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, 2010-2019

(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
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 882.8 629.5 28.6 1,540.9 825.6 346.2 1,171.8 2,712.7
2019 923.0 647.0 28.5 1,598.5 843.0 348.7 1,191.7 2,790.2

(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.

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Net Premiums Written, Property/Casualty And Life/Annuities

There are three main insurance sectors. Property/casualty (P/C) consists mainly of auto, home and commercial insurance. Life/annuity consists mainly of life insurance and annuity products. Most private health insurance is written by insurers whose main business is health insurance. However, life/annuity and P/C insurers also write health coverage. In 2018 P/C net premiums written rose by 10,7 percent while life/annuity net premiums written rose at a slower rate, 1.0 percent.

Property/Casualty And Life/Annuity Insurance Premiums, 2019 (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, Insurance Information Institute.

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Net Premiums Written, Property/Casualty And Life/Annuity Insurance, 2010-2019

($000)

Year Property/casualty (1) Life/Annuity (2) Total
2010 $426,082,428 $560,434,300 $986,516,728
2011 441,585,290 602,255,968 1,043,841,258
2012 460,666,320 623,237,155 1,083,903,475
2013 481,604,890 560,069,272 1,041,674,162
2014 502,578,473 644,479,853 1,147,058,326
2015 520,047,073 635,549,216 1,155,596,289
2016 533,744,458 597,634,158 1,131,378,616
2017 558,157,401 594,906,580 1,153,063,981
2018 617,945,973 600,261,046 1,218,207,019
2019 637,704,669 678,687,860 1,316,392,529
Percent change,
2010-2019
49.7% 21.1% 33.4%

(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, Insurance Information Institute.

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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/annuity 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, 2014-2018

($000)

Year Property/casualty Life Total
2014 $10,318,207 $10,106,056 $20,424,264
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 7,244,680 3,633,099 10,877,779

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

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