How much money do insurance adjusters make per year

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Work Environment

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Average National Pay

Claims adjusters inspect damages on insured property, such as homes and automobiles. They may work for insurance companies or government agencies. In cases involving a discrepancy between damage claims and the amount of money an insurance company’s willing to pay, claims adjusters work with attorneys and claimants to reach a settlement. Probably due to the high average pay rate for federal workers, claims adjusters working in Washington, D. The BLS expects job prospects of claims adjusters to be somewhat limited between and , mostly due to slow job growth in the insurance industry.

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Most claims adjusters, appraisers, examiners, and investigators work full time. They often work outside the office, inspecting properties on which insurance claims have been made, such as damaged buildings and automobiles. Auto damage appraisers typically have either a postsecondary nondegree award or previous work experience in identifying and estimating the cost of automotive repair.

Technology is expected to automate some of the tasks currently performed by these workers. Explore resources for employment and wages by state and area for claims adjusters, appraisers, examiners, and investigators. Compare the job duties, education, job growth, and pay of claims adjusters, appraisers, examiners, and investigators with similar occupations. Claims adjusters, appraisers, examiners, and investigators evaluate insurance claims.

They decide whether an insurance company must pay a claim and if so, how. Claims adjusters, appraisers, examiners, and investigators have varying duties, depending on the type of insurance company they work.

They must know a lot about what their company insures. For example, workers in property and casualty insurance must know housing and construction costs in order to properly evaluate damage from floods or fires.

Workers in health insurance must be able to determine which types of treatments are medically necessary and which are questionable. Adjusters inspect property damage or personal injury claims to determine how much the insurance company should pay for the loss. They might inspect a home, a business, or an automobile. Adjusters interview the claimant and witnesses, inspect the property, and do additional research, such as look at police reports.

They may consult with other workers, such as accountants, architects, construction workers, engineers, lawyers, and physicians, who can offer a more expert evaluation of a claim. Adjusters gather information—including photographs and statements, either written or recorded on audio or video—and put together a report for claims examiners to evaluate. When the examiner approves the claim, the adjuster negotiates with the policyholder and settles the claim.

Some claims adjusters work as public adjusters. The goal of adjusters working for insurance companies is to save as much money for the company as possible.

The goal of a public adjuster working for a claimant is to get the highest possible amount paid to the claimant. They are paid a percentage of the settled claim. Appraisers estimate the cost or value of an insured item. Most appraisers who work for insurance companies and independent adjusting firms are auto damage appraisers. They inspect damaged vehicles after an accident and estimate the cost of repairs. This information then goes to the adjuster, who puts the estimated cost of repairs into the settlement.

Claims examiners review claims after they are submitted to ensure claimants and adjusters followed proper guidelines. They may assist adjusters with complicated claims or when, for example, a natural disaster occurs and the volume of claims increases. Examiners who work for health insurance companies review health-related claims to see whether the costs are reasonable, given the diagnosis.

After they review the claim, they authorize appropriate payment, deny the claim, or refer the claim to an investigator. Examiners who work for life insurance companies review the causes of death and pay particular attention to accidents, because most life insurance companies pay additional benefits if a death is accidental.

Examiners also may review new applications for life insurance policies to make sure that the applicants have no serious illnesses that would make them a high risk to insure. Insurance investigators handle claims in which the company suspects fraudulent or criminal activity such as arson, staged accidents, or unnecessary medical treatments.

The severity of insurance fraud cases varies, from overstated claims of damage to vehicles to complicated fraud rings. Investigators often do surveillance work.

Claims adjusters, examiners, and investigators held aboutjobs in The largest employers of claims adjusters, examiners, and investigators were as follows:. Insurance appraisers, auto damage held about 17, jobs in The largest employers of insurance appraisers, auto damage were as follows:.

Claims adjusters and examiners spend time in offices reviewing documents and conducting research. They work outside when examining damaged property. Appraisers and investigators work outside more often, inspecting damaged buildings and automobiles and conducting surveillance.

Auto damage appraisers spend much of their time at automotive body shops estimating vehicle damage costs. Workers who inspect damaged buildings must be wary of potential hazards, such as collapsed roofs and floors, as well as weakened structures. However, their work schedules vary. Adjusters often arrange their work schedules to accommodate evening and weekend appointments with clients.

This requirement sometimes results in adjusters working irregular schedules, especially when they have a lot of claims to review. Insurance investigators often work irregular schedules because of the need to conduct surveillance and contact people who are not available during normal business hours.

Early how much money do insurance adjusters make per year, evening, and weekend work is common. A high school diploma or equivalent is typically required for a person to work as an entry-level claims adjuster or examiner. For investigator jobs, a high school diploma or equivalent is the typical education requirement. Some insurance companies prefer to hire people trained as law enforcement officers or private investigatorsbecause these workers have good interviewing and interrogation skills.

Auto damage appraisers typically have either a postsecondary nondegree award or experience working in an auto repair shop, identifying and estimating the cost of automotive repair. Many vocational schools and some community colleges offer programs in auto body repair and teach students how to estimate the cost of repairing damaged vehicles.

At the beginning of their careers, claims adjusters, examiners, and investigators work on small claims under the supervision of an experienced worker. As they learn more about claims investigation and settlement, they are assigned larger, more complex claims. Auto damage appraisers typically get on-the-job training, which may last several months. This training usually involves working under the supervision of a more experienced appraiser while estimating damage costs, until the employer decides that the trainee is ready to do estimates on his or her.

Licensing requirements for claims adjusters, appraisers, examiners, and investigators vary by state. Some states have few requirements; others require either completing prelicensing education or receiving a satisfactory score on a licensing exam or.

In some states, claims adjusters employed by insurance companies do not have to become licensed themselves because they can work under the company license. Some states that require licensing also require a certain number of continuing education credits per year to renew the license.

Federal and state laws and court decisions affect how claims must be handled and what insurance policies can and must cover. Examiners working on life and health claims must stay up to date on new medical procedures and the latest prescription drugs. Examiners working on auto claims must be familiar with new car models and the most recent repair techniques.

In order to fulfill their continuing education requirements, workers can attend classes or workshops, write articles for claims publications, or give lectures and presentations. Analytical skills. Adjusters and examiners must each evaluate whether the insurance company is obligated to pay a claim and determine the amount to pay.

Adjusters must carefully consider various pieces of information to reach a decision. Communication skills. Claims adjusters and investigators must get information from a wide range of people, including claimants, witnesses, and medical experts. They must know the right questions to ask in order to gather the information they need.

Detail oriented. Adjusters, appraisers, examiners, and investigators must carefully review documents and damaged property, because small details can have large financial consequences. Interpersonal skills. Adjusters, examiners, and investigators often meet with claimants and others who may be upset by the situation that requires a claim or by the settlement the company is offering.

Note: All Occupations includes all occupations in the U. Source: U. The median wage is the wage at which half the workers in an occupation earned more than that amount and half earned. In Maythe median annual wages for claims adjusters, examiners, and investigators in the top industries in which they worked were as follows:.

In Maythe median annual wages for insurance appraisers, auto damage in the top industries in which they worked were as follows:. Bureau of Labor Statistics, Employment Projections program. Technology is expected to automate some of the tasks currently performed by adjusters. For instance, computer software can evaluate photographs of damaged property and calculate an estimated claim.

In addition, data collection and processing speed will increase, which will improve efficiency and allow more work to be done with fewer adjusters. Demand for these workers should stem primarily from the growth of the health insurance industry. Rising medical costs may result in a greater need for claims examiners to carefully review a growing number of medical claims. An increase in the number of claims being made by a growing elderly population also should spur demand for health insurance claims adjusters and examiners.

The number of natural disasters, such as floods and fires, influences demand for claims adjusters in property and casualty insurance. Future increases in the number of natural disasters could result in strong employment growth for claims adjusters in the field.

Employment of auto damage appraisers is projected to grow 5 percent from toabout as fast as the average for all occupations. An increasing number of vehicle-miles traveled will likely be accompanied by more automobile accidents, and this is expected to increase the demand for auto damage appraisers. However, automation technology is also affecting these workers, allowing more appraisals to be done with fewer employees.

Job opportunities for claims adjusters and examiners should be best in firms providing services related to insurance, such as insurance claims adjusting companies. In addition, prospects for claims adjusters in property and casualty insurance will likely be best in areas susceptible to natural disasters.

These areas include the Gulf Coast, which can have a large number of hurricanes, and the West Coast, which is vulnerable to wildfires. As technology continues to affect this work, those who are familiar and comfortable with computers and information technology should also have better prospects.

The Occupational Employment Statistics OES program produces employment and wage estimates annually for over occupations. These estimates are available for the nation as a whole, for individual states, and for metropolitan and nonmetropolitan areas.

The Ugly Truth About How Insurance Companies Settle Claims

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Top skills Typing. Job openings. Late Career. By Industry. Entry Level. Successful adjusters earn pper gratitude and respect from most of their claimants. Independent Claims Adjuster — Hourly Contractor. Worley Independent Adjuster salaries — 1 salaries reported. Filter by location to see Independent Adjuster salaries in your area. Gallagher Claims Adjuster salaries — 33 salaries reported. State Farm Claims Adjuster salaries — 43 salaries reported. A successful adjuster never stops learning and striving to better him or. For independent adjusters, the opportunity can be a little more interesting and exciting.