A new survey by the Association of Claims Professionals (ACP) estimates that its members handle 3.5 million new claims each year worth an estimated $45 Billion.
The survey for the first time begins to quantify the size and scope of the independent claims adjusting industry. The results demonstrate that independent claims adjusters represent a significant segment of the national economy and provide an important consumer service to those suffering a loss and most in need.
Independent adjusters on average hold ten state licenses. This finding confirms industry concern about the burden adjusters face with unnecessary duplication of state regulation. This shows a need for more state uniformity and reciprocity in the regulation of the claims adjusting industry.
Industry wide, including large insurance company adjusters as well as independent adjusters, there are over 125,000 claim professionals in the United States handling between $450 and $500 Billion in claims annually.
We hope the survey’s data will stimulate a greater interest by the policy community in recognizing, and addressing the needs of, this growing industry.