NAICS
5241: Insurance Carriers
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 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.
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