Insurance carriers

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Workforce
1.6M
2019 BLS Estimate
Average Employee Age
43.8
Estimated Job Growth
−0.738%
10-Year Projection
Average Salary
$77,661
Average Male Salary
$99,243
Average Female Salary
$97,026

About

The top three occupations in the Insurance carriers Industry Group are Insurance sales agents, Claims adjusters, appraisers, examiners, & investigators, Firstline supervisors of nonretail sales workers, Customer service representatives, and Insurance claims & policy processing clerks. On average, full-time employees in the Insurance carriers Industry Group work 42.5 hours per week and have an average annual salary of $80,401. Part-time employees in the same industry work 21.9 hours and earn an average annual salary of $36,777.

The locations with the highest concentration of employees in the Insurance carriers Industry Group are McLean County PUMA, IL, Glastonbury, Newington, Wethersfield, Rocky Hill & Marlborough Towns PUMA, CT, and Chattanooga (North) & Red Bank Cities PUMA, TN. The industry that purchases the most products or services from the Hospitals Industry Group is Insurance carriers.

Workforce

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

The highest average salary in Insurance carriers goes to Physicians.

Monthly Employment

Start Year
Y-Axis
0.513%
Year-over-year growth
Employment change between May 2020 and May 2021

As of May 2021, there are 666k people employed in the Insurance Carriers industry. This represents a 0.513% increase in employment when compared to May 2020.

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

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Occupations

Occupations by Share

1.6M
Workforce (BLS Estimate)
ACS Estimate: 2.05M
4.64%
1 Year Growth
± 2.33%

The Bureau of Labor Statistics estimates that there were 1.6M people employed in the Insurance carriers Industry Group in 2019.

According to ACS estimates, the number of people employed in the Insurance carriers Industry Group has been growing at a rate of 4.64%, , from 1.96M people in 2018 to 2.05M people in 2019.

The following graphic shows the share of employment in Insurance carriers by various occupations according to ACS estimates. Insurance sales agents represent the largest share of positions held in Insurance carriers at 14.9%, followed by Claims adjusters, appraisers, examiners, & investigators with 11.3% and Firstline supervisors of nonretail sales workers with 6.81%.

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Most Specialized

Compared to other Industry Groups, Insurance carriers employs an unusually high number of Insurance underwriters, Claims adjusters, appraisers, examiners, & investigators, and Actuaries.

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Highest Paid

The highest paid occupations in Insurance carriers, by average wage, are Physicians, Chief executives & legislators, and Credit analysts.

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Wages

Average Salary

$77,661
AVERAGE WAGE
± $1,293

On average, employees in the Insurance carriers Industry Group make $77,661 per year. This number makes Insurance carriers the 45 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 Insurance carriers Industry Group.

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Wage Distribution

0.403
WAGE GINI

Insurance carriers has a wage GINI of 0.403, which is less than than the national average of 0.478. In other words, wages are distributed more evenly in Insurance carriers (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 Insurance carriers Industry Group.

These are locations that employ more people in the Insurance carriers Industry Group than expected given both the size of that location's overall labor pool and the national size of the Insurance carriers Industry Group.

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Diversity

Demographic information on the Insurance carriers Industry Group in the US. Male employees tend to earn more than Female employees, with average respective salaries of $99,243 and $97,026. So too tend to earn more than other races and ethnicities in this industry.

Gender Composition

1.28M
FEMALE WORKFORCE
±27.6k
776k
MALE WORKFORCE
±21.6k

62.2% of workers in the Insurance carriers Industry Group are Female, making them the more common gender in the workforce. This chart shows the gender breakdown of the Insurance carriers Industry Group.

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Wage by Gender in Common Jobs

$99,243
AVERAGE MALE SALARY
±$2,671
$97,026
AVERAGE FEMALE SALARY
±$2,665

On average, Male workers in the Insurance carriers Industry Group make 1.02 times more than their Female counterparts. This chart shows the gender-based wage disparity in the 5 most common occupations in the Insurance carriers Industry Group.

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Wage by Race & Ethnicity in Common Jobs

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

On average, Asian employees in the Insurance carriers Industry Group earn 1.16 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 Insurance carriers Industry Group.

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Input/Output

Estimates of the sources of the costs and the purchasers of the products in the Insurance carriers 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 Insurance carriers Industry Group, and the largest industry purchasing services from the Insurance carriers Industry Group is Finance, insurance, real estate, rental, and leasing.

In this visualization, click on a category to expand or collapse it. 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 Insurance carriers is from Finance & Insurance, and Real Estate, Rental & Leasing.
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Intermediate Inputs

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

The Insurance carriers 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 Insurance carriers 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 Insurance carriers Industry Group in order to produce other goods and services. Purchases of the Insurance carriers Industry Group for final consumption by consumers, businesses, or government are not included here.

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Projections

Growth projections of the Insurance carriers 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 carriers industry has a lower projected workforce growth at −0.738%. Its projected 10-year growth in output (23.3%) is lower than the projected national growth in output (24.2%).

Job Growth

−0.738%
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 carriers. This industry is expected to grow less than than 7.66%, the average rate of national job growth.

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Output Growth

23.3%
Estimate Growth
10-year Projection

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

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