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