Agencies, brokerages, and other insurance related activities

Industry Group

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Workforce
1.19M
2019 BLS Estimate
Average Employee Age
45.2
Estimated Job Growth
4.85%
10-Year Projection
Average Salary
$79,343
Average Male Salary
$105,964
Average Female Salary
$102,174

About

The top three occupations in the Agencies, brokerages, and other insurance related activities Industry Group are Insurance sales agents, Firstline supervisors of nonretail sales workers, Insurance claims & policy processing clerks, Claims adjusters, appraisers, examiners, & investigators, and Insurance underwriters. On average, full-time employees in the Agencies, brokerages, and other insurance related activities Industry Group work 43 hours per week and have an average annual salary of $84,080. Part-time employees in the same industry work 22 hours and earn an average annual salary of $36,840.

The locations with the highest concentration of employees in the Agencies, brokerages, and other insurance related activities Industry Group are Bucks County (Southwest) PUMA, PA, Glastonbury, Newington, Wethersfield, Rocky Hill & Marlborough Towns PUMA, CT, and West Des Moines & Urbandale Cities PUMA, IA. The industry that purchases the most products or services from the Hospitals Industry Group is Agencies, brokerages, and other insurance related activities.

Workforce

A snapshot of jobs, wages, and opportunities in the Agencies, brokerages, and other insurance related activities Industry Group. Insurance sales agents are the most common position, but the Agencies, brokerages, and other insurance related activities Industry Group employs a relatively high number of Insurance sales agents, compared to other industries. 

The highest average salary in Agencies, brokerages, and other insurance related activities goes to Transportation, storage, & distribution managers.

Monthly Employment

Start Year
Y-Axis
1.68%
Year-over-year growth
Employment change between May 2020 and May 2021

As of May 2021, there are 477k people employed in the Agencies, Brokerages, and Other Insurance Related Activities industry. This represents a 1.68% increase in employment when compared to May 2020.

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

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Occupations

Occupations by Share

1.19M
Workforce (BLS Estimate)
ACS Estimate: 570k
9.71%
1 Year Growth
± 4.29%

The Bureau of Labor Statistics estimates that there were 1.19M people employed in the Agencies, brokerages, and other insurance related activities Industry Group in 2019.

According to ACS estimates, the number of people employed in the Agencies, brokerages, and other insurance related activities Industry Group has been growing at a rate of 9.71%, , from 519k people in 2019 to 570k people in 2020.

The following graphic shows the share of employment in Agencies, brokerages, and other insurance related activities by various occupations according to ACS estimates. Insurance sales agents represent the largest share of positions held in Agencies, brokerages, and other insurance related activities at 30%, followed by Firstline supervisors of nonretail sales workers with 8.07% and Insurance claims & policy processing clerks with 7.99%.

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Most Common

The most common occupations in the Agencies, brokerages, and other insurance related activities Industry Group, by number of employees, are Insurance sales agents, Firstline supervisors of nonretail sales workers, Insurance claims & policy processing clerks, Claims adjusters, appraisers, examiners, & investigators, and Insurance underwriters.

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Most Specialized

Compared to other Industry Groups, Agencies, brokerages, and other insurance related activities employs an unusually high number of Insurance sales agents, Insurance underwriters, and Insurance claims & policy processing clerks.

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Highest Paid

The highest paid occupations in Agencies, brokerages, and other insurance related activities, by average wage, are Transportation, storage, & distribution managers, Chief executives & legislators, and Lawyers, & judges, magistrates, & other judicial workers.

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Wages

Average Salary

$79,343
AVERAGE WAGE
± $2,793

On average, employees in the Agencies, brokerages, and other insurance related activities Industry Group make $79,343 per year. This number makes Agencies, brokerages, and other insurance related activities the 43 highest paying Industry Group in the United States out of a total of 269 Industry Groups.

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Wage by Location

HIGHEST PAYING PUBLIC USE MICRODATA AREA

This map shows which public use microdata areas (PUMAs) pay the highest average salary to employees in the Agencies, brokerages, and other insurance related activities Industry Group.

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Wage Distribution

0.442
WAGE GINI

Agencies, brokerages, and other insurance related activities has a wage GINI of 0.442, which is less than than the national average of 0.478. In other words, wages are distributed more evenly in Agencies, brokerages, and other insurance related activities (shown in red) in comparison to the national average for those wage buckets (shown in gray).

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Opportunities

Spatial Concentration

This map shows the PUMAs in the United States that have revealed comparative advantage in the Agencies, brokerages, and other insurance related activities Industry Group.

These are locations that employ more people in the Agencies, brokerages, and other insurance related activities Industry Group than expected given both the size of that location's overall labor pool and the national size of the Agencies, brokerages, and other insurance related activities Industry Group.

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Diversity

Demographic information on the Agencies, brokerages, and other insurance related activities Industry Group in the US. Male employees tend to earn more than Female employees, with average respective salaries of $105,964 and $102,174. So too tend to earn more than other races and ethnicities in this industry.

Composition by Sex

331k
FEMALE WORKFORCE
±14.1k
239k
MALE WORKFORCE
±12k

58.1% of workers in the Agencies, brokerages, and other insurance related activities Industry Group are Female, making them the more common sex in the workforce. This chart shows the sex breakdown of the Agencies, brokerages, and other insurance related activities Industry Group.

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Wage by Sex in Common Jobs

$105,964
AVERAGE MALE SALARY
±$5,528
$102,174
AVERAGE FEMALE SALARY
±$5,487

On average, Male workers in the Agencies, brokerages, and other insurance related activities Industry Group make 1.04 times more than their Female counterparts. This chart shows the sex-based wage disparity in the 5 most common occupations in the Agencies, brokerages, and other insurance related activities Industry Group.

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Wage by Race & Ethnicity in Common Jobs

RACE OR ETHNICITY WITH THE HIGHEST AVERAGE SALARY
  1. White
  2. Asian
  3. Two or More Races

On average, White employees in the Agencies, brokerages, and other insurance related activities Industry Group earn 1.06 times more than other races and ethnicities. This chart shows the race and ethnicity-based wage disparities in the 5 most common occupations in the Agencies, brokerages, and other insurance related activities Industry Group.

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Input/Output

Estimates of the sources of the costs and the purchasers of the products in the Agencies, brokerages, and other insurance 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. Finance, insurance, real estate, rental, and leasing has the highest single input, by dollars, to the Agencies, brokerages, and other insurance related activities Industry Group, and the largest industry purchasing services from the Agencies, brokerages, and other insurance 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.

Industrial Flow

The closest comparable data for Agencies, brokerages, and other insurance related activities is from Finance & Insurance, and Real Estate, Rental & Leasing.
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Intermediate Inputs

The closest comparable data for Agencies, brokerages, and other insurance related activities is from Finance & Insurance, and Real Estate, Rental & Leasing.

The Agencies, brokerages, and other insurance 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. This visualization does not include labor and capital costs.

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Use of Output by Other Industries

The closest comparable data for Agencies, brokerages, and other insurance related activities is from Finance & Insurance, and Real Estate, Rental & Leasing.

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

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Projections

Growth projections of the Insurance agencies and brokerages industry, both by number of employees and output, from the Bureau of Labor and Statistics. The national workforce is projected to grow 7.66% in the next ten years. The Insurance agencies and brokerages industry has a lower projected workforce growth at 4.85%. Its projected 10-year growth in output (22.9%) is lower than the projected national growth in output (24.2%).

Job Growth

For growth projections, the closest comparible industry reported by the Bureau of Labor Statistics is Insurance agencies and brokerages.
4.85%
Estimated Job Growth
10-year Projection
7.66%
National Growth
10-year Projection

This line chart shows the projected 10-year growth in the number of jobs for Insurance agencies and brokerages. This industry is expected to grow less than than 7.66%, the average rate of national job growth.

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Output Growth

For growth projections, the closest comparible industry reported by the Bureau of Labor Statistics is Insurance agencies and brokerages.
22.9%
Estimate Growth
10-year Projection

This line chart shows the projected 10-year growth in output of the Insurance agencies and brokerages industry.

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