Analysis
NAICS 524 is the 2022 subsector for insurance carriers and related activities, part of 52 (Finance and Insurance). Census lists 99 example activities under it in the official index.
County Business Patterns counts 176,459 US establishments in this code in 2023, employing 2,964,086 people at an average annual payroll of $98,628 per employee (83rd percentile of national industries). 68% of the establishments have fewer than five employees, which marks it as a small-business industry.
Across its national industries Census lists 99 index entries; typical ones are accidental death and dismemberment insurance carriers…, dental insurance carriers, direct, agricultural (i.e., crop, livestock) insurance carriers… and guaranteeing titles.
It splits into 2 more detailed codes. The largest by establishments is 5242 (Agencies, Brokerages, and Other Insurance Related Activities) with 147,902.
Between 2018 and 2023 the number of establishments fell 4% and employment rose 11%. The 2018 count used NAICS 2017, so part of a large move can come from codes being redefined rather than from businesses opening or closing.
Official definition
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.
Source: US Census Bureau, NAICS 2022 Manual.
Index entries (99)
- Accidental death and dismemberment insurance carriers, direct
- Dental insurance carriers, direct
- Agricultural (i.e., crop, livestock) insurance carriers, direct
- Guaranteeing titles
- Bank deposit insurance carriers, direct
- Accidental and health reinsurance carriers
- Agencies, insurance
- Cause-of-loss investigators, insurance
- Claims processing services, insurance, third party
- Actuarial services, insurance