A career in insurance sales remains a strong option for stable employment and opportunity. With strong and growing demand, strong earning potential, and a variety of specialization options, insurance sales is an attractive career choice.
However, not all lines of insurance are created equal. some provide higher demand and others show higher long-term revenue.
Reading: How many licensed insurance agents in the us
If you’re looking for information about insurance agents and the opportunities they face, read on. We’ve compiled a list of the key insurance agent statistics for 2022 in one place to give you a more complete picture of the industry opportunity.
insurance agent employment statistics
2020 employment totals included approximately 853,400 in insurance agencies and brokers, an increase from 842,800 in 2019. (Insurance Information Institute, 2022)
The 2020 totals also included approximately 1,655,700 from insurance companies, with 962,500 in life and health, and 655,900 in property/casualty, an increase from the 2019 totals of 1,610,100, 931,200 and 650,300, respectively. (Insurance Information Institute, 2022)
statistics on new insurance agent licenses
In 2020, 367,431 people across the country took licensing exams for the first time. of these, 228,271 passed, for an overall pass rate of 62.1%. (National Association of Insurance Commissioners, 2020)
The highest pass rate (92%) occurred on the Personal Lines Licensing exam in Virginia (225 out of 245). (National Association of Insurance Commissioners, 2020)
The lowest pass rate (23.99%) occurred in New York Property & Casualty Broker Exam Series 17-56 (538 of 2,243). (National Association of Insurance Commissioners, 2020)
income and salary statistics for insurance agents
Within the insurance industry, the average insurance agent earns $43,540 per year. (zippa, 2021)
The average life insurance agent in the insurance industry earns $83,390 per year. (zipa, 2021)
The average health insurance agent earns $63,000 per year. (zipa, 2021)
Anonymous insurance agent filings show the change in their salary depending on their level of experience, with less than one year of experience leading to $55,274 and 1 to 2 years to $55,274, while 6 to 9 years to $65,972 and over 10 years at $71,590. (actually 2022)
age demographics of insurance agent
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The average age of an employed insurance agent is 45 years old. (45.9) (zipa, 2021)
Eleven percent of insurance agents are between 20 and 30 years old. (zipa, 2021)
Twenty-three percent of insurance agents are between the ages of 30 and 40. (zipa, 2021)
Sixty-six percent of insurance agents are over 40 years old. (zipa, 2021)
years of experience in insurance agents
Thirty percent of new agents leave in their first 90 days. (podium, no date given)
Over 90% of new agents leave the business in the first year. the rate increases to more than 95% when extended to five years. (investopedia, no date given)
a survey of former insurance agents found that approximately 11% quit within the first three months, approximately 19% within the first three to six months, approximately 17% within the first 7 to 12 months, 18% within the first two years, and the rest, about 35%, quit more than 2 years after starting. (duford, 2021)
Three years is the average amount of time agents age 40 and younger have been working in insurance. (ritter, 2018)
changes and labor trends expected of insurance agents
Employment of insurance sales agents is projected to increase 7% between 2020 and 2030, from 507,200 to 542,700. (Bureau of Labor Statistics, 2021)
Thirty-six percent of Americans said they planned to buy life insurance in 2021. (limra, 2021)
size of US insurance markets
The size of the US health and medical insurance market is expected to rise. uu. to be $1.1 trillion in 2022, a growth of 1.3%. (ibisworld, 2021)
The size of the US property, casualty and casualty insurance market is expected to be $777 billion in 2022, a growth of 3.3%. (ibisworld, 2021)
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The size of the u.s. workers’ compensation and other insurance market is expected to rise. uu. to be $53.7 billion in 2022, a growth of 4.4%. (ibisworld, 2021)
The size of the us commercial auto insurance market is expected to grow. uu. to be $52.2 billion in 2022, a growth of 1.3%. (ibisworld, 2021)
us cyber liability insurance market size is expected to grow. uu. to be $2.9 billion in 2022, a growth of 6.6%. (ibisworld, 2020)
The size of the us homeowners insurance market is expected to grow. uu. to be $121 billion in 2022, a growth of 1.5%. (ibisworld, 2021)
The size of the US identity theft insurance market is expected to be $262.9 million in 2022, a growth of 5.6%. (ibisworld, 2021)
The size of the US long-term care insurance market is expected to be $32.7 billion in 2022, a growth of 3.4%. (ibisworld, 2021)
US medical malpractice insurance market size is expected to grow. uu. to be $9 billion in 2022, a growth of 1.2%. (ibisworld, 2020)
The size of the us commercial insurance market is expected to rise. uu. to be $264.9 billion in 2022, a growth of 3.8%. (ibisworld, 2020)
The size of the us disability insurance market is expected to rise. uu. is $19.8 billion in 2022, a growth of 3.8%. (ibisworld, 2020)
US product warranty insurance market size is expected to be $1.1bn in 2022, a growth of -0.8%. (ibisworld, 2020)
The size of the us workers’ compensation insurance market is expected to rise. uu. to be $57.1 billion in 2022, a growth of 0.5%. (ibisworld, 2020)
The size of the us entertainment insurance market is expected to rise. uu. to be $24.9 billion in 2022, a growth of 6.7%. (ibisworld, 2020)
The size of the US pet insurance market is expected to be $1.9 billion by 2022. (ibisworld, 2020)
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