Agencies, brokerages, and other insurance related activities

Industry Group

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Workforce Population

653k

2021

Average Employee Age

45.6

2021

Estimated Job Growth

4.85%

10-Year Projection

Average Salary

$83,916

2021

Average Male Salary

$111,325

2021

Average Female Salary

$64,356

2021

About

The top three occupations in the Agencies, brokerages, and other insurance related activities Industry Group are insurance sales agents, firstline supervisors of nonretail sales workers, and claims adjusters, appraisers, examiners, & investigators. On average, full-time employees in the Agencies, brokerages, and other insurance related activities Industry Group work 43 hours per week and have an average annual salary of $88,686. Part-time employees in the same industry work 21.8 hours and earn an average annual salary of $41,725.

The locations with the highest concentration of employees in the Agencies, brokerages, and other insurance related activities Industry Group are Glastonbury, Newington, Wethersfield, Rocky Hill & Marlborough Towns PUMA, CT, West Des Moines & Urbandale Cities PUMA, IA, and McLean County PUMA, IL.

The workforce of Agencies, brokerages, and other insurance related activities Industry Group in 2021 was 652,767 people, with 58.4% woman, and 41.6% men.

In 2021, 77.6% of the workforce in the Agencies, brokerages, and other insurance related activities Industry Group was White (506,263 people), of which 56.5% were women and 43.5% men.

Finance & Insurance Finance & Insurance, and Real Estate, Rental & Leasing

Employment & Salaries

A snapshot of workforce, wages, and opportunities in the Agencies, brokerages, and other insurance related activities Industry Group.

The workforce in Agencies, brokerages, and other insurance related activities Industry Group was 652,767 people and is concentrated in California (60,782 workers). The average annual salary was $83,916, being $24,321 more than the national average salary, which was $59,596.

Monthly Employment

Start Year

Y-Axis

1.95%

Year-over-year growth

Employment change between February 2022 and February 2023

As of February 2023, there are 518k people employed in the Agencies, Brokerages, and Other Insurance Related Activities industry. This represents a 1.95% increase in employment when compared to February 2022.

This chart shows monthly employment numbers for Agencies, Brokerages, and Other Insurance Related Activities over time (non-seasonally adjusted).

Employment by Location

The states that concentrated the largest workforce in 2021 were California (60.8k), Texas (54.5k), and Florida (53k).

This map shows the states in the United States shaded by workforce for Agencies, brokerages, and other insurance related activities Industry Group.

Yearly Wage Ranking

In 2021, Agencies, brokerages, and other insurance related activities Industry Group had an average annual wage of $83,916, $24,321 more than the average national salary of $59,596.

The graph shows the position of Agencies, brokerages, and other insurance related activities Industry Group in the ranking of industries by average annual wage.

Wage Distribution

0.44

WAGE GINI

Agencies, brokerages, and other insurance related activities has a wage GINI of 0.44, which is less than than the national average of 0.478. In other words, wages are distributed more evenly in Agencies, brokerages, and other insurance related activities (shown in red) in comparison to the national average for those wage buckets (shown in gray).

The graphic shows the distribution of average salaries by buckets for Agencies, brokerages, and other insurance related activities Industry Group workers compared to the entire workforce in the country.

Occupations

A review of jobs and wages in the Agencies, brokerages, and other insurance related activities Industry Group.

Insurance sales agents are the most common position with 207,385 workers, but the Agencies, brokerages, and other insurance related activities Industry Group employs a relatively high number of Firstline supervisors of nonretail sales workers and Claims adjusters, appraisers, examiners, & investigators.

The highest average salary in Agencies, brokerages, and other insurance related activities goes to Physicians.

Occupations Distribution

The graph shows the distribution of employees in the Agencies, brokerages, and other insurance related activities Industry Group according to occupations. In 2021, the occupations that concentrated the largest number of employees in this industry were insurance sales agents (207,385 people), firstline supervisors of nonretail sales workers (57,572 people), and claims adjusters, appraisers, examiners, & investigators (45,451 people)

Wage by Sex in Common Jobs

$111,325

AVERAGE MALE SALARY

±$5,445

$64,356

AVERAGE FEMALE SALARY

±$2,327

On average, Male workers in the Agencies, brokerages, and other insurance related activities Industry Group make 1.73 times more than their Female counterparts. This chart shows the sex-based wage disparity in the 5 most common occupations in the Agencies, brokerages, and other insurance related activities Industry Group.

Business

Estimates of the sources of the costs and the purchasers of the products in the Agencies, brokerages, and other insurance related activities Industry Group. Based on estimates from the Bureau of Economic Analysis, this section indicates the amount of money spent by a specific industry in other industries.

The industrial flow illustrates the intermediate inputs and the use of outputs of the Agencies, brokerages, and other insurance related activities Industry Group.

The Agencies, brokerages, and other insurance related activities Industry Group gets the most input, by its share of the cost of all intermediate inputs, from the Finance, insurance, real estate, rental, and leasing Industry.

Industrial Flow

The closest comparable data for Agencies, brokerages, and other insurance related activities is from Finance & Insurance, and Real Estate, Rental & Leasing.

Finance, insurance, real estate, rental, and leasing has the highest single input, by dollars, to the Agencies, brokerages, and other insurance related activities Industry Group, and the largest industry purchasing services from the Agencies, brokerages, and other insurance related activities Industry Group is Finance, insurance, real estate, rental, and leasing.

In this flow diagram, all of the industries listed to the left are those places from which the highlighted industry has made purchases. They are the intermediate inputs to the highlighted industry. All those industries listed on the right side are those industries that have made purchases from the highlighted industry. They are the use of outputs of the highlighted industry. The visualizations below offer alternative ways to see and understand this data.

Intermediate Inputs

The closest comparable data for Agencies, brokerages, and other insurance related activities is from Finance & Insurance, and Real Estate, Rental & Leasing.

HIGHEST INPUT INDUSTRY

Use of Output by Other Industries

The closest comparable data for Agencies, brokerages, and other insurance related activities is from Finance & Insurance, and Real Estate, Rental & Leasing.

LARGEST PURCHASING INDUSTRY

The Finance, insurance, real estate, rental, and leasing Industry purchases the greatest share of products and services from the Agencies, brokerages, and other insurance related activities Industry Group in order to produce other goods and services. Purchases of the Agencies, brokerages, and other insurance related activities Industry Group for final consumption by consumers, businesses, or government are not included here.

Diversity

Demographic information on the Agencies, brokerages, and other insurance related activities Industry Group in the US.

Of the total workforce, 58.4% corresponds to women and 41.6% men. Male employees tend to earn more than Female employees, with average respective salaries of $111,325 and $64,356.

77.3% of workers have a bachelors degree, some college or high school or equivalent.

Gender and Age

380,923

Women

58.4%

271,844

Men

41.6%

The workforce of Agencies, brokerages, and other insurance related activities industry in 2021 was 652,767 people, with 58.4% woman, and 41.6% men.

The visualization shows the distribution of the workforce by gender and age in Agencies, brokerages, and other insurance related activities industry.

Races

In 2021, 77.6% of the workforce in the Agencies, brokerages, and other insurance related activities industry was White (506,263 people), of which 56.5% were women and 43.5% men.

Other races that concentrated a significant number of workers were Black and Two or More Races.

Educational Levels

The main educational levels achieved by the Agencies, brokerages, and other insurance related activities workers in 2021 were bachelors degree (255,809 people), some college (150,207 people), and high school or equivalent (98,796 people).

The chart shows the Agencies, brokerages, and other insurance related activities workforce by gender and educational level.

Projections

Growth projections of the Insurance agencies and brokerages industry, both by number of employees and output, from the Bureau of Labor and Statistics. The national workforce is projected to grow 7.66% in the next ten years. The Insurance agencies and brokerages industry has a lower projected workforce growth at 4.85%. Its projected 10-year growth in output (22.9%) is lower than the projected national growth in output (24.2%).

Job Growth

For growth projections, the closest comparable industry reported by the Bureau of Labor Statistics is Insurance agencies and brokerages.

4.85%

Estimated Job Growth

10-year Projection

7.66%

National Growth

10-year Projection

This line chart shows the projected 10-year growth in the number of jobs for Insurance agencies and brokerages. This industry is expected to grow less than than 7.66%, the average rate of national job growth.