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Insurance Carriers and Related Activities: NAICS 524

About the Insurance Carriers and Related Activities subsector

The insurance carriers and related activities subsector is part of the finance and insurance sector.

Industries in the Insurance Carriers and Related Activities subsector group establishments that are primarily engaged in one of the following: (1) underwriting (assuming the risk, assigning premiums, and so forth) annuities and insurance policies or (2) facilitating such underwriting by selling insurance policies, and by providing other insurance and employee-benefit related services.

North American Industry Classification System

The insurance carriers and related activities subsector consists of these industry groups:

  • Insurance Carriers: NAICS 5241
  • Agencies, Brokerages, and Other Insurance Related Activities: NAICS 5242

Workforce Statistics

This section provides information relating to employment and unemployment in insurance carriers and related activities. While most data are obtained from employer or establishment surveys, information on industry unemployment comes from a national survey of households. The following tables present an overview of the industry including the number of jobs, the unemployment rate of those previously employed in the industry, union membership and representation, data for occupations common to the industry, and projections of occupational employment change.

Employment and Unemployment

Data series Back
data
Jul.
2021
Aug.
2021
Sep.
2021
Oct.
2021

Employment (in thousands)

Employment, all employees (seasonally adjusted)

2,862.8 2,864.0 (p)2,861.5 (p)2,860.6

Employment, production and nonsupervisory employees

2,202.0 2,197.6 (p)2,191.9  

Unemployment

Unemployment rate

4.2% 2.9% 1.9% 0.8%

Footnotes
(p) Preliminary

(Source: Current Employment Statistics, Current Population Survey

Union Membership and Representation

Data series Back
data
2017 2018 2019 2020

Union membership and representation

Members of unions (percent of wage and salary workers)

2.1% 1.7% 1.4% 1.7%

Represented by unions (percent of wage and salary workers)

2.9% 2.2% 2.0% 2.4%

(Source: Current Population Survey)

Employment by Occupation

Data series Employment,
2020

Claims adjusters, examiners, and investigators

206,000

First-line supervisors/managers of office and administrative support workers

60,520

Insurance claims and policy processing clerks

200,670

Insurance sales agents

394,710

Insurance underwriters

88,010

(Source: Occupational Employment and Wage Statistics)

Projections

For projected (future) employment estimates, see the National Employment Matrix, which includes employment estimates by industry and occupation for insurance carriers and related activities.

(Source: Office of Occupational Statistics and Employment Projections)

Earnings and Hours

This section presents data on employee earnings and weekly hours. The latest industry averages of hourly earnings and weekly hours, as well as weekly earnings by union membership status, are shown. In addition, recent hourly and annual earnings are shown for occupations commonly found in insurance carriers and related activities. This section also contains information on the average cost of benefits paid by employers, as well as recent rates of change in wages and total compensation.

Earnings and Hours of All Employees

Data series Back
data
Jun.
2021
Jul.
2021
Aug.
2021
Sep.
2021

Average hourly earnings

$39.00 $39.02 $38.98 (p)$38.76

Average weekly hours

37.4 37.4 38.3 (p)37.4

Footnotes
(p) Preliminary

(Source: Current Employment Statistics)

Earnings and Hours of Production and Nonsupervisory Employees

Data series Back
data
Jun.
2021
Jul.
2021
Aug.
2021
Sep.
2021

Average hourly earnings

$31.71 $31.97 $32.18 (p)$31.87

Average weekly hours

37.9 37.6 38.4 (p)37.6

Footnotes
(p) Preliminary

(Source: Current Employment Statistics)

Earnings by Occupation

Data series Wages, 2020
Hourly Annual
Median Mean Median Mean

Claims adjusters, examiners, and investigators

31.48 33.33 65,490 69,330

First-line supervisors/managers of office and administrative support workers

32.66 34.83 67,940 72,440

Insurance claims and policy processing clerks

20.44 21.89 42,510 45,520

Insurance sales agents

25.08 33.24 52,160 69,130

Insurance underwriters

34.35 38.82 71,440 80,740

(Source: Occupational Employment and Wage Statistics)

Employee Benefits

This section presents data on the incidence (the percentage of workers with access to and participation in employer-provided benefit plans) and provisions of selected employee benefits from the National Compensation Survey. More Benefits estimates are also accessible from the Benefits database, the archived NCS publications page, and the complete Employee Benefits Excel dataset (XLSX).

Data series Access Participation
Back
data
2021 Back
data
2021

Private industry

Retirement benefit plans

91 83

Defined benefit plans

41 33

Defined contribution plans

90 80

(Source: Employee Benefits in the United States)

Data series After 1 year of service After 20 years of service
Back
data
2021 Back
data
2021

Mean number of vacation days for private industry workers without consolidated leave plans

11 19

(Source: Employee Benefits in the United States)

Data series Back
data
2021

Percent of private industry workers with access to employer-sponsored benefits

Health care

89

Paid vacation

97

Paid sick leave

97

(Source: Employee Benefits in the United States)

Employer Compensation Costs

Data series Back
data
4th quarter
2020
1st quarter
2021
2nd quarter
2021
3rd quarter
2021

Private industry

12-month percent change

Total compensation

2.4% 2.8% 2.2% 2.6%

Wages and salaries

2.7% 3.1% 2.7% 3.0%

3-month percent change

Total compensation

0.2% 1.1% 0.7% 0.5%

Wages and salaries

0.5% 1.3% 0.7% 0.6%

(Source: Compensation Cost Trends)

Data series Private industry
Compensation component
($ per hour worked)
Percent of total compensation
Back
data
2nd quarter 2021 Back
data
2nd quarter 2021

Total compensation

52.26 100.0

Wages and salaries

34.56 66.1

Total benefits

17.70 33.9

Insurance

4.83 9.2

Retirement

2.12 4.1

Paid leave

4.64 8.9

(Source: Compensation Cost Trends)

Union Membership and Representation

Data series Back
data
Median weekly earnings
2017 2018 2019 2020

Union membership and representation

Full-time workers

$1,027 $1,071 $1,124 $1,171

Members of unions

-$ -$ -$ -$

Represented by unions

$931 $953 -$ $1,077

Nonunion

$1,032 $1,078 $1,123 $1,173

(Source: Current Population Survey)

Work-related Fatalities, Injuries, and Illnesses

This section presents data for the industry on the number of workplace fatalities and the rates of workplace injuries and illnesses per 100 full-time workers in insurance carriers and related activities. An injury or illness is considered to be work-related if an event or exposure in the work environment either caused or contributed to the resulting condition or significantly aggravated a pre-existing condition.

Data series 2016 2017 2018 2019

Fatalities

Number of fatalities

10 7 15 7

Blank cells indicate no data reported or data that do not meet publication criteria.

Data series 2020

Rate of injury and illness cases per 100 full-time workers

Total recordable cases

0.2

Cases involving days away from work, job restriction, or transfer

0.1

Cases involving days away from work

0.1

Cases involving days of job transfer or restriction

(1)0

Footnotes
(1) Rate rounded to zero

Blank cells indicate no data reported or data that do not meet publication criteria.

(Source: Injuries, Illnesses, and Fatalities)

Prices

This section provides industry-specific pricing information. The producer price index measures the percentage change in prices that domestic producers receive for goods and services. The prices included in the producer price index are from the first commercial transaction.

Data series Back
data
Jul.
2021
Aug.
2021
Sep.
2021
Oct.
2021

Producer price index

(p)143.4 (p)143.4 (p)143.7 (p)143.8

Percent change from previous month

  (p)0.0% (p)0.0% (p)0.2% (p)0.1%

Footnotes
(p) Preliminary

(Source: Producer Price Indexes)

Workplace Trends

This section presents data on the number of establishments in insurance carriers and related activities.

Establishments

Data series Back
data
2nd quarter
2020
3rd quarter
2020
4th quarter
2020
1st quarter
2021

Number of establishments

Private industry

198,408 200,807 203,022 (p)204,785

Local government

76 76 76 (p)76

State government

48 49 50 (p)50

Federal government

129 130 130 (p)129

Footnotes
(p) Preliminary

(Source: Quarterly Census of Employment and Wages)

 

Data extracted on: November 23, 2021