Property and casualty insurers play a crucial role in the economy by offering a variety of services to both consumers and companies. They safeguard individuals and assets from mishaps and other losses. Property and casualty insurers offer a variety of positions, from underwriters to claims adjusters. Additionally, many businesses provide internships to incoming college students. Many insurance organizations are seeking personnel with a passion for property and casualty insurance as the industry is expanding quickly.

This article will walk you through what property and casualty insurers are responsible for, how many jobs are available in this field and the best jobs in this field.

What Are Property and Casualty Insurances?

A property and casualty (P&C) insurance firm is a company that offers both asset insurance and liability insurance for accidents, injuries, and damage to people or their property.

P&C Insurance Company underwrites a wide range of insurance products, including professional liability, auto, home, and marine.

• Property insurance:

Your house, car, clothing, furnishings, electronics, and valuables are all covered. Your personal property insurance will cover the cost of replacement or repair if one of your personal belongings is injured or destroyed by a covered risk.

• Casualty Insurances:

You are not held liable. For instance, if a delivery driver slips and falls on an icy driveway, your home insurance's liability coverage will pay your legal expenses if the driver sues you. Your auto insurance liability coverage may assist you in covering other drivers' expenses if you cause a car accident.

How Many Jobs Are Available In Property-casualty Insurers

Property and casualty insurance is one of the largest industries in the US, employing over 2.5 million people and generating approximately $1 trillion in premiums annually. From desk underwriters to claims adjusters, property and casualty actuaries hold a variety of responsibilities in this sector. Approximately 80,00 new jobs are added to the industry annually at a growth rate of 4%.

According to the website Indeed.com, there is a great demand for property and liability insurance. There will be around 29260 open positions in the property and casualty sector as of September 2022. The U.S. Bureau of Labor Statistics projects that this industry will expand by 40% during the following ten years.

A college degree in business or a similar subject, as well as prior insurance industry experience, are often requirements for property and casualty insurers. In 2021, the yearly average pay for an insurance sales agent was $49,840.

The Best Paying Jobs in Property-Casualty Insurers

Finding a well-paying job might be difficult, especially if you're just starting out in the field of property-casualty insurance. In order for you to begin planning your next career move with confidence that you'll be compensated appropriately, we put in the time to produce a list of the property casualty insurance roles with the highest wages. The highest paying positions at property-casualty insurers are listed below:

• Insurance Broker Jobs $66,000 to $70,000

• Business Analyst – Insurance $50,000 to $64,000

• Claim Examiner $40,000 to $56,000

• Insurancee Investigator $45,000 to $55,000

• Insurance Claim Clerk $25,000 to $30,600

• Loss Control Consultant $85,000 to $100,000

• Risk Manager $100,000 to $139,110

What Companies Are In The Property-casualty Insurance Field

1. State Farm

Direct Premiums Written: $66.1 billion
Market Share: 9.12%

2. Berkshire Hathaway

Direct Premiums Written: $46.1 billion
Market Share: 6.37%

3. Progressive Group

Direct Premiums Written: $41.7 billion
Market Share: 5.75%

4. Liberty Mutual

Direct Premiums Written: $36.1 billion
Market Share: 4.99%

5. Allstate

Direct Premiums Written: $34.3 billion
Market Share: 4.73%

6. Travelers Group

Direct Written Premiums: $28.7 billion
Market Share: 3.97%

7. USAA

Direct Written Premiums: $24.6 billion
Market Share: 3.39%

8. Chubb

Direct Written Premiums: $24 billion
Market Share: 3.32%

9. Farmers Insurance

Direct Written Premiums: $20 billion
Market Share: 2.77%

10. Nationwide

Direct Written Premiums: $18.5 billion
Market Share: 2.55%

11. Zurich

Direct Written Premiums: $13.6 billion
Market Share: 1.88%

12. AIG

Direct Written Premiums: $13.4 billion
Market Share: 1.85%

13. The Hartford

Direct Written Premiums: $12.4 billion
Market Share: 1.71%

14. CNA

Direct Written Premiums: $11.7 billion
Market Share: 1.62%

15. American Family Insurance

Direct Written Premiums: $11.3 billion
Market Share: 1.56%

16. Auto-Owners Group

Direct Written Premiums: $9.3 billion
Market Share: 1.28%

17. Assurant

Direct Written Premiums: $8.3 billion
Market Share: 1.14%

18. Tokio Marine

Direct Written Premiums: $7.7 billion
Market Share: 1.06%

19. Erie Insurance

Direct Written Premiums: $7.6 billion
Market Share: 1.05%

20. Fairfax Financial

Direct Written Premiums: $7.6 billion
Market Share: 1.05%

21. AXA

Direct Written Premiums: $7 billion
Market Share: 0.97%

22. WR Berkley

Direct Written Premiums: $6.8 billion
Market Share: 0.94%

23. American Financial Group/Great American Insurance Group

Direct Written Premiums: $6.7 billion
Market Share: 0.92%

24. Markel Corporation

Direct Written Premiums: $6 billion
Market Share: 0.83%

25. Cincinnati Financial

Direct Written Premiums: $5.5 billion
Market Share: 0.77%

Is Property-casualty Insurance a good career path?

Compensation is one of the main advantages of a profession in property-casualty insurance. The Bureau of Labor Statistics reports that in May 2021, the median yearly pay for insurance underwriters was $76,390. The flexibility and variety that a job in property-casualty insurance affords is another perk. Most insurance underwriters work in offices, however many businesses now allow telecommuting, which might give you more flexibility with your schedule. Additionally, you will have the chance to work on a variety of case types because there are so many various kinds of property-casualty insurance policies, which can keep your employment exciting.

The Future of Property and Casualty Insurers

Millions of individuals work for property and casualty insurers in the United States. The majority of these positions are in underwriting and claims. Executive management, sales and marketing, and other support roles make up the remaining positions.

Conclusion

The property and casualty insurance sector has a wide range of employment opportunities. Start by learning about the various job kinds if you are interested in a career in insurance. Then, send a few employers your resume to see if you can get an interview. Finally, be ready to discuss your background and the reasons behind your interest in a career in insurance when asked.