Is Property-Casualty Insurers a Good Career Path? – A Complete Guide

If you are deciding whether a career in insurance is a good choice for you, then you need to find out more about the industry, what requirements there are for the role, and what you can expect your salary to be.

In this article, we will discuss what property and casualty insurance is and what a career might look like in the industry. We will discuss the future of this type of job and what you can expect your salary to be if you were to start a career here.

We will also go through the benefits of a career as a property casualty insurance agent and what the drawbacks might be before discussing in detail the requirements that an employer will have in terms of education, certification, and experience.

What Are Property-Casualty Insurers?

Insurance is a contract between an insurance company and an individual, where the individual (or business) pays a regular premium to protect something, whether that is a property, a car or even their own life.

If something happens to damage or destroy the thing that is insured, the insurance company will pay for repairs or replacement.

• Property and Casualty Insurance – Is often referred to as P+C insurance. It is usually a bundled option where both property and liabilities are covered
• Property Insurance – Covers personal property such as items, vehicles, or homes
• Casualty Insurance – Protects other people from injury and other negative outcomes

Many different types of insurance policies contain P+C coverage, including:

• Homeowner’s Insurance
• Auto Insurance
• Renter’s Insurance
• Landlord Insurance
• Life Insurance

Property-casualty insurers can work for a specific insurance company, as an independent agent giving options from multiple providers, or as an insurance broker looking for the best deals for the customer.

Some agents will work as an employee, while others will work on a freelance basis, and some even start their own businesses based on the knowledge and experience they gain working for other companies.

When you are deciding on the type of role that you want to have, you will find the following separation:

• Captive Agents – A captive agent works for an insurance company and only sells insurance coverage from that company
• Independent Agents – Independent agents are able to sell policies from multiple companies, which can offer more variety and choice for customers
• Insurance Brokers – Insurance agents who work for brokers really work on behalf of customers to help them find the best deal on the most appropriate P+C policy

Major insurance companies offer P+C insurance to both business and personal customers, so there are plenty of different job opportunities available.

Some job roles that you might see in the property-casualty insurance industry include:

• Power Sports insurance agent
• Underwriter
• Car insurance agent
• Life insurance agent
• Claims adjuster

Is Property-Casualty Insurers a Good Career Path?

Before you make any big decisions about your future salary, there are two things that you will probably want to focus on.

You will want to know that there is a future for the role and the industry, so you know you will still have a job in a decade or even more.

You will also want to know what the salary expectations are for the role – not only so that you know you are being paid fairly for the work that you are doing but also so that you can plan effectively for the future, including getting promoted, gaining new qualifications and even moving into creating your own business.

Property-Casualty Insurance Job Prospects

If you are looking for a career path that is as much about having a purpose and helping people as it is about developing yourself and earning, then working in the P+C insurance industry will tick all your boxes.

What is more important to those getting started in the industry is that it is growing year on year.

According to Statista, the market share of the P+C section of the insurance industry hit a high of $843.63 billion in 2023, up $22 billion from the year before.

In fact, 53% of written premiums in the US were for P+C coverage.

Alongside this, the development in technology and the application of data management and machine learning has meant that the insurance industry as a whole is growing – and this steady increase has been mirrored in the number of available roles.

In 2022, there were approximately 686,300 people employed in the Property-Casualty insurance industry, with a growth of about 6% from the previous year.

There are many employers in this sector, too – the biggest, according to market share, is State Farm, so there are plenty of places to apply for the entry-level role that is going to start your career.

Property-Casualty Salaries

Depending on the company you work for, there are several ways that you could be paid as a property-casualty insurance agent.

• Commission only – Agents are paid a percentage of the value of new policies and renewals
• Salary – Agents are paid a salary
• Salary and Commission – Agents are paid a base salary and can earn commission on top
• Salary and Bonus – Agents are paid a base salary and can earn bonuses for reaching goals

According to Salary.com, the average salary for a P+C insurance underwriter is about $71,000, and entry-level roles might start at about $33,000.

With commissions, bonuses and experience, an agent might earn over $90,000.

Why Is Property-Casualty Insurance a Good Career Path?

Job security

Insurance is something that everyone should have – and it stands to reason that they are going to need people to sell it to them.

As mentioned above, the insurance industry continues to grow steadily, and it is expected to continue to grow, so job security shouldn’t be something that you need to worry about.

High Earning Potential

While not every sales agent in the insurance industry is paid a high base salary, with the commissions and bonuses that are on offer, agents can hit six-figure earnings within a few short years.

Flexibility

A career as a property-casualty insurance agent can be very flexible. Many companies that are hiring now are remote first, which means that you can often set your own hours and work from home – cutting the commute out of the equation.

You can also choose your focus, whether you want to sell car and life insurance or work with homeowners, landlords, or even businesses.

There are many specialties that you can look into, especially if there is an area that matches your interests; P+C insurance is needed for things like sports cars and superbikes, as well as horses, for example.

If you do decide that you want to work for a broker, or become a broker yourself, then you can also have the flexibility to work with different insurance companies to find the best deals for your customers, which adds some variety.

Relatively Easy to Get Into

Most companies require nothing more than a high school diploma from applicants, especially for entry-level roles.

This means that you will not necessarily need a degree or any specific experience to get started (although you will need to get certified by the state – more on this later).

Knowledge and Transferable Skills

There is a huge amount of knowledge that you will gain from working in the insurance industry, which will be useful for your career development.

Alongside this, you will also gain lots of transferable skills that you will need to further your career or even if you change careers later.

These soft skills are what make you an attractive candidate for both a promotion and a new job.

Rewarding

Insurance agents help people protect the things that mean the most to them, and that means that working in this industry can be rewarding emotionally as well as financially.

Having a career where you can help people when they need it most is meaningful, and that can be a real boost.

What Are the Downsides to Working as Property-Casualty Insurer?

Earnings Can Vary

Despite the high earning potential of this role, it is not the type of career that has a guaranteed income.

What you can earn is bound to how much you sell in many cases. Therefore, your salary can be up and down from one month to the next.

High-Pressure Work Environment

Sales, in general, can be a high-pressure and busy work environment, and the same can be said about insurance agents, too.

You will likely be tasked with hitting targets and even put up in competition with other agents to get the most new policy sign-ups or renewals.

This means that you need to be prepared to focus in a fast-paced environment and work well under pressure.

Limited Time Off

The nature of the insurance business means that time off will be limited; while you can work flexibly, most companies only offer a very basic amount of paid time off.

This is also true if you are working on a freelance basis – you might not be able to take too much time off and maintain your income levels.

Is Insurance a Good Career without Academic Background?

When searching for entry-level careers in property-casualty insurance, you’ll notice that the education requirements are usually limited to a high school diploma.

In some cases, you might need to have a degree. If you want to be prepared for this, the most popular degrees that would be used include business, economics, risk management and finance.

You will have to complete the State Licensing exam to be allowed to sell insurance. You will have to pass before you are considered licensed.

Each state has a different test with different requirements and requirements.

There are other insurance certification programs that you might be asked to complete. This will depend on what the company you apply for needs.

What Skills Do You Need to Work in Property-Casualty Insurance?

Communication Skills

Sales is all about communication and negotiation, so you need to be able to communicate with others.

You’ll need to be able to speak with customers, potential clients and colleagues and provide written reports.

People Skills

Customer service is at the heart of a property-casualty insurance agent role. That means having good people skills.

You will need to be able to listen attentively, provide solutions and give information to customers as well as colleagues.

The better you are at dealing with people, the more likely you are to be successful.

Analytical Skills

Making decisions means analyzing the available information and applying good judgment.

You’ll need to be able to analyze and evaluate numerical and written information, as well as collect verbal information from your conversations with customers to make the best decision on which policy you should offer and how best you can help your clients.

Organisational Skills

If you are a freelancer, working remotely or even in an office, you will need to be able to manage your time and workload effectively.

You will need to be self-motivated to meet your targets. This means juggling things like phone calls and emails, as well as face-to-face meetings when needed.

Numeracy and Math Skills

Insurance agents might not need to be mathematical geniuses, but you will need to have some basic numeracy skills to understand policies, coverage, percentages and other numerical data involved in creating premiums.

The Best Paying Jobs in Property-Casualty Insurers

Here are some positions that have historically offered competitive salaries in property-casualty insurance:

• Chief Underwriting Officer (CUO) – The CUO is responsible for overseeing the underwriting operations of the company, setting underwriting guidelines, and managing risk. This role often comes with a high level of responsibility and is typically well-compensated.
• Chief Actuary – Actuaries play a crucial role in setting insurance premium rates and ensuring the financial stability of the company. Chief Actuaries, in particular, are often among the highest-paid professionals in the industry due to the complexity and importance of their work.
• Claims Manager/Director – Professionals responsible for managing the claims department can earn competitive salaries. They oversee claims adjusters, ensure timely and fair claims processing, and often have a significant impact on the company's profitability.
• Risk Management Director – In large property-casualty insurance companies, risk management directors are responsible for assessing and managing the overall risk exposure of the company. They play a vital role in ensuring the company remains financially secure.
• Product Development Manager/Director – These professionals are involved in designing and developing insurance products, setting rates and ensuring the company offers competitive and profitable policies.

Regional or Divisional Vice President – These high-level executives are responsible for overseeing the performance of a specific region or division of the company. They often have significant decision-making authority and are compensated accordingly. Data Analysts/Scientists – With the growing importance of data analytics and predictive modeling in the insurance industry, data analysts and data scientists who specialize in insurance can command competitive salaries. Underwriters – Experienced underwriters who handle complex and high-value policies, such as commercial or specialty lines, can earn substantial incomes. Senior Claims Adjusters – Seasoned claims adjusters with expertise in handling complex claims or specializing in high-value policies can also receive competitive compensation.

• Legal and Compliance Professionals – Lawyers and compliance officers play an essential role in ensuring the company's adherence to regulations and legal requirements. Their expertise can be well-rewarded.

Keep in mind that salary levels can vary based on factors such as the size and location of the insurance company, an individual's experience, qualifications, and performance.

Additionally, industry trends and demand for specific roles may change over time, so it's a good idea to consult recent salary surveys and industry reports to get the most accurate and up-to-date information for 2023.

Is Specialty Insurers a Good Career Path?

Specialty insurance can offer a rewarding and fulfilling career path for individuals who are interested in specific niche areas of the insurance industry.

Specialty insurers focus on unique and non-standard insurance products that cater to specialized markets.

Frequently Asked Questions

Final Thoughts

If you are looking for a role where you can genuinely help people and get paid based on successful sales, then a role in property-casualty insurance might be for you.

The career prospects are good, with ample opportunities for development and growth – both in the industry and as a career change – and the earning potential is high.

Get started by researching the insurance companies or brokers that you might want to work for and get to know more about what they are looking for in a property-casualty insurance sales agent.