Insurance carriers & related activities

Industry Group

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Workforce Population

2.59M

2017

Average Employee Age

44.1

2017

Estimated Job Growth

5.32%

10-Year Projection

Average Salary

$71,291

2017

Average Male Salary

$94,989

2017

Average Female Salary

$56,668

2017

About

The top three occupations in the Insurance carriers & related activities Industry Group are insurance sales agents, insurance claims & policy processing clerks, and claims adjusters, appraisers, examiners, & investigators. On average, full-time employees in the Insurance carriers & related activities Industry Group work 42.9 hours per week and have an average annual salary of $74,742. Part-time employees in the same industry work 22.5 hours and earn an average annual salary of $29,985.

The locations with the highest concentration of employees in the Insurance carriers & related activities Industry Group are McLean County--Bloomington City & Normal Town PUMA, IL, Capitol West PUMA, CT, and Polk County (West) PUMA, IA.

The workforce of Insurance carriers & related activities Industry Group in 2017 was 2,592,267 people, with 61.8% woman, and 38.2% men.

In 2017, 78.7% of the workforce in the Insurance carriers & related activities Industry Group was White (2,039,087 people), of which 60.3% were women and 39.7% men.

Photo by Ken Teegardin

Finance & Insurance Finance & Insurance, and Real Estate, Rental & Leasing

Employment & Salaries

A snapshot of workforce, wages, and opportunities in the Insurance carriers & related activities Industry Group.

The workforce in Insurance carriers & related activities Industry Group was 2,592,267 people and is concentrated in California (236,380 workers). The average annual salary was $71,291, being $6,609 more than the national average salary, which was $64,683.

Monthly Employment

Start Year

Y-Axis

1.5%

Year-over-year growth

Employment change between February 2022 and February 2023

As of February 2023, there are 2.54M people employed in the Insurance Carriers and Related Activities industry. This represents a 1.5% increase in employment when compared to February 2022.

This chart shows monthly employment numbers for Insurance Carriers and Related Activities over time (non-seasonally adjusted).

Employment by Location

The states that concentrated the largest workforce in 2017 were California (236k), Texas (210k), and Florida (180k).

This map shows the states in the United States shaded by workforce for Insurance carriers & related activities Industry Group.

Yearly Wage Ranking

In 2017, Insurance carriers & related activities Industry Group had an average annual wage of $71,291, $6,609 more than the average national salary of $64,683.

The graph shows the position of Insurance carriers & related activities Industry Group in the ranking of industries by average annual wage.

Wage Distribution

0.419

WAGE GINI

Insurance carriers & related activities has a wage GINI of 0.419, which is less than than the national average of 0.478. In other words, wages are distributed more evenly in Insurance carriers & related activities (shown in red) in comparison to the national average for those wage buckets (shown in gray).

The graphic shows the distribution of average salaries by buckets for Insurance carriers & related activities Industry Group workers compared to the entire workforce in the country.

Occupations

A review of jobs and wages in the Insurance carriers & related activities Industry Group.

Insurance sales agents are the most common position with 479,817 workers, but the Insurance carriers & related activities Industry Group employs a relatively high number of Insurance claims & policy processing clerks and Claims adjusters, appraisers, examiners, & investigators.

The highest average salary in Insurance carriers & related activities goes to Physicians & surgeons.

Occupations Distribution

The graph shows the distribution of employees in the Insurance carriers & related activities Industry Group according to occupations. In 2017, the occupations that concentrated the largest number of employees in this industry were insurance sales agents (479,817 people), insurance claims & policy processing clerks (330,432 people), and claims adjusters, appraisers, examiners, & investigators (259,220 people)

Wage by Sex in Common Jobs

$94,989

AVERAGE MALE SALARY

±$2,329

$56,668

AVERAGE FEMALE SALARY

±$958

On average, Male workers in the Insurance carriers & related activities Industry Group make 1.68 times more than their Female counterparts. This chart shows the sex-based wage disparity in the 5 most common occupations in the Insurance carriers & related activities Industry Group.

Business

Estimates of the sources of the costs and the purchasers of the products in the Insurance carriers & related activities Industry Group. Based on estimates from the Bureau of Economic Analysis, this section indicates the amount of money spent by a specific industry in other industries.

The industrial flow illustrates the intermediate inputs and the use of outputs of the Insurance carriers & related activities Industry Group.

The Insurance carriers & related activities Industry Group gets the most input, by its share of the cost of all intermediate inputs, from the Finance, insurance, real estate, rental, and leasing Industry.

California and Texas stand out as the states with the largest number of establishments in the Insurance carriers & related activities Industry Group.

Industrial Flow

The closest comparable data for Insurance carriers & related activities is from Finance & Insurance, and Real Estate, Rental & Leasing.

Finance, insurance, real estate, rental, and leasing has the highest single input, by dollars, to the Insurance carriers & related activities Industry Group, and the largest industry purchasing services from the Insurance carriers & related activities Industry Group is Finance, insurance, real estate, rental, and leasing.

In this flow diagram, all of the industries listed to the left are those places from which the highlighted industry has made purchases. They are the intermediate inputs to the highlighted industry. All those industries listed on the right side are those industries that have made purchases from the highlighted industry. They are the use of outputs of the highlighted industry. The visualizations below offer alternative ways to see and understand this data.

Intermediate Inputs

The closest comparable data for Insurance carriers & related activities is from Finance & Insurance, and Real Estate, Rental & Leasing.

HIGHEST INPUT INDUSTRY

Use of Output by Other Industries

The closest comparable data for Insurance carriers & related activities is from Finance & Insurance, and Real Estate, Rental & Leasing.

LARGEST PURCHASING INDUSTRY

The Finance, insurance, real estate, rental, and leasing Industry purchases the greatest share of products and services from the Insurance carriers & related activities Industry Group in order to produce other goods and services. Purchases of the Insurance carriers & related activities Industry Group for final consumption by consumers, businesses, or government are not included here.

Establishments

States with more establishments in 2016

California
37,896
Texas
29,738
Florida
27,640

The charts shows the distribution of establishments in the Insurance carriers & related activities industry by states and the number of establishments according to size.

Diversity

Demographic information on the Insurance carriers & related activities Industry Group in the US.

Of the total workforce, 61.8% corresponds to women and 38.2% men. Male employees tend to earn more than Female employees, with average respective salaries of $94,989 and $56,668.

76.1% of workers have a bachelors degree, some college or high school or equivalent.

Gender and Age

1,603,070

Women

61.8%

989,197

Men

38.2%

The workforce of Insurance carriers & related activities industry in 2017 was 2,592,267 people, with 61.8% woman, and 38.2% men.

The visualization shows the distribution of the workforce by gender and age in Insurance carriers & related activities industry.

Races

In 2017, 78.7% of the workforce in the Insurance carriers & related activities industry was White (2,039,087 people), of which 60.3% were women and 39.7% men.

Other races that concentrated a significant number of workers were Black and Asian.

Educational Levels

The main educational levels achieved by the Insurance carriers & related activities workers in 2017 were bachelors degree (958,272 people), some college (622,318 people), and high school or equivalent (392,157 people).

The chart shows the Insurance carriers & related activities workforce by gender and educational level.

Projections

Growth projections of the Insurance Carriers and Related Activities industry, both by number of employees and output, from the Bureau of Labor and Statistics. The national workforce is projected to grow 5.32% in the next ten years. The Insurance Carriers and Related Activities industry has a lower projected workforce growth at 5.32%. Its projected 10-year growth in output (23.2%) is lower than the projected national growth in output (23.2%).

Job Growth

For growth projections, the closest comparable industry reported by the Bureau of Labor Statistics is Insurance Carriers and Related Activities.

5.32%

Estimated Job Growth

10-year Projection

5.32%

National Growth

10-year Projection

This line chart shows the projected 10-year growth in the number of jobs for Insurance Carriers and Related Activities. This industry is expected to grow approximately the same than 5.32%, the average rate of national job growth.