NAICS 524291 Quarterly Industry Report
Claims Adjusting
Comprehensive industry research for valuation professionals, business owners, buyers, and lenders
NAICS Code: 524291Sector: Finance and Insurance (52)Updated: Q1 2026
About This Report
This Fair Market Value report for NAICS 524291 provides industry analysis on Claims Adjusting operations compiled from the Census Bureau[5], Bureau of Labor Statistics, and National Association of Insurance Commissioners. Additional data is drawn from SBA[7].. Data supports business valuation, market research, and industry benchmarking for claims adjusting establishments.
Industry Snapshot
Key metrics for the claims adjusting industry.
Industry Definition & Overview
Claims Adjusting (NAICS 524291) encompasses establishments primarily engaged in investigating, appraising, and settling insurance claims. Per Census Bureau[5] data, the industry comprises approximately 2,230 active companies employing around 40,732 workers in specialized claims-related roles. Adjusters interview claimants and witnesses, inspect damaged property or vehicles, review medical and accident reports, and determine the extent of insurer liability while calculating loss amounts and negotiating settlements.
Per Bureau of Labor Statistics[6] data, approximately 356,100 claims adjusters, examiners, and investigators held positions across the broader occupation in 2024, with a median annual wage of $76,790. Revenue reached $11.7 billion in 2024, with growth driven by property damage claims, catastrophic events, and expanded insurance coverage needs. Many adjusters work directly for insurance carriers, while others operate as independent contractors or through adjusting firms providing fee-based services to multiple carriers.
The claims adjusting field faces transformation from automation and artificial intelligence, with projections showing a 5% employment decline through 2034, yet roughly 21,600 annual openings are expected due to retirement and career transitions. Climate-related catastrophes generated $140 billion in insured losses in 2024, and industry models project a 30% increase in catastrophe frequency by 2030, creating sustained demand for skilled adjusters managing complex claims requiring human expertise alongside advanced technology tools.
What's Included in This Industry
- Property damage inspection and loss assessment
- Auto accident claims investigation and estimation
- Bodily injury claims evaluation and negotiation
- Catastrophe response and field adjusting deployment
- Independent adjusting services for insurance carriers
- Public adjusting services for policyholders
- Subrogation investigation and recovery
- Workers compensation claims assessment
- Marine and cargo loss adjustment
- Digital claims processing and remote inspection
NAICS Classification Hierarchy
| Level | Description | Code |
|---|---|---|
| Sector | Finance and Insurance | 52 |
| Subsector | Insurance Carriers and Related Activities | 524 |
| Industry Group | Agencies, Brokerages, and Other Insurance Related Activities | 5242 |
| NAICS Industry | Other Insurance Related Activities | 52429 |
| National Industry | Claims Adjusting | 524291 |
Related NAICS Codes
| Code | Description | Relationship |
|---|---|---|
| 524210 | Insurance Agencies and Brokerages | Insurance Agencies and Brokerages sell insurance policies to customers while claims adjusters handle the post-sale claim processing and settlement, serving different functions within the insurance value chain. |
| 524292 | Pharmacy Benefit Management and Other Third Party Administration of Insurance and Pension Funds | Third Party Administration of Insurance and Pension Funds manages insurance operations on a contractual basis for multiple clients, with claims adjusters investigating and settling claims within this administrative framework. |
| 524298 | All Other Insurance Related Activities | All Other Insurance Related Activities includes actuarial services, insurance advisory services, and loss prevention services that complement claims adjusting as specialized insurance support functions. |
| 524114 | Direct Health and Medical Insurance Carriers | Direct Health and Medical Insurance Carriers underwrite health insurance plans while claims adjusters handle health insurance claim investigations and settlements as integral operational partners. |
| 524126 | Direct Property and Casualty Insurance Carriers | Direct Property and Casualty Insurance Carriers underwrite insurance policies while claims adjusters investigate and settle claims for covered losses, forming an essential operational relationship. |
| 541611 | Administrative Management and General Management Consulting Services | Administrative Management and General Management Consulting Services may advise insurance companies on claims operations efficiency while claims adjusters execute the actual adjustment work. |
Geographic Concentration
Top states by share of national establishments.
| # | State | % Est. | Total Est. |
|---|---|---|---|
| 1 | Florida | 21.2% | 967 |
| 2 | Texas | 9.4% | 430 |
| 3 | California | 6.5% | 296 |
| 4 | New York | 6.0% | 275 |
| 5 | Illinois | 4.2% | 189 |
| 6 | Pennsylvania | 3.8% | 172 |
| 7 | Georgia | 3.5% | 159 |
| 8 | New Jersey | 3.2% | 144 |
| 9 | North Carolina | 2.7% | 125 |
| 10 | Louisiana | 2.4% | 109 |
% Of Establishments
0%
21%
Source: County Business Patterns, U.S. Census Bureau[3]
SBA Lending Summary
208
Total SBA Loans
$34.9M
Total Loan Volume
$168K
Average Loan Size
10 yrs
Average Loan Term
10.93%
Average Interest Rate
536
Jobs Supported
Source: SBA 7(a) Program Data, U.S. Small Business Administration — FY 2025[4]
Key Insight: Per SBA size standards[8], the threshold for NAICS 524291 is $25 million in average annual receipts. A claims adjusting business qualifies as small if its average annual receipts do not exceed this amount. For federal contracting opportunities and SBA loan programs, this standard determines eligibility and classification. Eligible businesses can access SBA 7(a) loans[9] for working capital, equipment, and acquisition financing, while 504 loans[10] support major fixed-asset purchases including real estate and heavy machinery.
Top SBA Lenders
| # | Lender | Loans | Volume | Avg Loan |
|---|---|---|---|---|
| 1 | Newtek Bank, National Association | 16 | $8.8M | $550K |
| 2 | Northeast Bank | 48 | $7.8M | $162K |
| 3 | TD Bank, National Association | 40 | $5.3M | $133K |
| 4 | Readycap Lending, LLC | 8 | $4.0M | $500K |
| 5 | JPMorgan Chase Bank, National Association | 16 | $2.7M | $171K |
Frequently Asked Questions
Common questions about this industry.
What is the primary function of claims adjusters?
Claims adjusters investigate, appraise, and settle insurance claims by interviewing claimants, inspecting damaged property, reviewing medical and accident reports, and determining insurer liability. Per Census Bureau[11] definitions, they calculate loss amounts, negotiate settlements, and prepare reports justifying payment decisions for property-casualty, health, and specialty insurance types.
Do claims adjusters need to be licensed?
More than 30 states require licensure for one or more types of adjusters including public, independent, or company adjusters. Per the NAIC Adjuster Licensing standards[12], states use prelicensing coursework, experience requirements, and examination standards to verify competency. Recognized professional designations like the Chartered Property Casualty Underwriter may satisfy some state requirements.
What is the current employment outlook for claims adjusters?
Per Bureau of Labor Statistics[6] projections, employment is expected to decline 5% from 2024 to 2034, yet roughly 21,600 annual openings are expected through replacement of retiring workers. Demand persists from natural disasters, catastrophic events, and insurance growth, though automation is reducing traditional administrative roles.
What is the median wage for claims adjusters?
Per Bureau of Labor Statistics[13] data from May 2024, the median annual wage for claims adjusters, examiners, and investigators was $76,790. Regional variation exists, with higher wages in the District of Columbia, Alaska, and New Jersey ranging from $94,700 to $97,700 annually.
How do catastrophic events impact claims adjusting demand?
Climate-related catastrophes generated $140 billion in insured losses in 2024, with industry models projecting a 30% increase in catastrophe frequency by 2030. This surge creates sustained demand for qualified adjusters despite overall employment declines in routine roles. Natural disaster response requires experienced professionals capable of handling complex, high-value claims involving multiple jurisdictions.
What role does artificial intelligence play in claims adjusting?
AI is transforming claims adjusting through automated processing, remote assessment tools with self-service capabilities, and workflow assistance. Technology now handles over 50% of routine claims processing activities, allowing adjusters to focus on complex, high-stakes claims requiring critical thinking and human judgment for accurate damage assessment and settlement negotiation.
What is the SBA size standard for claims adjusting businesses?
Per SBA size standards[8], the threshold for NAICS 524291 is $25 million in average annual receipts. This threshold applies to government contracting opportunities and small business designations for federal assistance programs.
What types of establishments are included in NAICS 524291?
This industry includes companies that investigate and settle insurance claims, encompassing independent adjusters, public adjusters, company adjusters employed by insurance carriers, and adjusting firms providing services to multiple insurers. Establishments range from solo practitioners to large national adjustment networks serving carriers across multiple states.
Sources & References
Government datasets and editorial sources used in this report.
- [1]U.S. Bureau of Labor Statistics, Quarterly Census of Employment and Wages bls.gov
- [2]U.S. Census Bureau, Economic Census census.gov
- [3]U.S. Census Bureau, County Business Patterns census.gov
- [4]U.S. Small Business Administration, SBA 7(a) Loan Program Data data.sba.gov
- [5]Census Bureau data.census.gov
- [6]Bureau of Labor Statistics bls.gov
- [7]SBA sba.gov
- [8]SBA size standards sba.gov
- [9]SBA 7(a) loans sba.gov
- [10]504 loans sba.gov
- [11]Census Bureau census.gov
- [12]NAIC Adjuster Licensing standards content.naic.org
- [13]Bureau of Labor Statistics bls.gov
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