NAICS 4 Digit Industry Group 5241

Industry Group 5241

NAICS 4 digit Industry Group 5241 – Insurance Carriers

Definition of NAICS 4 digit industry group 5241: 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.

Four Digit Industry Group Breakdown for North American Industry Classification System

NAICS codes are broken down by digit. The broadest description starts with the 2 digit sector codes. The 3 digit subsector codes are more specific, then the 4 digit industry group (Where you are now), 5 digit industry, and the most specific is the 6 digit NAICS code. If industry group 5241 does not describe the industry of the business in question, then select the largest applicable code below. From there, follow through the progression of smaller digits to the larger digits in order to obtain the most specific 6 digit classification.

  • Sector 52: Finance and Insurance
    • Subsector 524: Insurance Carriers and Related Activities
      • Industry Group 5241: Insurance Carriers
        • Industry 52411: Direct Life, Health, and Medical Insurance Carriers
          • 6 Digit Code(s) NAICS 524113: Direct Life Insurance Carriers
          • 6 Digit Code(s) NAICS 524114: Direct Health and Medical Insurance Carriers
        • Industry 52412: Direct Insurance (except Life, Health, and Medical) Carriers
          • 6 Digit Code(s) NAICS 524126: Direct Property and Casualty Insurance Carriers
          • 6 Digit Code(s) NAICS 524127: Direct Title Insurance Carriers
          • 6 Digit Code(s) NAICS 524128: Other Direct Insurance (except Life, Health, and Medical) Carriers
        •  Industry 52413: Reinsurance Carriers
          • 6 Digit Code(s) NAICS 524130: Reinsurance Carriers

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NAICS 4 Digit Industry Group 5241