Skip to main content

Agencies, brokerages, and other insurance related activities (NAICS 524298) industry trends

Sageworks
August 19, 2013
Read Time: 0 min

The agencies, brokerages, and other insurance related activities industry includes firms that sell annuities and insurance policies and firms providing employee benefits and insurance related services. Firms that sell annuities and insurance policies act as agent or brokers. Examples of other insurance related services that firms in the industry provide include claims adjusting, insurance plan administrative services and insurance adjusting. Claims adjusting involve the investigation, appraisal and settlement of insurance claims. Insurance administration firms provide claims processing and other administrative services to insurance carriers, employee-benefit plans and self-insurance funds. 

The Census Bureau’s most recent data indicates that there are approximately 150,644 firms within this industry. The majority of firms within this industry are insurance agencies and brokerages. 

According to Sageworks’ industry data, the industry’s net profit margin during the last 12 months was 14.78 percent. During this same time, the average gross profit margin was 97.04 percent. 

The graph below shows business statistics for the average company in the agencies, brokerages, and other insurance related activities industry. 

Agencies, brokerages, and other insurance related activities NAICS 5242

 

.

About the Author

Sageworks

Raleigh, N.C.-based Sageworks, a leading provider of lending, credit risk, and portfolio risk software that enables banks and credit unions to efficiently grow and improve the borrower experience, was founded in 1998. Using its platform, Sageworks analyzed over 11.5 million loans, aggregated the corresponding loan data, and created the largest

Full Bio

About Abrigo

Abrigo enables U.S. financial institutions to support their communities through technology that fights financial crime, grows loans and deposits, and optimizes risk. Abrigo's platform centralizes the institution's data, creates a digital user experience, ensures compliance, and delivers efficiency for scale and profitable growth.

Make Big Things Happen.

 

Looking for Banker’s Toolbox? You are in the Right Place!

Banker’s Toolbox is now Abrigo, giving you a single source for all your enterprise risk management needs. Use the login button here, or the link in the top navigation, to log in to Banker’s Toolbox Community Online.

Make yourself at home!