NAICS 524298 Quarterly Industry Report
All Other Insurance Related Activities
Comprehensive industry research for valuation professionals, business owners, buyers, and lenders
NAICS Code: 524298Sector: Finance and Insurance (52)Updated: Q1 2026
About This Report
This Fair Market Value report for NAICS 524298 provides market data on All Other Insurance Related Activities compiled from the Census Bureau[7], Bureau of Labor Statistics, and industry sources. Additional data is drawn from SBA[8].. Analysis covers actuarial services, insurance advisory services, ratemaking services, and loss prevention consulting for business valuation professionals.
Industry Snapshot
Key metrics for the all other insurance related activities industry.
Industry Definition & Overview
All Other Insurance Related Activities (NAICS 524298) encompasses establishments primarily engaged in providing insurance services on a contract or fee basis, excluding insurance agencies, brokerages, claims adjusting, and third-party administration. This industry specializes in insurance advisory services, actuarial analysis, ratemaking services, and loss prevention consulting per Bureau of Labor Statistics[5] industry classifications.
According to industry data, there are approximately 3,472 active companies in this sector with an estimated 38,054 employees. The actuarial services market is projected to expand from $14.85 billion in 2024 to $23.0 billion by 2032, representing a compound annual growth rate of 7.7%. Employment of actuaries specifically is projected to grow 22 percent from 2024 to 2034, substantially faster than the average for all occupations. Risk modeling and data analytics capabilities are expanding service offerings, with climate risk assessment and cybersecurity insurance pricing representing growing demand areas for actuarial professionals in this classification.
This industry serves a critical support function within the broader Finance and Insurance sector, providing specialized expertise that helps insurance carriers, brokers, and other entities manage risk, calculate premiums, and develop sound insurance products. Per BLS[6] data, the median annual wage for actuaries was $125,770 in 2024, reflecting the specialized knowledge required for risk assessment and financial modeling in insurance operations.
What's Included in This Industry
- Insurance advisory and consulting services
- Actuarial consulting for rate-setting and reserving
- Insurance software and technology platform services
- Loss control and risk engineering inspections
- Insurance fraud investigation and detection
- Policy rating and underwriting support services
- Insurance data analytics and predictive modeling
- Regulatory compliance consulting for insurers
- Salvage and subrogation recovery services
- Insurance education and professional training
NAICS Classification Hierarchy
| Level | Description | Code |
|---|---|---|
| Sector | Finance and Insurance | 52 |
| Subsector | Insurance Carriers and Related Activities | 524 |
| Industry Group | Agencies, Brokerages, and Other Insurance Related Activities | 5242 |
| NAICS Industry | Other Insurance Related Activities | 52429 |
| National Industry | All Other Insurance Related Activities | 524298 |
Related NAICS Codes
| Code | Description | Relationship |
|---|---|---|
| 524210 | Insurance Agencies and Brokerages | Insurance Agencies and Brokerages sell insurance policies and annuities to customers, contrasting with the advisory and actuarial consulting services provided on a fee basis by NAICS 524298 establishments. |
| 524291 | Claims Adjusting | Claims Adjusting involves investigating and assessing insurance claims after losses occur, representing a complementary insurance service distinct from the ratemaking and advisory functions of NAICS 524298. |
| 524292 | Pharmacy Benefit Management and Other Third Party Administration of Insurance and Pension Funds | Third Party Administration of Insurance and Pension Funds handles administrative management of insurance and pension funds on behalf of employers, providing operational support that complements advisory services. |
| 524113 | Direct Life Insurance Carriers | Direct Life Insurance Carriers underwrite life insurance policies, creating products that NAICS 524298 businesses help price through actuarial analysis and ratemaking support services. |
| 524126 | Direct Property and Casualty Insurance Carriers | Direct Property and Casualty Insurance Carriers underwrite property and casualty products, relying on NAICS 524298 businesses for actuarial analysis, risk assessment, and ratemaking support. |
| 524130 | Reinsurance Carriers | Reinsurance Carriers assume risks from primary carriers, depending heavily on actuarial and ratemaking expertise provided by NAICS 524298 professionals for pricing and portfolio management. |
Geographic Concentration
Top states by share of national establishments.
| # | State | % Est. | Total Est. |
|---|---|---|---|
| 1 | Florida | 16.4% | 499 |
| 2 | California | 9.7% | 295 |
| 3 | Texas | 5.7% | 173 |
| 4 | New York | 5.1% | 155 |
| 5 | Illinois | 5.0% | 151 |
| 6 | Michigan | 4.9% | 148 |
| 7 | Pennsylvania | 4.5% | 138 |
| 8 | New Jersey | 3.7% | 112 |
| 9 | Georgia | 2.8% | 85 |
| 10 | Arizona | 2.8% | 85 |
% Of Establishments
0%
16%
Source: County Business Patterns, U.S. Census Bureau[3]
SBA Lending Summary
256
Total SBA Loans
$157.5M
Total Loan Volume
$615K
Average Loan Size
10 yrs
Average Loan Term
11.05%
Average Interest Rate
1,968
Jobs Supported
Source: SBA 7(a) Program Data, U.S. Small Business Administration — FY 2025[4]
Key Insight: Per SBA size standards[9], the threshold for NAICS 524298 is $30.5 million in average annual receipts. Businesses at or below this amount qualify as small businesses for federal contracting and SBA assistance program eligibility. Eligible businesses can access SBA 7(a) loans[10] for working capital, equipment, and acquisition financing, while 504 loans[11] support major fixed-asset purchases including real estate and heavy machinery.
Top SBA Lenders
| # | Lender | Loans | Volume | Avg Loan |
|---|---|---|---|---|
| 1 | Newtek Bank, National Association | 8 | $40.0M | $5.0M |
| 2 | First Bank of Central Ohio | 8 | $28.4M | $3.6M |
| 3 | Solvay Bank | 8 | $28.4M | $3.5M |
| 4 | Byline Bank | 24 | $22.2M | $927K |
| 5 | JPMorgan Chase Bank, National Association | 24 | $4.9M | $203K |
Frequently Asked Questions
Common questions about this industry.
What services fall under NAICS 524298?
NAICS 524298 includes insurance advisory services, actuarial consulting, ratemaking services, loss prevention consulting, and insurance inspection and audit services provided on a contract or fee basis. Per Census Bureau[12] definitions, this classification excludes insurance agencies, brokerages, claims adjusting, and third-party administration which have their own NAICS codes.
How does NAICS 524298 differ from insurance agencies?
NAICS 524298 includes advisory and actuarial services provided on a fee or contract basis, while NAICS 524210 covers establishments that directly sell insurance policies as agents or brokers. Per BLS industry classifications[5], the key distinction is that 524298 businesses provide support services rather than direct sales of insurance products.
What is the employment outlook for actuaries?
Per Bureau of Labor Statistics[6] projections, employment of actuaries will grow 22% from 2024 to 2034, much faster than average for all occupations, with roughly 2,400 job openings projected annually. Median annual wages were $125,770 in May 2024 for actuarial professionals.
How many establishments operate in this industry?
Industry data shows approximately 3,472 active companies classified under NAICS 524298, employing an estimated 38,054 workers in the United States. This represents a substantial workforce within the specialized insurance services sector providing actuarial, advisory, and ratemaking services.
What is the SBA size standard for this industry?
Per SBA size standards[9], the threshold for NAICS 524298 is $30.5 million in average annual receipts. Businesses at or below this level qualify as small businesses for federal contracting and assistance program eligibility.
What market growth is expected for actuarial services?
The actuarial services market is projected to expand from $14.85 billion in 2024 to $23.0 billion by 2032, representing a compound annual growth rate of roughly 7.7%. Growth reflects increasing demand for risk assessment expertise, climate risk modeling, and data analytics in insurance operations.
Are insurance inspection and audit services included?
Yes, insurance inspection and audit services are included within NAICS 524298. These services involve examining insurance operations, reviewing claim procedures, and conducting audits to ensure compliance and operational efficiency, distinct from direct claims adjusting classified under NAICS 524291.
What government agencies regulate this industry?
Businesses in NAICS 524298 are primarily regulated by state insurance departments and commissioners, as insurance is regulated at the state level. Federal oversight applies through agencies like the SEC depending on specific services provided. Per NAIC[13] standards, coordination among state regulators ensures consistent oversight.
Sources & References
Government datasets and editorial sources used in this report.
- [1]U.S. Bureau of Labor Statistics, Quarterly Census of Employment and Wages bls.gov
- [2]U.S. Census Bureau, Economic Census census.gov
- [3]U.S. Census Bureau, County Business Patterns census.gov
- [4]U.S. Small Business Administration, SBA 7(a) Loan Program Data data.sba.gov
- [5]Bureau of Labor Statistics bls.gov
- [6]BLS bls.gov
- [7]Census Bureau data.census.gov
- [8]SBA sba.gov
- [9]SBA size standards sba.gov
- [10]SBA 7(a) loans sba.gov
- [11]504 loans sba.gov
- [12]Census Bureau census.gov
- [13]NAIC content.naic.org
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