Insurance Adjuster Salary Information

There are more than 294,600 insurance adjusters in the United States.

Insurance claims adjusters investigate insurance claims to validate their authenticity and determine the amount of money the insurance company owes the policyholder. For example, following a fire that damages a home, the claims adjuster will handle the insurance claim by the homeowners. They interview the claimant and witnesses, inspect damage and eventually settle the claim. When claims are contested in court, adjusters work with attorneys. The salary of an insurance adjuster is generally about $50,000. Earnings are dependent on factors such as work experience and industry.

Average Annual Salary

According to a May 2008 salary report by the U.S. Bureau of Labor Statistics (BLS), the average annual salary for insurance claims adjusters, examiners, and investigators was $57,550.The median salary for the occupation was $55,760. The middle 50 percent brought home between $42,400 and $70,860 and the lowest 10 percent earned less than $34,140. The tenth of insurance adjusters who earned the highest salaries made more than $84,260 annually. Salary.com places the median expected salary for claims adjusters in particular at $47,150. The median 50 percent range was $42,212 through $53,310, according to the November 2009 report.

Average Hourly Wage

The average annual salary for insurance claims adjusters breaks down to an average hourly wage of $27.67, according to the same May 2008 BLS report. The median hourly wage was $26.81 and the middle 50 percent brought home between $20.39 and $34.07. The lowest-compensated 10 percent brought home less than $16.41 hourly, while the highest-earning 10 percent earned upward of $40.51 per hour.

Work Experience

The earnings of an insurance adjuster tend to increase along with work experience. According to an April 2010 salary survey by the private company Payscale.com, the median expected salary for insurance adjusters with less than one year of work experience fell between $35,859 and $47,168. Insurance adjusters with five to nine years of work experience earn between $41,910 and $55,900, according to the survey. That salary range increases to $45,697 through $64,333 for adjusters with 10 to 19 years of work experience. Insurance adjusters who have been on the job for more than 20 years earn between $52,688 and $75,213 annually.

Indsutry

Most claims adjusters, particularly those employed by insurance companies, earn additional salary bonuses and enjoy many benefits, according to the BLS. Adjusters are generally given a laptop, a smartphone and can use a company car. Those who use their own vehicle while conducting business are reimbursed. According to data from an April 2010 report by Payscale.com, the median annual bonus for insurance adjusters in the United States falls between $997 and $3,573.

Benefits and Bonuses

Another factor that can impact the earnings of insurance adjusters is industry. Out of the five U.S. industries with the highest levels of employment of insurance adjusters, the federal executive branch pays the highest salaries, according to the BLS. Insurance adjusters working in the federal executive branch earn $64,120 per year on average. Those working in what the BLS classifies as the "insurance and employee benefit funds" industry average $57,290, while those employed by insurance carriers make $56,980. The management of companies and enterprises industry pays insurance adjusters $56,880 annually. Insurance adjusters working in the agencies, brokerages and other insurance-related activities industry make $56,120.

References

• Payscale.com: Claims Adjuster Median Salary by Years Experience
• Payscale.com: Salary Snapshot for Claims Adjuster
• Occupational Employment and Wages, May 2008: Claims Adjusters, Examiners, and Investigator
• Occupational Outlook Handbook: Claims Adjusters, Examiners, and Investigators
• Salary.com: Claims Adjuster

Resources

• Create Customized BLS Salary Reports