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Industries at a Glance
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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
Sep.
2020
Oct.
2020
Nov.
2020
Dec.
2020

Employment (in thousands)

Employment, all employees (seasonally adjusted)

2,826.0 2,832.2 (p)2,835.5 (p)2,840.4

Employment, production and nonsupervisory employees

2,227.9 2,230.8 (p)2,243.6  

Unemployment

Unemployment rate

4.2% 2.7% 2.8% 3.0%

Footnotes
(p) Preliminary

(Source: Current Employment Statistics, Current Population Survey

Union Membership and Representation

Data series Back
data
2016 2017 2018 2019

Union membership and representation

Members of unions (percent of wage and salary workers)

1.7% 2.1% 1.7% 1.4%

Represented by unions (percent of wage and salary workers)

2.3% 2.9% 2.2% 2.0%

(Source: Current Population Survey)

Employment by Occupation

Data series Employment,
2019

Claims adjusters, examiners, and investigators

208,390

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

59,330

Insurance claims and policy processing clerks

213,640

Insurance sales agents

393,470

Insurance underwriters

86,620

(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
Aug.
2020
Sep.
2020
Oct.
2020
Nov.
2020

Average hourly earnings

$38.33 $38.20 $38.29 (p)$38.57

Average weekly hours

38.5 37.7 37.9 (p)38.8

Footnotes
(p) Preliminary

(Source: Current Employment Statistics)

Earnings and Hours of Production and Nonsupervisory Employees

Data series Back
data
Aug.
2020
Sep.
2020
Oct.
2020
Nov.
2020

Average hourly earnings

$31.52 $31.46 $31.14 (p)$31.51

Average weekly hours

38.2 37.7 38.0 (p)38.6

Footnotes
(p) Preliminary

(Source: Current Employment Statistics)

Earnings by Occupation

Data series Wages, 2019
Hourly Annual
Median Mean Median Mean

Claims adjusters, examiners, and investigators

31.13 32.88 64,760 68,390

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

31.82 33.97 66,180 70,670

Insurance claims and policy processing clerks

19.77 20.99 41,120 43,660

Insurance sales agents

24.51 32.62 50,980 67,840

Insurance underwriters

33.55 37.48 69,790 77,960

(Source: Occupational Employment 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
2020 Back
data
2020

Private industry

Retirement benefit plans

90 83

Defined benefit plans

46 37

Defined contribution plans

90 79

(Source: Employee Benefits in the United States)

Data series After 1 year of service After 20 years of service
Back
data
2020 Back
data
2020

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

11 20

(Source: Employee Benefits in the United States)

Data series Back
data
2020

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

Health care

90

Paid vacation

97

Paid sick leave

97

(Source: Employee Benefits in the United States)

Employer Compensation Costs

Data series Back
data
4th quarter
2019
1st quarter
2020
2nd quarter
2020
3rd quarter
2020

Private industry

12-month percent change

Total compensation

2.9% 2.0% 2.4% 2.2%

Wages and salaries

2.7% 2.0% 2.3% 2.0%

3-month percent change

Total compensation

0.0% 0.7% 1.4% 0.1%

Wages and salaries

-0.2% 0.9% 1.1% 0.2%

(Source: Compensation Cost Trends)

Data series Private industry
Compensation component
($ per hour worked)
Percent of total compensation
Back
data
3rd quarter 2020 Back
data
3rd quarter 2020

Total compensation

52.36 100.0

Wages and salaries

34.21 65.3

Total benefits

18.15 34.7

Insurance

4.84 9.2

Retirement

2.19 4.2

Paid leave

4.63 8.9

(Source: Compensation Cost Trends)

Union Membership and Representation

Data series Back
data
Median weekly earnings
2016 2017 2018 2019

Union membership and representation

Full-time workers

$977 $1,027 $1,071 $1,124

Members of unions

-$ -$ -$ -$

Represented by unions

$907 $931 $953 -$

Nonunion

$980 $1,032 $1,078 $1,123

(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 2019

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

Total recordable cases

0.5

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

0.2

Cases involving days away from work

0.2

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
Sep.
2020
Oct.
2020
Nov.
2020
Dec.
2020

Producer price index

(p)143.2 (p)143.3 (p)143.3 (p)143.4

Percent change from previous month

  (p)-0.1% (p)0.1% (p)0.0% (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
3rd quarter
2019
4th quarter
2019
1st quarter
2020
2nd quarter
2020

Number of establishments

Private industry

196,927 198,276 (p)198,344 (p)199,271

Local government

77 78 (p)77 (p)76

State government

47 48 (p)46 (p)47

Federal government

130 129 (p)129 (p)129

Footnotes
(p) Preliminary

(Source: Quarterly Census of Employment and Wages)

 

Data extracted on: January 15, 2021