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
Jun.
2014
Jul.
2014
Aug.
2014
Sep.
2014

Employment (in thousands)

 

Employment, all employees (seasonally adjusted)

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2,431.6 2,436.4 (P) 2,443.8 (P) 2,450.1

Employment, production and nonsupervisory employees

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1,984.9 1,989.2 (P) 1,990.5  

Unemployment

 

Unemployment rate

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3.5% 3.4% 2.4% 3.0%

Footnotes
(P) Preliminary

(Source: Current Employment Statistics, Current Population Survey

Union Membership and Representation

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data
2010 2011 2012 2013

Union membership and representation

 

Members of unions (percent of wage and salary workers)

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1.6% 1.2% 1.3% 2.0%

Represented by unions (percent of wage and salary workers)

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2.1% 1.5% 1.9% 2.5%

(Source: Current Population Survey)

Employment by Occupation

Data series Employment,
2013

Claims adjusters, examiners, and investigators

197,090

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

55,070

Insurance claims and policy processing clerks

207,220

Insurance sales agents

337,970

Insurance underwriters

83,100

(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

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data
May
2014
Jun.
2014
Jul.
2014
Aug.
2014

Average hourly earnings

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$33.41 $33.63 $33.38 (P) $33.19

Average weekly hours

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37.8 38.8 37.8 (P) 37.9

Footnotes
(P) Preliminary

(Source: Current Employment Statistics)

Earnings and Hours of Production and Nonsupervisory Employees

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data
May
2014
Jun.
2014
Jul.
2014
Aug.
2014

Average hourly earnings

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$27.13 $27.18 $27.25 (P) $27.10

Average weekly hours

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37.9 38.8 37.9 (P) 38.1

Footnotes
(P) Preliminary

(Source: Current Employment Statistics)

Union Membership and Representation

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data
Median weekly earnings
2010 2011 2012 2013

Union membership and representation

 

Full-time workers

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$902 $899 $922 $928

Members of unions

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$759 $822 $908 $811

Represented by unions

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$772 $840 $891 $854

Nonunion

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$908 $900 $924 $929

(Source: Current Population Survey)

Earnings by Occupation

Data series Wages, 2013
Hourly Annual
Median Mean Median Mean

Claims adjusters, examiners, and investigators

$28.33 $29.51 $58,930 $61,380

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

$28.06 $30.00 $58,360 $62,400

Insurance claims and policy processing clerks

$17.48 $18.29 $36,350 $38,040

Insurance sales agents

$23.19 $30.66 $48,240 $63,780

Insurance underwriters

$30.78 $33.91 $64,020 $70,530

(Source: Occupational Employment Statistics)

Employer Compensation Costs

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4th quarter
2013
1st quarter
2014
2nd quarter
2014
3rd quarter
2014

12-month percent change

 

Total compensation

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3.8% 3.6% 2.9% 1.4%

Wages and salaries

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4.0% 4.1% 2.8% 0.8%

(Source: Compensation Cost Trends)



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data
2nd quarter 2014
Compensation component
($ per hour worked)
Percent of total compensation

Compensation costs

 

Total compensation

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43.95 100.0

Wages and salaries

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29.15 66.3

Total benefits

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14.80 33.7

Insurance

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4.11 9.3

Retirement

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2.12 4.8

(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 2010 2011 2012 2013

Fatalities

 

Number of fatalities

5 6 14 (P) 8

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

 

Total recordable cases

0.8      

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

0.3      

Cases involving days away from work

0.2      

Cases involving days of job transfer or restriction

0.1      

Footnotes
(P) Preliminary

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.

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data
Jun.
2014
Jul.
2014
Aug.
2014
Sep.
2014

Producer price index

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(P) 125.5 (P) 125.7 (P) 125.7 (P) 125.8

Percent change from previous month

  (P) -0.1% (P) 0.2% (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

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data
2nd quarter
2013
3rd quarter
2013
4th quarter
2013
1st quarter
2014

Number of establishments

 

Private industry

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184,978 185,575 186,199 (P) 187,474

Local government

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75 74 72 (P) 72

State government

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36 36 35 (P) 40

Federal government

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134 134 134 (P) 126

Footnotes
(P) Preliminary

(Source: Quarterly Census of Employment and Wages)

Other BLS Resources

Career Guide to Industries

See insurance in the Career Guide to Industries.

 

Data extracted on: October 31, 2014