Insurance sales continue to be solid option for stable employment and opportunity. With strong and growing demand, income potential, and a variety of specialization options, insurance sales is an attractive career choice.
However, not all lines of insurance are the same. Some provide stronger demand, and others show higher long-term income.
If you are looking for information about insurance agents and the opportunities they face, read on. We've gathered a list of the key insurance agent statistics for 2024 to give you a complete picture of the industry opportunity.
There are 927,600 licensed agencies and brokers working in the US.
2023 totals show 902,500 life and health insurance agents and 686,300 property/casualty insurance agents.
On average, 57.9% of first-time insurance exam takers pass the test.
Insurance agents make on average $51,936 per year.
The average age of an Employed insurance agent is 45.9 years old.
In the next 10 years, the number of insurance agents is expected to grow by 8%.
The 2022 employment totals included approximately 927,600 in insurance agencies and brokers, an increase from 886,600 in 2021. (Insurance Information Institute, 2022)
The 2021 totals also included approximately 1,619,100 by insurance carriers, with 902,600 in life and health, and 686,300 in property/casualty, an increase from the 2021 total of 1,566,900 but with a decrease in life and health total of 911,400 in 2021.(Insurance Information Institute, 2022)
In 2022, 382,913 people nationwide took licensing exams for the first time. Of these, 221,568
passed, for an overall 57.9% pass rate.(National Association of Insurance Commissioners, 2020)
The highest pass rate (81.54%) occurred for the Personal Lines license exam in Indiana (424
out of 520). (National Association of Insurance Commissioners, 2022)
The lowest pass rate (28.73%) occurred for the Casualty Insurance Broker Exam in North
Dakota (52 out of 181). (National Association of Insurance Commissioners, 2022)
Within the insurance industry, the average insurance agent earns $51,936 per year. (Zippa, 2023)
The average life insurance agent in the insurance industry earns $62,552 per year. (Zippa, 2023)
The average health insurance agent earns $49,934 per year. (Zippa, 2023)
Anonymous submissions by insurance agents shows the change in their salary depending on
their level of experience, with less than one year of experience leading to $61,154 and 1 to 2
years to $61,055, while 6 to 9 years to $72,990 and more than 10 years to $79,205 (Indeed, 2023)
The average age of an employed Insurance Agent is 45 years old. (45.9) (Zippa, 2023)
Eleven percent of insurance agents are 20-30 years old. (Zippa, 2023)
Twenty-three percent of insurance agents are 30-40 years old. (Zippa, 2023)
Sixty-six percent of insurance agents are 40+ years old. (Zippa, 2023)
Thirty percent of new agents leave in their first 90 days. (Podium, 2023)
More than 90% of new agents quit the business within the first year. The rate increases to greater than 95% when extended to five years. (Investopedia , 2023)
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, 17% within the first 7 to 12
months, about 18% within the first one to two years, and the remainder, around 35%, quit
more than 2+ years after they first began. (Duford, 2022)
Three years is the average amount of time agents 40 years old or younger have been working in insurance. (Ritter, 2021)
Employment of insurance sales agents is projected to increase 8 percent from 2022 to 2032,
growing from 536,800 to 579,300. (Bureau of Labor Statistics, 2023)
Thirty-six percent of Americans said they planned to purchase life insurance in 2021. (Limra, 2023)
Only fifty-two percent of Americans have life insurance including individual and workplace. There are 102 million uninsured and underinsured Americans who know they need insurance. (Limra, 2023)
The size of the US health and medical insurance market is expected to be $1.3 trillion in 2023, an increase by 1.5%. (IBISWorld, 2023)
The size of the US property, casualty and direct insurance market is expected to be $888 billion in 2023, a growth of .7%. (IBISWorld, 2023)
The size of the US workers' compensation and other insurance funds market is expected to be $55 billion in 2022, a growth of 2.9%. (IBISWorld, 2022)
The size of the US commercial auto insurance market is expected to be $64.1 billion in 2022, a growth of 5.8%. (IBISWorld, 2022)
The size of the US cyber liability insurance market is expected to be $5.6 billion in 2022, a growth of 3.9%. (IBISWorld, 2022)
The size of the US homeowners' insurance market is expected to be $147.8 billion in 2022, a growth of 3.8%. (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 $33.4 billion in 2022, a growth of .8%. (IBISWorld, 2021)
The size of the US medical malpractice insurance market is expected to be $9.5 billion in 2022, a growth of 2.6%. (IBISWorld, 2022)
The size of the US business insurance market is expected to be $253.8 billion in 2022, a growth of 2.2%. (IBISWorld, 2022)
The size of the US disability insurance market is expected to be $23.8 billion in 2022, a growth of 2.8%. (IBISWorld, 2022)
The size of the US product warranty insurance market is expected to be $1.9 billion in 2022, a growth of 13.1%. (IBISWorld, 2022)
The size of the US workers' compensation insurance market is expected to be $57.1 billion in 2022, a growth of 0.5%. (IBISWorld, 2022)
The size of the US entertainment insurance market is expected to be $24.9 billion in 2022, a growth of 6.7%. (IBISWorld, 2022)
The size of the US pet insurance market is expected to be $3.7 billion in 2022, a growth of 15.2%. (IBISWorld, 2022)
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