Unlock Your Future: Explore the Highest Paying Insurance Jobs
Breaking Down the Numbers: The Highest Paying Insurance Jobs
The insurance industry is among the most successful and profitable in the USA, with many job offerings and lucrative positions. Thus, if you are looking for the highest paying insurance jobs in 2023, you are at the right place.
When considering starting an insurance career, it's essential to know the best job opportunities for you, with which you will feel satisfied and well-compensated for your labor.
In this read, we explore five of the best insurance jobs in the USA, giving you vital information about the specific job's duties and the national average pay of every position.
Hence, you can decide whether you find yourself in any of these insurance careers and whether you possess the skills and knowledge for the most in demand insurance jobs in 2023.
What Makes Tucson, Arizona a Great City to Live In
Tucson, Arizona, is a beautiful city to live in. It’s rich with national heritage and culture. The city's art and food scene are very vibrant, and what's best, the weather is pleasant most of the year.
Interestingly, Tucson is a UNESCO city of gastronomy, meaning the city has a rich national culinary history, with gastronomy roots dating back to Native America.
What makes Tucson unique is also the wonderful Sonoran Desert. The Saguaro National Park, the Arizona-Sonora Desert Museum, and the Tucson Botanical Gardens are just some of the city's natural attractions.
If you want to live in Tucson, you will be stunned by its natural scenery, and you will have plenty to do:
- Eat in the best restaurants and try unique food specialties
- Hike the mountains
- Cycle the city
- Enjoy the arts
- Dive in the city's rich history
Plus, Tucson is incredibly cheaper to live in, with the cost of living being 3% below the national average.
Now that you know which are the highlights of this magical desert city, and you are ready to find your living place there, check the top insurance jobs in Tucson. We believe that here you will find a top insurance job position for you which will make your life there richer and gratifying.
5 Highest Paying Insurance Jobs in the USA
- Insurance underwriter
- Licensed insurance agent
- Actuary
- Claims director
- Automotive finance and insurance manager
Insurance underwriter
Insurance underwriting is one of the top-paying careers in insurance.
The job involves working in an insurance company and directly connecting the company and the insurance sales agent.
In other words, an insurance underwriter's primary task is to evaluate the risk and decide whether a potential client suits the company's underwriting guidelines.
The main criteria that an underwriter screens are credit score, insurance history, age, health status, and gender. They often use specific software to complete the proper evaluation.
Using the company's standards and deciding about applications, the underwriter can protect the company from financial losses.
How much insurance underwriters earn
The average underwriter annual salary in 2021 was $76,390. Moreover, the highest-paid earned more than $126,380 annually. In contrast, underwriters' lowest salary in 2021 was less than $47,330 per year.
We have also discovered that the average insurance underwriter's salary in 2023 is $63,822 per year. The highest annual salary is $115,000, while the lowest is $18,500.
What are the highest paying insurance jobs in underwriting
Insurance underwriters can work in different underwriter position jobs, based on skills, experience, and insurance sector specialization.
They can work in the general insurance line (home, pet, automobile, or travel insurance), life or health insurance, commercial insurance, and reinsurance.
As an underwriter with exceptional skills, one can pursue similar jobs, such as an underwriting manager, chief underwriting officer, or vice president.
Licensed insurance agent
A licensed insurance agent is another one of America's highest paying insurance jobs.
An insurance agent’s role is to sell the proper insurance policy to the client, knowing the client’s needs and history for that process to be smooth.
Insurance agents must also have a license. In addition, they must complete training courses and pass a state insurance exam.
Licensed insurance agents often specialize in health, life, auto, or home insurance. They work for an insurance company and usually earn a commission based on sold insurance.
How much licensed insurance agents earn
The average annual salary of an insurance agent in the USA in 2021 was $49,840. The highest-paid insurance agents earned more than $126,510, while the lowest-paid earned less than $29,790 annually.
In contrast, the national median salary of an insurance agent per year in 2023 is $72,155. In 2023, an insurance agent can earn as much as $121,500 or as low as $25,500 yearly.
These are just examples of the salary of a licensed insurance agent; in some of the highest paying insurance agent companies, insurance agents earn much higher sums, or between $150,000 and $200,000 annually.
Actuary
An actuary is one of the most in-demand insurance jobs in the USA.
Actuaries have an analytical job, which includes modeling and managing the future financial risks of an insurance company.
What's more, actuaries communicate with clients, set prices on insurance policies, and advise the company about strategizing events, fulfilling regulatory norms, and balancing finances.
The actuary job requires excellent mathematical, statistical, and business mastery. Plus, an actuary has to become an expert in human behavior and be able to solve problems.
Finally, actuaries work in software such as Excel and SQL and usually specialize in property, pension, life, and health insurance.
Pricing actuary
Another one of the highest paying insurance jobs in the actuary sector is a pricing actuary.
Pricing actuaries work in the finance and insurance industry and set the prices of products according to data and statistics.
They, too, calculate risks, evaluate claim payout possibilities, maximize recoveries, and secure the coverage of the company's expenditures, like the expense of claims or employee retirement, among other things.
Consulting actuary
Consulting actuaries work for insurance companies or freelance, and they provide consulting about risks to clients or companies.
Thanks to analyzing data and mathematical skills, they can provide the right solutions to customers.
How much actuaries earn
In 2021, the average median salary for an actuary was $105,900 annually. Some earned less than $63,260, while others made more than $206,820.
According to these numbers, you can see that an actuary is one of the best 5 careers in the insurance industry.
We have also discovered that in 2023, the average annual salary of an actuary is $134.056. Moreover, the total pay for an actuary in the States is $182.909 per year.
What are the highest paying actuary jobs?
Pricing actuaries in 2023 earn an estimated total salary of $169.453 annually. Likewise, the medium average salary for a pricing actuary per year in the USA is $126.862.
On the other hand, consulting actuaries’ national estimated total salary is $235.682 per year. The average annual salary of this actuary job position is $142.390.
Therefore, we can conclude that consulting actuary is the highest paid actuary job in the USA in 2023.
Claims director
The claims department is an integral part of an insurance company.
While many job titles are connected to the claims department, such as claims consultant, adjuster, and investigator, the claims directors usually earn the most.
The job of a claims director is to control and manage the department and establish claims policies and insurance coverages. Additionally, the claims director is responsible for payment and strategic claims processing.
Sometimes, the claims director is the one who takes and works on the most complex claims the company receives.
This position requires a lot of knowledge, a diploma, and extended experience in insurance claims.
Claims directors must also be familiar with the administration, coverage, and appraisal of insurance claims for property, casualty, and personal loss.
How much claims directors earn
A claims director can make a medium annual salary of $121,032 in 2023. Furthermore, the minimum a claims director can earn is $76,500, while the maximum can get as high as $255,500.
Automotive finance and insurance manager
The automotive finance and insurance manager, also known as the F&I manager, works in the financial department of the automotive, power sports, or RV dealerships.
F&I managers work with financing vehicles because, in the USA, a large percentage of vehicle purchases are financed. That’s why the role of the F&I manager is vital.
They are the ones who review the credit applications of clients and check the client’s criteria for financing options.
Moreover, F&I managers analyze the best possible lenders for their clients and the company, introduce loan terms, and handle all documentation. Once they have done all of the steps, they authorize a purchase.
In addition, F&I managers oversee the insurance requirements in every agreement and do all the needed paperwork and administrative duties.
How much automotive finance and insurance managers earn
Automotive finance and insurance managers are in the top three highest paying jobs in insurance in the USA.
In detail, in 2021, the average annual salary of a finance and insurance manager was $131,710. The lowest 10% made less than $77,040 per year, while the highest 10% earned more than $208,000 annually.
Simillary, the automotive finance and insurance managers earn significant sums in 2023. To be exact, an automotive finance and insurance manager can earn a total estimated salary of $114.329 per year, with the average salary being $83.231 per year.
Conclusion
We hope this article has given you an impression of the USA's highest paying insurance jobs. You have had the chance to learn which jobs in the insurance sector can earn you the most money and have a peek at the annual average salaries.
According to this research, these are the top five careers in the insurance industry.
However, remember that other excellent insurance jobs in the USA can earn you a good living.
We are confident that after this read, you are acquainted with the most well-compensated insurance professions and will decide to grasp the most promising career path for you without hesitation.
We wish you the best of luck!
