North American Industry Classification System (NAICS) code 5241 is used by federal buyers for market research, set-aside size standards, and reporting. Official titles come from the Census Bureau NAICS structure.
Official definition
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.
- Official title
- Insurance Carriers
- Code level
- 4
- Parent industry
- Insurance Carriers and Related Activities 524
- Open opportunities
- 0 open · 0 active
Source and edition
2022 NAICS Manual definition and reference material from the U.S. Census Bureau.