How Insurance Nerds Save The Day

by | Jul 14, 2020

Later this week, we’ll party with the nerds! Very special nerds. Insurance Nerd Day on July 18 celebrates the people who’ve covered us in the worst of times. 

We here at Core believe that all those in the insurance industry, especially the agents and brokers working hard to earn sales commission, deserve a little recognition. The insurance industry in the U.S. employed 2.8 million people in 2019 and about 843,000 of those working for agencies or brokerages.

The agents and brokers who sell premiums for a variety of insurance needs work hard to protect us.

Together these people have managed to accomplish some amazing things. While “nerd” is meant to be a term of endearment, it’s also a pretty accurate description of the incredibly talented and smart individuals in the industry. In fact, we’re pretty sure they’re all big fans of stats and numbers. So below we’ve listed out just a few of the amazing numbers associated with the insurance industry in the U.S.

A Brief List of Stats for Our Insurance Nerds:

  • $1.22 trillion = that’s the total amount of net premiums written by the U.S. insurance industry in 2018. Insurance agents and brokers were responsible for selling every single dollar of that. 
  • 5,965 = the number of insurance companies in the U.S. in 2018. That includes property and casualty, life and annuity, health, risk retention, and other companies.
  • $630 billion = the amount that insurance carriers and related events generated for the gross domestic product in 2019.
  • $280 million = the amount that insurers and their foundations contributed to COVID-19 support, prevention and treatment efforts.

Of course, we can’t just reduce the people in the insurance industry to a set of numbers. The agents and brokers who sell premiums for a variety of insurance needs are working hard to protect us and find us the right plans to keep us prepared in the event that something happens. We appreciate that.

We collaborate with insurance agencies and brokerages all over the country to ensure that agents and brokers are paid reliably and consistently for the sales they make. If you’re interested in finding out more about how Core can simplify the process of insurance sales commission, contact us. We’re happy to show you how it all works.

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