Property and casualty insurers are companies providing coverage on assets. They also provide liability insurance for accidents, injuries, damage to others, and damage to their belongings. These insurers cover a number of things, including home insurance, auto insurance, professional liability insurance, marine insurance, and more. But what are the best paying jobs in property and casualty insurers?
Let’s take a look. First, let’s try and explain the terms property and casualty insurance. It is an umbrella term including many different forms of insurance. Typically, however, it covers two primary coverage types. One is liability coverage and the other is property protection coverage.
The simplest explanation is property and casualty insurance can help pay costs that you’re legally responsible for, up to your policy limits.
What Does It Cover?
To understand the term property and casualty insurance, let’s take a look at what property and casualty provisions cover. There are many insurance options, including home insurance, life insurance, and different. And an insurance agent knows all the details.
Medical Bills For Visitors
Consider this scenario, a visitor falls inside your home and fractures his/her leg. Well, if the falls are due to negligence in your home, or your negligence, you might be found liable for that person’s medical bills. No matter if that person has insurance or not, it is your insurance that will provide protection.
Property and casualty insurance, in this case, can cover these medical bills.
Paying For Lost Wages
Here is another scenario that might happen in your home. Some individuals might suffer an injury on your property. He is found unable to walk and perform his job. You are held accountable for his loss of income.
But do not worry, property and casualty coverage will prevent you from paying out of your pocket.
An individual gets injured on your property and he sues you. As a result, you have to pay legal fees and an attorney. But do not worry. Your insurance policy is there to help you. These bills can add up quickly if you do not have a property and casualty insurance policy. So do not worry, your insurance agency will cover it.
Homeowner Insurance Policy
If your home is vandalized and damaged, you will be happy to have property and casualty insurance. This broad insurance includes coverage to structure, property, belongings, and everything else in your come in the event of vandalism or theft.
Financial Protection Against Weather Incidents
Weather incidents might be rare, but they do happen. And in the case of a weather incident, property and casualty insurance includes financial protection.
Think of it as a small investment that can help you and your family in the case of an unforeseen accident in your home or on the property.
Top 5 Insurance Industry Jobs
There are many more property and casualty insurance jobs that pay a high salary. But the five on our list are the highest paying jobs in property and casualty insurers.
They pay more than the average property and casualty insurance salary which is $51,251. These five jobs have a higher median average salary
Casualty Medical Officer
Average Salary: $155,852 per year
This officer is responsible for certifying the death of a patient and getting it countersigned. The casualty medical officer is also responsible for the maintenance of sanitation and cleanliness. You have to hold a medical degree for this position. Past experience in the health care sector is a plus and an important factor.
Medical officers are usually senior physicians managing all aspects related to patient care within their department. It is a rare job title in insurance that requires a medical degree.
Excess Casualty Underwriter
Average salary: $116,611
An excess casualty underwriter is responsible for the overall management, business development, growth, and profitability of the business. It is a high-level position that has a heavy emphasis on new business production.
This guy is a technical expert in an underwriting specialty that drives business results through strong sales, marketing, and relationship building.
Senior Casualty Underwriter
Average Salary: $105,993
Here is another high-paying job in the insurance industry. The senior insurance underwriter is responsible for analyzing each and every application of each group member and making an individual appraisal. Property and casualty underwriter specializes in commercial or personal insurance. He also takes a look at risks insured, such as fire, automobile, or marine.
His main job is to analyze any new application and see whether that applicant can pay.
Average salary: $102,625
Listed as one of the most endangered jobs in the past several years according to Forbes, this position assesses commercial and personal insurance policy applications. The casualty underwriter must determine the risk exposure of the company for each and every applicant. Then, the company issues a policy or doesn’t determine on the report by the casualty underwriter.
Senior Property Underwriter
Average salary: $90,195
This is the only one of the five best-paying jobs in property and casualty insurers that pay less than 100k annual salary. He serves as a customer industry advocate with a focus on improving the customer experience. His job is to understand the risk of the customer and offer the best insurance policy for the client’s insurance needs.
Senior property underwriter uses a disciplined approach to exposure evaluation, pricing, and risk assessment.