NAICS 5241—Insurance Carriers

Where 5241 sits

1. 52 Finance and Insurance
2. 524 Insurance Carriers and Related Activities
3. 5241 Insurance Carriers

Contains 3 narrower codes

• 52411 Direct Life, Health, and Medical Insurance Carriers
• 52412 Direct Insurance (except Life, Health, and Medical) Carriers
• 52413 Reinsurance Carriers

Description

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.

5241 in other systems