Insurance Handbook

Careers And Employment

The insurance industry is a major U.S. employer, providing some 2.6 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 http://www.bls.gov/ooh/.

Employment In Insurance, 2009-2018

(Annual averages, 000)

  Insurance carriers Insurance agencies, brokerages and related services  
  Direct insurers (1)            
Year Life and
health (2)
Property/
casualty
Reinsurers Total Insurance
agencies
and brokers
Other
insurance-
related
activities (3)
Total Total
industry
2009 802.8 632.9 27.5 1,463.2 653.3 254.2 907.4 2,370.6
2010 804.1 614.3 26.8 1,445.2 642.3 253.1 895.5 2,340.6
2011 788.9 611.6 25.6 1,426.1 649.2 261.1 910.3 2,336.4
2012 811.3 599.5 25.7 1,436.5 659.6 272.3 931.8 2,368.3
2013 813.2 593.7 26.2 1,433.1 672.3 283.5 955.8 2,388.9
2014 829.0 594.7 25.1 1,448.8 720.0 297.1 1,017.1 2,465.8
2015 829.8 611.6 25.1 1,466.5 762.8 309.1 1,071.8 2,538.3
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 870.6 621.8 29.1 1,521.5 825.2 343.7 1,168.9 2,690.4

(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.

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

View Archived Tables

Net Premiums Written, Property/Casualty And Life/Health

There are three main insurance sectors. Property/casualty (P/C) consists mainly of auto, home and commercial insurance. Life/health (L/H) consists mainly of life insurance and annuity products. Most private health insurance is written by insurers whose main business is health insurance. However, L/H and P/C insurers also write this coverage. In 2017 P/C net premiums written rose by 4.6 percent while L/H net premiums written fell by 0.5 percent.

Property/Casualty And Life/Health Insurance Premiums, 2017 (1)

(US$ billions)

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

Source: NAIC data, sourced from S&P Global Market Intelligence, Insurance Information Institute.

View Archived Graphs

Property/Casualty And Life/Health Insurance Net Premiums Written, 2008-2017

($000)

Year Property/casualty (1) Life/health (2) Total
2008 $440,318,983 $607,250,216 $1,047,569,199
2009 423,528,077 491,487,792 915,015,869
2010 425,878,773 560,494,920 986,373,693
2011 441,562,154 602,257,296 1,043,819,450
2012 460,686,182 623,238,450 1,083,924,632
2013 481,517,971 560,070,547 1,041,588,518
2014 502,842,475 644,480,928 1,147,323,403
2015 520,149,847 635,549,216 1,155,699,063
2016 533,696,758 597,634,158 1,131,330,916
2017 558,205,126 594,910,567 1,153,115,693
Percent change,
2008-2017
26.8% -2.0% 10.1%

(1) Net premiums written after reinsurance transactions, excludes state funds.
(2) Premiums, annuity considerations (fees for annuity contracts) and deposit-type funds for Life/health insurance companies.

Source: NAIC data, sourced from S&P Global Market Intelligence, Insurance Information Institute.

View Archived Tables

Taxes

The insurance industry is a major source of tax revenue on the state and federal level. In 2016 property/casualty insurers and life insurers incurred federal and foreign taxes were about $23.6 billion dollars. Insurance companies, including life/health and property/casualty companies, paid $20.5 billion in premium taxes to the 50 states in 2016. On a per capita basis, this works out to $63 for every person living in the United States.

Insurance Industry's Federal And Foreign Income Taxes Incurred, 2012-2016

($000)

Year Property/casualty Life Total
2012 $6,257,395 $9,866,018 $16,123,413
2013 12,038,618 8,554,055 20,592,673
2014 10,318,140 10,106,154 20,424,293
2015 10,188,465 10,566,567 20,755,031
2016 7,315,023 16,279,121 23,594,144

Source: NAIC data, sourced from S&P Global Market Intelligence, Insurance Information Institute.

View Archived Tables