Salary of a Claims Representative
Claims representatives, also known as adjusters or examiners, determine how much money their clients receive when filing insurance claims. Claims representatives mostly handle insurance claims for properties, like homes and cars, or liability reasons, such as accidents or injuries. Claims representatives will usually assess the damages or expenses for people, then submit a written report about the claim. Most claims adjusters earn annual salaries. Additionally, claims adjusters may also earn bonuses and profit sharing.
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Average Annual Salary
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A claims representative earns an average annual salary ranging from $39,576 to $57,637, according to 2011 data from Payscale.com's ongoing survey, the sample size of which is 2,148. Accounting for additional incentive payments, claims representatives can earn incomes as high as $42,069 to $65,641 per year. Comparably, the 2009 information from the Bureau of Labor Statistics reports that the median salary for a claims adjuster is $55,670 per year. StateUniversity.com, an online reference site, indicates that the average annual salary for a claims representative is $44,080.
Type of Employer
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A claims representative's salary can vary according to the types of employers for which he works. For example, claims representatives who are self-employed earn annual salaries of $36,172 to $72,833, according to Payscale.com. Claims representatives that work for the federal government earn salaries of $42,860 to $72,833 per year. Claims representatives working at hospitals can expect to earn annual salaries of $38,323 to $67,752. Additionally, claims representatives working for foundations or trusts earn average annual salaries of $38,000 to $65,000, and those working for companies or corporations earn $39,703 to $57,255 per year. Also, claims representatives that work for state or local governments earn average salaries of $35,379 to $54,667 per year.
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Salary by Certification
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Claims representatives' salaries will also vary according to their certifications. For example, claims representatives that are licensed to practice law earn the highest annual salaries at $64,500 to $124,500, per Payscale.com. A claims representative that is certified as a "chartered property casual underwriter" (CPCU) earns the second-highest salary at $48,455 to $67,616 per year. Additionally, claims representatives with a level 3 general insurance license or certification earn annual salaries of $42,424 to $58,725. Claims representatives with a level 2 general insurance certification can expect to earn annual salaries between $36,911 and $50,281.
Salary by City
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Claims representatives can earn higher average salaries in certain cities. Claims representatives tend to earn the highest annual salaries in Los Angeles at $46,524 to $66,969, per Payscale.com. Claims representatives earn the second-highest salaries in New York City at $41,671 to $62,000. In Dallas, claims representatives can expect to earn annual salaries in the $40,870 to $60,125 range. Additionally, claims representatives earn annual salaries of $41,425 to $57,777 in Tampa; $39,866 to $55,471 in Chicago; $44,583 to $54,494 in Phoenix; and $40,957 to $52,896 in Atlanta.
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References
- Payscale: Salary Snapshot for Claims Adjuster/Examiner/Investigator Jobs; 2011
- Bureau of Labor Statistics: Occupational Outlook Handbook, 2010-11 Edition: Claims Adjusters, Appraisers, Examiners, and Investigators; 2009
- StateUniversity.com: Claims Adjuster Job Description, Career as a Claims Adjuster, Salary, Employment
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