Overview
This industry group comprises establishments primarily engaged in underwriting (assuming the risk, assigning premiums, and so forth) annuities and insurance policies and investing premiums to build up a portfolio of financial assets to be used against future claims. Direct insurance carriers are establishments that are primarily engaged in initially underwriting and assuming the risk of annuities and insurance policies. Reinsurance carriers are establishments that are primarily engaged in assuming all or part of the risk associated with an existing insurance policy (or set of policies) originally underwritten by another insurance carrier.
Industries are defined in terms of the type of risk being insured against, such as death, loss of employment because of age or disability, and/or property damage. Contributions and premiums are set on the basis of actuarial calculations of probable payouts based on risk factors from experience tables and expected investment returns on reserves.
The immediate parent of industry group 5241 is subsector 524: Insurance Carriers and Related Activities
Descendants
- 52411 - Direct Life, Health, and Medical Insurance Carriers
- 52412 - Direct Insurance (except Life, Health, and Medical) Carriers
- 524126 - Direct Property and Casualty Insurance Carriers
- 524127 - Direct Title Insurance Carriers
- 524128 - Other Direct Insurance (except Life, Health, and Medical) Carriers
- 52413 - Reinsurance Carriers
History
The NAICS editions in which this code was present are indicated below. In the event that a code was changed from the prior edition the equivalent value in that edition is provided for reference.
| Edition | Existed | Equivalent Value |
|---|---|---|
| 2002 | 5241 | |
| 2007 | 5241 | |
| 2012 | 5241 | |
| 2017 | 5241 | |
| 2022 | 5241 |
Standard Industrial Classification (SIC) Mappings
SIC Mappings are not available at the industry group level, a more specific code is required.
SIC mappings are available for 6 digit national industry codes and their sub-descriptions only. For detailed mappings choose the most appropriate six-digit code from the list of descendants.
Insurance Industry Mappings
Mappings are not available at the industry group level, a more specific code is required.
Insurance industry mappings are available for 6 digit national industry codes and their sub-descriptions only. For detailed mappings choose the most appropriate six-digit code from the list of descendants.
Downloads
What's the difference between HD and SD? See our methodology.