by natural disasters like hurricanes, tornadoes and floods.
In addition to selling policies, agents may also handle claims for clients who’ve suffered losses due to theft or other kinds of accidents involving their property. They review reports filed by clients’ insurance companies following incidents like car accidents and then negotiate with these companies.
WHAT IS THE AVERAGE SALARY EARNED BY PROPERTY-CASUALTY INSURERS
The average salary earned by property-casualty insurers was $74,930 according to the Bureau of Labor Statistics. The median-earning 50 percent of employees earned between $62,990 and $89,680 per year. The lowest-paid 10 percent made less than $44,870 annually, while the highest paid 10 percent made more than $120,180 per year.
- The average salary for Property-Casualty Insurers is $72,000.
- The median salary for Property-Casualty Insurers is $49,000.
- The average salary range for Property-Casualty Insurers is $40,000 – $100,000.
WHAT ARE SOME SIMILAR CAREERS TO PROPERTY-CASUALTY INSURERS?
Property-casualty insurance professionals work in a variety of industries. The most common alternative careers include:
1. Accountants. Accountants prepare financial reports and ensure that a business follows government regulations. They may also examine a company’s financial records to ensure that it is complying with the law. Accountants who specialize in property-casualty insurance can expect to earn average salaries between $50,000 and $75,000 annually.
2. Lawyers. Lawyers represent clients in court cases and other legal matters related to their profession. They may also draft contracts or wills for clients. Lawyers specializing in property-casualty insurance earn an average annual salary of $80,000 or more per year.
3. Financial advisers and managers. Financial advisers help clients manage their finances by offering investment advice or managing investment portfolios for them on a fee basis (paid only if their clients earn profits). Financial managers are typically paid salaries or commissions by their employers based on how well they perform their jobs compared with other financial managers at similar companies or organizations (for example, banks).
Opportunities exist with property-casualty insurers for workers seeking an array of positions and career opportunities. Whether you want to start your own business as an independent agent or branch manager, or pursue corporate employment with a large insurance company, the variety of job types in this industry makes it a sought-after choice for those looking for careers in insurance.