Major Group SIC 63 - Insurance Carriers

SIC 63 - Insurance Carriers

SIC 63 - Insurance Carriers
SIC 01 - Agricultural Production Crops SIC 02 - Agricultural Production Livestock And Animal Specialties SIC 07 - Agricultural Services SIC 08 - Forestry SIC 09 - Fishing, Hunting, And Trapping SIC 10 - Metal Mining SIC 12 - Coal Mining SIC 13 - Oil And Gas Extraction SIC 14 - Mining And Quarrying Of Nonmetallic Minerals, Except Fuels SIC 15 - Building Construction General Contractors And Operative Builders SIC 16 - Heavy Construction Other Than Building Construction Contractors SIC 17 - Construction Special Trade Contractors SIC 20 - Food And Kindred Products SIC 21 - Tobacco Products SIC 22 - Textile Mill Products SIC 23 - Apparel And Other Finished Products Made From Fabrics And Similar Materials SIC 24 - Lumber And Wood Products, Except Furniture SIC 25 - Furniture And Fixtures SIC 26 - Paper And Allied Products SIC 27 - Printing, Publishing, And Allied Industries SIC 28 - Chemicals And Allied Products SIC 29 - Petroleum Refining And Related Industries SIC 30 - Rubber And Miscellaneous Plastics Products SIC 31 - Leather And Leather Products SIC 32 - Stone, Clay, Glass, And Concrete Products SIC 33 - Primary Metal Industries SIC 34 - Fabricated Metal Products, Except Machinery And Transportation Equipment SIC 35 - Industrial And Commercial Machinery And Computer Equipment SIC 36 - Electronic And Other Electrical Equipment And Components, Except Computer Equipment SIC 37 - Transportation Equipment SIC 38 - Measuring, Analyzing, And Controlling Instruments Photographic, Medical And Optical Good SIC 39 - Miscellaneous Manufacturing Industries SIC 40 - Railroad Transportation SIC 41 - Local And Suburban Transit And Interurban Highway Passenger Transportation SIC 42 - Motor Freight Transportation And Warehousing SIC 44 - Water Transportation SIC 45 - Transportation By Air SIC 46 - Pipelines, Except Natural Gas SIC 47 - Transportation Services SIC 48 - Communications SIC 49 - Electric, Gas, And Sanitary Services SIC 50 - Wholesale Trade-durable Goods SIC 51 - Wholesale Trade-non-durable Goods SIC 52 - Building Materials, Hardware, Garden Supply, And Mobile Home Dealers SIC 53 - General Merchandise Stores SIC 54 - Food Stores SIC 55 - Automotive Dealers And Gasoline Service Stations SIC 56 - Apparel And Accessory Stores SIC 57 - Home Furniture, Furnishings, And Equipment Stores SIC 58 - Eating And Drinking Places SIC 59 - Miscellaneous Retail SIC 60 - Depository Institutions SIC 61 - Non-depository Credit Institutions SIC 62 - Security And Commodity Brokers, Dealers, Exchanges, And Services SIC 63 - Insurance Carriers SIC 64 - Insurance Agents, Brokers, And Service SIC 65 - Real Estate SIC 67 - Holding And Other Investment Offices SIC 70 - Hotels, Rooming Houses, Camps, And Other Lodging Places SIC 72 - Personal Services SIC 73 - Business Services SIC 75 - Automotive Repair, Services, And Parking SIC 76 - Miscellaneous Repair Services SIC 78 - Motion Pictures SIC 79 - Amusement And Recreation Services SIC 80 - Health Services SIC 81 - Legal Services SIC 82 - Educational Services SIC 83 - Social Services SIC 84 - Museums, Art Galleries, And Botanical And Zoological Gardens SIC 86 - Membership Organizations or Unions And Similar Labor Organizations SIC 87 - Engineering, Accounting, Research, Management, And Related Services SIC 89 - Services, Not Elsewhere Classified SIC 96 - Administration Of Economic Programs

This major group includes carriers of insurance of all types, including reinsurance. Agents and brokers dealing in insurance and organizations rendering services to insurance carriers or to policy holders are classified in Major Group 64.

Industry trends:

The Insurance Carriers industry (NAICS 63) is experiencing significant qualitative trends that are reshaping its landscape. One prominent trend is the accelerated adoption of digital technologies. Insurers are increasingly leveraging artificial intelligence, machine learning, and big data analytics to enhance underwriting precision, streamline claims processing, and offer personalized policy recommendations. This digital transformation is aimed at improving customer experience and operational efficiency.

Another trend is the growing emphasis on sustainability and Environmental, Social, and Governance (ESG) criteria. Insurers are developing products and services that support sustainable practices, such as green insurance products. There is also an increasing focus on embedding ESG considerations into investment strategies to cater to socially-conscious customers and stakeholders.

Additionally, there is a notable shift towards embedded insurance, where coverage is offered seamlessly within other consumer products and services, providing convenience and expanding market reach. This trend aligns with the broader move towards platform and ecosystem business models.

Looking ahead, the insurance industry is expected to see continued growth in cyber insurance due to rising cybersecurity threats. Insurers will also likely focus on more robust risk management frameworks to cope with increasing natural disasters linked to climate change. Moreover, regulation and compliance will remain critical as governments worldwide tighten oversight to ensure industry stability and consumer protection.

This industry is comprised of:

SIC 631 - Life Insurance

SIC 632 - Accident And Health Insurance And Medical

SIC 633 - Life Insurance

SIC 635 - Surety Insurance

SIC 636 - Title Insurance

SIC 637 - Pension, Health, And Welfare Funds

SIC 639 - Insurance Carriers, Not Elsewhere Classified

Explore related industries:

SIC 62 - Security And Commodity Brokers, Dealers, Exchanges, And Services SIC 64 - Insurance Agents, Brokers, And Service SIC 80 - Health Services

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