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ÐÓ°ÉÔ­´´

ÐÓ°ÉÔ­´´ Handbook

Careers And Employment

The insurance industry is a major U.S. employer, providing some 2.9 million jobs that encompass a wide variety of careers, from human resource administrators to public relations managers to financial analysts. Some jobs, such as claims adjusters, actuaries and insurance underwriters, are unique to the insurance industry. For information about the many career opportunities in the insurance industry consult the Bureau of Labor Statistics’ Career Guide to Industries, posted on the Web at .

Employment In ÐÓ°ÉÔ­´´, 2015-2024

(Annual averages, 000)

Ìý ÐÓ°ÉÔ­´´ carriers ÐÓ°ÉÔ­´´ agencies, brokerages and related services Ìý
Ìý Direct insurers (1) Ìý Ìý Ìý Ìý Ìý Ìý
Year Life and
health (2)		 Property/
casualty		 Reinsurers Total ÐÓ°ÉÔ­´´
agencies
and brokers		 Other
insurance-
related
activities (3)		 Total Total
industry
2015 829.8 611.6 25.1 1,466.5 762.8 309.1 1,071.9 2,538.4
2016 818.9 643.5 25.3 1,487.7 783.5 321.5 1,105.0 2,592.7
2017 850.4 639.7 26.6 1,516.7 809.6 333.3 1,142.9 2,659.6
2018 882.8 629.5 28.6 1,540.9 825.6 346.2 1,171.8 2,712.7
2019 931.2 650.3 28.6 1,610.1 842.8 349.5 1,192.3 2,802.4
2020 945.6 653.9 27.6 1,627.1 856.5 352.3 1,208.8 2,835.9
2021 908.7 646.9 28.1 1,583.7 886.6 354.5 1,241.1 2,824.8
2022 900.9 684.9 30.2 1,616.0 934.8 367.2 1,302.0 2,918.0
2023 907.9 679.7 30.8 1,618.4 966.6 384.3 1,350.9 2,969.3
2024 (4) 904.4 678.7 31.0 1,614.1 1,004.6 382.7 1,387.3 3,001.4

(1) Establishments primarily engaged in initially underwriting insurance policies.
(2) Includes establishments engaged in underwriting annuities, life insurance and health and medical insurance policies.
(3) Includes claims adjusters, third-party administrators of insurance funds and other service personnel such as advisory and insurance ratemaking services.
(4) Preliminary.

Source: U.S. Department of Labor, Bureau of Labor Statistics.

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Net Premiums Written, Property/Casualty And Life/Annuities

There are three main insurance sectors: property/casualty (P/C), mainly auto, home and commercial insurance; life/annuity, mainly life insurance and annuity products; and private health insurance, written by insurers whose main business is health insurance. Life/annuity and P/C insurers can also write health coverage.

Property/Casualty And Life/Annuity ÐÓ°ÉÔ­´´ Premiums, 2024 (1)

(US$ billions)

(1) Property/casualty: net premiums written after reinsurance transactions, excludes state funds; life/annuity: premiums, annuity considerations (fees for annuity contracts) and deposit-type funds. Both sectors include accident and health insurance.

Source: NAIC data, sourced from S&P Global Market Intelligence: ÐÓ°ÉÔ­´´ Expense Exhibits, Summary of Operations; ÐÓ°ÉÔ­´´ Information Institute.

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Net Premiums Written, Property/Casualty And Life/Annuity ÐÓ°ÉÔ­´´, 2015-2024

($000)

Year Property/casualty (1) Life/annuity (2) Total
2015 $520,047,073 $630,367,835 $1,150,414,908
2016 533,744,458 591,388,173 1,125,132,631
2017 558,157,401 592,276,028 1,150,433,429
2018 617,945,037 599,149,141 1,217,094,178
2019 639,336,652 684,834,322 1,324,170,974
2020 655,294,307 629,241,674 1,284,535,981
2021 715,937,546 641,025,386 1,356,962,932
2022 776,693,264 708,463,446 1,485,156,710
2023 857,373,574 683,426,912 1,540,800,486
2024 932,483,496 822,645,527 1,755,129,023
Percent change Ìý Ìý Ìý
2015 to 2024 79.3% 30.5% 52.6%
2023 to 2024 8.8 20.4 13.9

(1) Net premiums written before reinsurance transactions, excludes state funds, includes accident and health insurance.
(2) Includes premiums, annuity considerations (fees for annuity contracts), deposit-type funds and accident and health insurance.

Source: NAIC data, sourced from S&P Global Market Intelligence: ÐÓ°ÉÔ­´´ Expense Exhibits, Summary of Operations; ÐÓ°ÉÔ­´´ Information Institute.

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Taxes

The insurance industry is a major source of tax revenue on the state and federal level. In 2019 property/casualty (P/C) and life insurers' incurred federal and foreign taxes were about $18 billion dollars. P/C and life/annuity insurance companies also paid $24.7 billion in premium taxes in 2020, or $75 for every person living in the United States, according to the U.S. Department of Commerce.

ÐÓ°ÉÔ­´´ Industry's Federal And Foreign Income Taxes Incurred, 2015-2019

($000)

Year Property/casualty Life Total
2015 $10,188,539 $10,566,280 $20,754,818
2016 7,314,767 16,282,427 23,597,195
2017 -784,873 12,360,768 11,575,895
2018 7,245,077 3,397,276 10,642,353
2019 8,514,508 9,435,327 17,949,835

Source: NAIC data, sourced from S&P Global Market Intelligence, ÐÓ°ÉÔ­´´ Information Institute.

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