Analysis
NAICS 5241 is the 2022 industry group for insurance carriers, part of 524 (Insurance Carriers and Related Activities). Census lists 67 example activities under it in the official index.
County Business Patterns counts 28,557 US establishments in this code in 2023, employing 1,653,582 people at an average annual payroll of $107,137 per employee (87th percentile of national industries). 51% of the establishments have fewer than five employees, which is close to the national mix.
Between 2018 and 2023 the number of establishments fell 13% and employment rose 7%. 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.
By establishments it ranks 2nd of the 2 codes at this level within Insurance Carriers and Related Activities, with 16.2% of them.
Across its national industries Census lists 67 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 3 more detailed codes. The largest by establishments is 52412 (Direct Insurance (except Life, Health, and Medical) Carriers) with 16,364.
Official definition
This industry group comprises establishments primarily engaged in underwriting (assuming the risk, assigning premiums, and so forth) annuities and insurance policies and investing premiums to build up a portfolio of financial assets to be used against future claims. Direct insurance carriers are establishments that are primarily engaged in initially underwriting and assuming the risk of annuities and insurance policies. Reinsurance carriers are establishments that are primarily engaged in assuming all or part of the risk associated with an existing insurance policy (or set of policies) originally underwritten by another insurance carrier.
Industries are defined in terms of the type of risk being insured against, such as death, loss of employment because of age or disability, and/or property damage. Contributions and premiums are set on the basis of actuarial calculations of probable payouts based on risk factors from experience tables and expected investment returns on reserves.
Source: US Census Bureau, NAICS 2022 Manual.
Index entries (67)
- 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