Is Property-Casualty Insurers a Good Career Path?

As you evaluate your career path for the future, you may be balancing the pros and cons of different positions you can hold in the workforce. 

So are property-casualty insurers a good career path? Absolutely! You will enjoy helping clients receive the policy benefits needed while serving your local community. Plus, the wages and benefits are great!

We will define property-casualty insurance, the difference between the two types, the benefits of holding this position, jobs you can have in the industry, and more! So if you’re looking to know is property-casualty insurers a good career path? then read on and let’s break it down.

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What is Property-Casualty Insurance?

Property-casualty insurance covers your personal belongings and overall properties that you own such as your home or car. The casualty insurance covers you financially if you cause an accident that wrecks a person’s car or home so that it pays out for you to the affected victim. It lessens the likelihood of you having to pay out-of-pocket for any accidents. 

What Do You Do As A Property-Casualty Insurer?

As a Property-Casualty Insurer, you will receive calls from clients who are searching for property-casualty insurance. You will listen to each client’s needs and accordingly recommend them the best policy for coverage. 

What Is The Difference Between Property Insurance and Casualty Insurance?

Property insurance and casualty insurance are combined into one policy for property-casualty insurance. Combining the two creates a cohesive policy whereas individuals only have to pay one bill instead of two.

Property insurance covers your home, car, and other high-value possessions. If your home is broken into or experiences damages during a flood, property insurance covers that. If you get into a vehicular accident that is not your fault, property insurance will cover the damages to your car. 

Alternatively, casualty insurance covers you if you are at fault because of an accident. You will not have to pay as much out-of-pocket if you are found responsible for causing a vehicular accident. 

What Are The Qualifications Needed To Become A Property-Casualty Insurer?

According to the Bureau of Labor Statistics, there is a specific educational background needed before you pursue a career as a Property-Casualty Insurer. There are also some soft skills and industry-specific skill sets that you need to be successful. 

Educational Background

Becoming a general Insurance Agent requires at least a high school diploma. Some agents usually study for at least a Bachelor’s degree to increase their work experience before entering the field. 

Licensing Requirements

No matter if you work with a company that provides property-casualty insurance or if you are a Freelance Insurance Agent, you will need to be licensed to distribute insurance in your state of operation. Since you will be selling property-casualty insurance, you will have to take an industry-specific exam in your state certifying that you can credibly sell these policies to clients. 

Once you receive notification that you have passed your insurance exam, complete the final step of the paperwork. Fill out and send in your licensing application along with a background check. There may be a possible fingerprinting requirement for your background check so the organization licensing you can evaluate whether you have committed insurance fraud or not in your lifetime. 

Soft Skills

Here are the soft skills you will need to excel as a Property-Casualty Insurer:

  • Verbal communication skills. 
  • Listening skills
  • Proficient writing ability. 
  • Presentation and negotiation skills to help clients find their best policy. 
  • Patience. 
  • Interest in learning more about insurance policies and benefits. 

Industry-Specific Skill Sets

Besides the soft skills that many careers require you to have, here are the industry-specific skill sets you should hold as a Property-Casualty Insurer:

  • Marketing experience. 
  • Ability to make verbal or PowerPoint presentations to clients. 
  • Knowledge of property insurance. 
  • Knowledge of casualty insurance. 
  • Background knowledge of how to write and implement insurance policies for clients. 

How Many Jobs Are Available in Property-Casualty Insurers Industry?

There are more than 628,000 individuals in the property-casualty insurer industry. More than 2,400 companies distribute property-casualty insurance policies. Of these 2,400 property-casualty insurance distributors, 100 of them hold 86% of the overall written policies for Americans yearly. 

From 2020 to 2030, the insurance industry itself is expected to grow by 7%. More than 50,000 jobs for Insurance Agents, in general, open up yearly with (insert) of them being in the property-casualty insurance industry.

The 3 Best Paying Jobs in Property-Casualty Insurers Industry

In property-casualty insurance, there are many positions you can hold. Navigating the market to find the highest-paying positions will ensure your satisfaction and success in the industry. 

The 3 best-paying jobs in property-casualty insurance are as follows:

  • Insurance Account Manager: $61,081 per year
  • Renters Insurance Agents: $49,878 per year
  • Customer Service Representative: $37,817 per year

1. Insurance Account Manager

According to Indeed.com, an Insurance Account Manager earns a yearly salary of about $61,081 in New Jersey, which is 12% higher than the national average. The higher yearly salary is over $84,000 while the lower end of the salary expectation is close to $44,000. An Insurance Account Manager is responsible for overseeing client insurance accounts, helping clients file claims, and changing coverage needs on a policy if the client requests. 

2. Renters Insurance Agents 

ZipRecruiter states that the national average salary for Renters Insurance Agents is $49,878. Some salaries can go as high as over $87,000 while others have been as low as a little over $21,000. Renters Insurance Agents evaluate the value of the belongings in your rented home or apartment, discuss your coverage needs based on these said values, and write the policies accordingly to give you renters insurance coverage. 

3. Customer Service Representative

Customer Service Representatives in the insurance industry make about $37,817 median salary every year according to Salary.com. This is the entry-level position in the industry whereas those in the role take calls, forward new clients to Insurance Agents, and solve issues or answer questions about insurance policies for clients. 

Final Thoughts on Property-Casualty Insurance As A Career

So are property-casualty insurers a good career path? Yes, it is. The potential for high wages, a great calling you develop for helping others, and how the market benefits clients are great reasons to pursue this career.