May 14, 2023 by Chiamaka Geraldine
The best-paying jobs in specialty insurers include senior claims adjuster, product development manager, cyber underwriter, and senior product manager. They earn high salaries because they are responsible for insuring high-risk businesses. In addition, their duties require a high level of responsibility and accountability.
According to the Bureau of Labor Statistics, the sector employs about 2.8 million people in the United States. It has a compound annual growth rate (CAGR) of approximately 10.6% from 2022 to 2030. The industry will reach a market value of $160.74 billion by 2030 and create more employment opportunities in the next 10 years.
What Do Specialty Insurers Jobs Pay?
The average annual salary in the specialty insurers industry is $60,000. However, there are many positions with varying pay available in the sector. For instance, an experienced senior claims adjuster working for a large company can earn up to $300,000 annually. On the other hand, an entry-level claims adjuster trainee earns approximately $60,000 per year.
15 Highest Paying Specialty Insurers Jobs with Good Salaries
There are many high-paying job options available. These positions offer good salaries and growth potential. Individuals searching for jobs should check out these available jobs in specialty insurers.
The 15 best-paying specialty insurers jobs with good salaries include the following:
1. Senior Claims Adjuster
Average Annual Salary: $300,000
A senior claims adjuster evaluates and settles insurance claims related to specialty lines of insurance. They review the insurance policy to determine coverage, investigate the claim, and negotiate with claimants and other parties.
Senior claims adjusters earn a high salary due to their deep understanding of the specialty insurance market and ability to make complex judgments about claims.
To get this role, you must have strong analytical and critical thinking skills and excellent communication and negotiation skills. They must also know the specialty insurance market and industry regulations.
Employers require a bachelor’s degree in business, insurance, law, or other related fields. However, most companies prefer candidates with industry certifications, such as the Chartered Property Casualty Underwriter (CPCU) or the Associate in Claims (AIC).
The job outlook for senior claims adjusters in specialty insurers is positive, with 3% growth from 2020 to 2030. It will also create more jobs due to the demand for specialty insurance products.
2. Product Development Manager
Average Annual Salary: $280,000
A product development manager oversees the entire process of creating and launching new products for a company. This process involves research, design, development, testing, and marketing.
Product development managers earn high salaries because of their expertise in product development and ability to manage multiple priorities. Relevant skills for this role include project management, market research, communication, and organizational abilities.
It would be best if you had a bachelor’s degree in business management or a related field to get this role. However, some employers prefer individuals with advanced degrees.
The job outlook for product development managers will grow by 10% from 2020 to 2030. It will also produce about 52,700 openings yearly in the next 10 years.
3. Cyber Underwriter
Average Annual Salary: $270,000
A cyber underwriter assesses and manages cyber risks for clients. They measure the prospective dangers and ascertain the befitting coverage and premiums for cyber insurance policies.
Cyber underwriters earn high salaries due to the high demand for cyber insurance in today’s digital age. They possess knowledge of cyber risks and security, analytical and critical thinking skills, and strong communication and negotiation skills.
The educational qualification for this role is a bachelor’s degree in a relevant field like computer science, cybersecurity, or risk management. The job outlook for this role will grow by 4% from 2021 to 2031. It will also create about 8,400 openings each year.
4. Senior Product Manager
Average Annual Salary: $260,000
A senior product manager develops and manages insurance products that meet the needs of customers and the company. Senior product managers earn high salaries due to their role in driving revenue growth and profitability for the company.
To get this role, you need strong analytical, excellent communication, and leadership skills with a deep understanding of the insurance industry. Many employers require a bachelor’s degree in business, finance, or a related field. However, some employers prefer candidates with a master’s degree.
The job outlook for senior product managers is positive, with a growth rate of 8% from 2018 to 2028. In addition, it will produce many jobs in the future.
5. Underwriting Director
Average Annual Salary: $250,000
An underwriting director manages the process, ensures employees follow the company’s policies and procedures, and decides whether to accept or reject insurance applications. Underwriting directors earn high salaries due to the level of responsibility and decision-making the role requires.
Essential skills for this role include decision-making, critical thinking, project management, organization, and time management. The educational requirement for this role is a bachelor’s degree, although additional training and certification are necessary for senior positions.
The job outlook for insurance underwriters will decline by 4% from 2021 to 2031. However, it will still create around 8,400 job openings every year.
6. Marine Hull Underwriter
Average Annual Salary: $240,000
A marine hull underwriter assesses and underwriting risks associated with marine hull and machinery insurance policies. They evaluate the risks associated with insuring vessels and determine the appropriate premiums to charge based on the level of risk.
Marine hull underwriters earn a high salary due to their exceptional knowledge of assessing and underwriting high-value policies.
You need analytical thinking, attention to detail, communication, and negotiation skills to get this role. To get this position, you must possess a bachelor’s degree in marine engineering, naval architecture, or business administration.
The job outlook for this role will grow by 4% from 2021 to 2031. Also, it will create 8,000 job openings yearly due to the need to replace workers.
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7. Actuary
Average Annual Salary: $230,000
An actuary analyzes data and assesses risk to help the company make informed decisions about pricing and coverage. Actuaries earn high salaries due to the high demand for their services. They possess strong analytical and problem-solving abilities, proficiency in mathematics and statistics, and excellent communication skills.
Becoming an actuary requires a bachelor’s degree in mathematics, statistics, or a related field. However, some companies require certifications from a professional organization like the Society of Actuaries.
