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
Aug.
2018
Sep.
2018
Oct.
2018
Nov.
2018

Employment (in thousands)

Employment, all employees (seasonally adjusted)

2,678.4 2,680.7 (p)2,683.9 (p)2,687.8

Employment, production and nonsupervisory employees

2,177.8 2,172.5 (p)2,180.3  

Unemployment

Unemployment rate

2.4% 2.1% 1.6% 1.2%

Footnotes
(p) Preliminary

(Source: Current Employment Statistics, Current Population Survey

Union Membership and Representation

Data series Back
data
2014 2015 2016 2017

Union membership and representation

Members of unions (percent of wage and salary workers)

1.6% 2.1% 1.7% 2.1%

Represented by unions (percent of wage and salary workers)

2.1% 2.4% 2.3% 2.9%

(Source: Current Population Survey)

Employment by Occupation

Data series Employment,
2017

Claims adjusters, examiners, and investigators

202,230

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

58,560

Insurance claims and policy processing clerks

233,190

Insurance sales agents

368,940

Insurance underwriters

79,400

(Source: Occupational Employment 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
Jul.
2018
Aug.
2018
Sep.
2018
Oct.
2018

Average hourly earnings

$35.51 $35.12 $35.70 (p)$35.08

Average weekly hours

38.4 37.8 38.6 (p)38.0

Footnotes
(p) Preliminary

(Source: Current Employment Statistics)

Earnings and Hours of Production and Nonsupervisory Employees

Data series Back
data
Jul.
2018
Aug.
2018
Sep.
2018
Oct.
2018

Average hourly earnings

$29.71 $29.52 $29.87 (p)$29.59

Average weekly hours

38.2 37.7 38.3 (p)37.4

Footnotes
(p) Preliminary

(Source: Current Employment Statistics)

Union Membership and Representation

Data series Back
data
Median weekly earnings
2014 2015 2016 2017

Union membership and representation

Full-time workers

$959 $973 $977 $1,027

Members of unions

-$ $988 -$ -$

Represented by unions

-$ $981 $907 $931

Nonunion

$960 $973 $980 $1,032

(Source: Current Population Survey)

Earnings by Occupation

Data series Wages, 2017
Hourly Annual
Median Mean Median Mean

Claims adjusters, examiners, and investigators

30.40 31.66 63,230 65,850

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

30.70 32.85 63,850 68,330

Insurance claims and policy processing clerks

18.72 19.83 38,950 41,250

Insurance sales agents

23.93 32.25 49,770 67,090

Insurance underwriters

33.50 37.49 69,680 77,970

(Source: Occupational Employment Statistics)

Employer Compensation Costs

Data series Back
data
4th quarter
2017
1st quarter
2018
2nd quarter
2018
3rd quarter
2018

12-month percent change

Total compensation

2.4% 2.5% 2.6% 2.6%

Wages and salaries

2.1% 2.5% 2.6% 2.4%

(Source: Compensation Cost Trends)



Data series Back
data
3rd quarter 2018
Compensation component
($ per hour worked)
Percent of total compensation

Compensation costs

Total compensation

51.98 100.0

Wages and salaries

34.17 65.7

Total benefits

17.80 34.3

Insurance

4.51 8.7

Retirement

2.47 4.7

(Source: Compensation Cost Trends)

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 2014 2015 2016 2017

Fatalities

Number of fatalities

12 5 10 7

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

Data series 2017

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

Total recordable cases

0.4

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

0.2

Cases involving days away from work

0.1

Cases involving days of job transfer or restriction

(1)0.0

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
Aug.
2018
Sep.
2018
Oct.
2018
Nov.
2018

Producer price index

(p)137.5 (p)137.8 (p)137.9 (p)138.7

Percent change from previous month

  (p)-0.7% (p)0.2% (p)0.1% (p)0.6%

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
3rd quarter
2017
4th quarter
2017
1st quarter
2018
2nd quarter
2018

Number of establishments

Private industry

192,601 193,641 (p)192,772 (p)193,887

Local government

75 74 (p)73 (p)74

State government

45 45 (p)46 (p)46

Federal government

132 133 (p)132 (p)133

Footnotes
(p) Preliminary

(Source: Quarterly Census of Employment and Wages)

 

Data extracted on: December 18, 2018