All Other Insurance Related Activities (NAICS 524298): An Investor's Primer

1. Overview

Insurance runs on data and expertise that most insurers do not build alone. Before a carrier can price a homeowners policy, file a rate with a regulator, set aside reserves for future claims, or convince agents and banks that it will still be solvent in a decade, someone has to standardize the policy language, pool the industry's loss history, model the catastrophes, do the actuarial math, and grade the insurer's financial strength. NAICS 524298 — "All Other Insurance Related Activities" is the U.S. federal statistical bucket for the fee-and-subscription firms that provide exactly these behind-the-scenes services: insurance advisory, actuarial, ratemaking, and related data work performed on a contract or fee basis — not insurance underwriting itself.[1][2] (NAICS is the North American Industry Classification System, the standard code that U.S. statistical agencies use to define industries.)

This is a "picks-and-shovels" corner of insurance: firms here do not underwrite risk, so they avoid catastrophe losses and reserve blow-ups, yet they sell into carriers regardless of which one wins. The best businesses are subscription-heavy, data-moated, and largely non-discretionary — insurers must file rates and report data whether the market is hard or soft. The central question for any investor, public or private, is whether a given firm's revenue is recurring and data- or relationship-driven, or event-driven (tied to volatile claim volumes and catastrophes).

• Public-market route: a short list of insurance data/analytics names — most prominently Verisk Analytics — plus insurance-software firms and diversified brokerage/consulting groups with actuarial arms. Adjacent claims and brokerage companies are useful comparables but fall under neighboring NAICS codes.
• Private-market route: a broader set — employee-owned actuarial consultancies (e.g., Milliman), a privately held rating agency (AM Best), member-governed advisory and ratemaking organizations (e.g., AAIS, NCCI), and a fast-moving private-equity roll-up of claims, loss-control, and specialty insurance-services platforms.

A structural caveat runs through everything below: most of the largest, most investable players get classified by statisticians into the Information or brokerage/consulting sectors rather than this insurance code, so the headline federal figures for 524298 look far smaller than the real economic footprint (Sections 3–4).

2. What it is and how it's structured

The Census Bureau defines 524298 as establishments "primarily engaged in providing insurance services on a contract or fee basis," specifically naming insurance advisory services, insurance actuarial services, and insurance ratemaking services.[1][2] In plain terms, the code covers:

• Advisory, rating, and statistical organizations — firms that draft standardized policy forms and rules, pool member insurers' premium-and-loss data, and publish "loss costs" that carriers use as a pricing baseline (the archetype is the former Insurance Services Office, now part of Verisk; member-governed examples include AAIS and NCCI).[3]
• Insurance actuarial and consulting services sold on a fee basis — pricing, loss-reserving, capital and catastrophe modeling, and rate filings.
• Loss-prevention, risk-engineering, inspection, and insurance-audit services provided under contract.[2]
• Insurer financial-strength rating work (grading a carrier's ability to pay claims).

What it explicitly excludes (adjacent NAICS codes, so you don't double-count):[1][2]

• 524210 — Insurance Agencies and Brokerages (selling/placing policies and annuities).
• 524291 — Claims Adjusting (investigating and settling claims).
• 524292 — Pharmacy Benefit Management (PBM) and Other Third-Party Administration of Insurance and Pension Funds (administering plans and claims for others).
• 541612 — Human Resources Consulting (a large share of employee-benefits actuarial consulting is coded here, not in 524298).
• Insurance carriers themselves (5241, life/health and property-casualty underwriters).

The 541612 carve-out matters: a good chunk of what people casually call "actuarial consulting" lands in the HR-consulting code, so 524298 as officially measured is narrower than the everyday meaning of "insurance services." Because it is a residual ("all other") category, two firms offering similar services can be classified differently depending on their primary activity — a fact that makes strict peer comparisons and market-sizing imperfect (see Risks).

Ownership mix. The officially counted industry is dominated by many small, single-location professional-services firms (partnerships, LLCs, employee-owned shops), with a handful of larger data/advisory specialists at the top. Increasingly, private-equity (PE) sponsors own the mid-market firms, a few marquee businesses are public, and some core advisory/ratemaking bodies are member-governed nonprofits. The federal extract does not provide an ownership or legal-form breakdown, so no ownership percentages should be inferred.

3. How big it is

Federal ground-truth figures for NAICS 524298 (U.S.). These come from different surveys and reference years and should not be read as a single-year financial statement:

A few things fall out of these numbers. Average pay is roughly $96,600 per employee (payroll ÷ employment) — high, reflecting credentialed actuaries, statisticians, and analysts.[3] Average revenue is about $3.6 million per firm (receipts ÷ firms), and with 3,089 establishments across 2,390 firms this is overwhelmingly a small-business, single-site industry — the typical operator sits well under the SBA's $30.5 million small-business threshold.[4][5]

Concentration is genuinely low. The top 4 firms take about 40.1% of receipts, the top 8 about 47.9%, the top 20 about 61.3%, and the top 50 about 74%, with an HHI of 492.9 — far below the 1,500 mark U.S. antitrust agencies treat as the low end of "moderately concentrated."[4] A few sizable specialists sit atop a long, fragmented tail of small shops, with no single dominant firm in the officially counted population. (The HHI is the sum of squared market shares; U.S. antitrust agencies read below ~1,500 as unconcentrated.)

The federal file provides no later-year revenue series, growth rate, profit margin, utilization, pricing index, or productivity measure for this code — so none is stated here.

The undercount / misclassification caveat (important). Treat the $8.68 billion as a floor, for two reasons.

• Misclassification at the top. The federal totals almost certainly understate the activity investors associate with "insurance-related services." Verisk Analytics alone reported about $3.07 billion of FY2025 revenue — on the order of a third of the entire measured industry's 2022 receipts — yet the same official data show no firm anywhere near that share (CR4 of 40.1%, HHI under 500).[4][6] The two cannot both describe the same population: a firm with ~35% share would by itself produce an HHI above 1,200. The reconciliation is that large insurance data, analytics, and software platforms are typically classified into Information-sector codes (data processing, software publishing), not 524298.
• Coverage gaps at the bottom. County Business Patterns primarily covers establishments with paid employees; it excludes the self-employed, nonemployer businesses, and most government employees, and the Economic Census likewise excludes nonemployers and government establishments.[7][8] Small solo advisory practices and public/quasi-public entities doing 524298-type work fall outside the count.

So the officially measured industry is best read as an employer-business baseline for the fee-based advisory/actuarial/ratemaking slice, not the full size of the insurance-services economy — and don't over-read the "small-firm" profile, since the biggest players sit just outside the code.

4. The investable universe

There is no pure-play public "insurance services" fund and no dedicated ETF (exchange-traded fund), and only a short list of listed companies map cleanly to this code. The practical approach is to separate the closest direct proxies from adjacent businesses and from diversified groups.

Listed companies (public-market exposure):

Broader financial-data and ratings franchises also carry insurance data/ratings inside much wider businesses: RELX (LexisNexis Risk Solutions), S&P Global, and Moody's.

Major private / non-listed owners and organizations:

• Milliman — one of the largest actuarial and risk-consulting firms, ~$1 billion revenue, independently owned and principal-managed (not publicly investable). Note that pure actuarial consulting may itself fall under NAICS 541612.[20]
• AM Best — the largest insurer financial-strength rating agency, privately held, based in Oldwick, New Jersey; an SEC-registered NRSRO (Nationally Recognized Statistical Rating Organization).[21]
• AAIS (American Association of Insurance Services) — a member-governed national nonprofit advisory/statistical organization providing policy forms, manuals, and rating guidance.[22]
• NCCI (National Council on Compensation Insurance) — a non-public provider of workers'-compensation data, analytics, and ratemaking; a core example of the in-code advisory/statistical model.[23]
• PE-backed and take-private platforms — Sapiens International (insurance software; taken private by Advent International and delisted December 2025, ~$2.4B last market value)[24]; Duck Creek Technologies (insurance-core software; taken private by Vista Equity Partners in 2023)[13]; Sedgwick (claims/loss-adjusting platform; Carlyle-controlled, with Altas Partners, Stone Point Capital, CDPQ, Onex, and management in the investor group)[25]; Davies (insurance-services platform backed by HGGC)[26]; McLarens (loss-adjusting/claims platform backed by Lee Equity Partners)[27].

Bottom line for stock-pickers: a listed, relatively pure play on this specific niche is essentially Verisk plus a couple of insurance data/software names; everything else is either adjacent (claims/brokerage) or diluted inside a larger franchise. Much of the industry's highest-quality supply — Milliman, AM Best, AAIS, NCCI, and the PE platforms — is simply not on a public exchange.

5. How the money works

Firms here earn fees for expertise, information, access, and workflow support — they do not collect premiums or assume the carrier's policy risk. Three distinct economic models dominate, and the metrics that matter differ by model:

A. Advisory / rating / statistical organizations (the Verisk / NCCI model). Revenue is dominated by recurring subscriptions and data licensing. Insurers pay ongoing fees for standardized forms, industry-pooled loss costs, catastrophe models, and analytics. The economics are exceptional because of a data network effect — carriers contribute their own premium and loss data and get richer pooled insights back, which deepens the moat — combined with near-zero marginal cost to serve one more subscriber. Watch subscription mix and retention (Verisk's revenue has run roughly 80%+ subscription), organic revenue growth, and margins: this is closer to a data utility than a consultancy.[6][11]

B. Actuarial and advisory consulting (the Milliman / Oliver Wyman model). Revenue is fee-for-service and retainer work — pricing, reserving, rate filings, capital modeling. The key metrics are billable utilization of scarce credentialed actuaries (Fellows of the Casualty Actuarial Society or Society of Actuaries) and realized billing rates. The scarcity of the credential is the pricing power; the constraint and cost is talent, so growth means hiring, and wage inflation is a direct margin headwind.[28]

C. Rating agencies (the AM Best model). Most operate an issuer-pays model — insurers pay to be rated — supplemented by subscription data and research. Demand is durable because a carrier without a credible financial-strength rating struggles to write business through agents, banks, and reinsurers. The asset is reputation and independence.[29]

Adjacent claims and catastrophe businesses (Crawford, CorVel, Sedgwick, McLarens) run on fee-per-claim economics: revenue can surge after disasters and fall during benign periods, with more variable labor requirements than the subscription models.[17]

Across the recurring models, the throughline is non-discretionary revenue tied to regulatory and market necessity, with the highest-quality economics belonging to the data/subscription franchises — which show operating leverage when recurring contracts grow faster than professional headcount. Useful operating indicators across the group: contract renewal and client retention, recurring-revenue share, revenue per professional, billable utilization, catastrophe-revenue mix, labor-cost growth, customer concentration, data-security incident history, and acquisition-adjusted organic growth. The federal file provides no industry-wide margin, utilization, or price data.

6. What drives demand

• The size and growth of the underlying insurance industry. Fees scale roughly with the premiums and exposures carriers write; a bigger, growing P&C and life market means more data, filings, and analytics spend.
• New and intensifying risks. Climate-driven catastrophes, cyber, and litigation ("social inflation") all raise demand for modeling, reserving, and rate-adequacy work — the harder a risk is to price, the more carriers pay experts to price it.[6]
• Regulatory reporting and rate-filing requirements. Statutory filings, NAIC (National Association of Insurance Commissioners) data calls, and state rate approvals create a non-discretionary baseline of demand across the profit cycle.
• The insurance rate cycle. In a "hard market" (rising rates), carriers file more rate changes and lean harder on loss-cost data; premium growth also lifts fee bases.
• Outsourcing vs. in-housing. Insurers, employers, and self-insured entities buy specialized analytics, actuarial, and administrative capacity they choose not to build.
• Medical-cost and workers'-compensation complexity, which supports specialized analytics and managed-care services.[18][23]
• Digitization and AI (artificial intelligence) adoption. Insurers modernizing underwriting and claims buy more third-party data, models, and software — a tailwind for data/analytics vendors (and, per Section 9, a double-edged one).
• Reinsurance and catastrophe-bond growth. More alternative capital and cat-bond issuance drives demand for independent catastrophe modeling.

Demand is not uniformly cyclical: advisory, ratemaking, and data subscriptions can be steady and recurring, while claims work is more sensitive to weather, employment, and carriers' outsource-vs-internalize decisions.

7. Regulation

Insurance is regulated primarily at the state level. The McCarran-Ferguson Act of 1945 preserves state primacy and grants a limited federal antitrust exemption for certain collaborative insurance activities.[30] That framework directly shapes this industry:

• Advisory, rating, and statistical organizations must be licensed by state insurance departments, are subject to periodic examination, and operate under NAIC model laws. Their core function — pooling members' loss data and publishing trended loss costs — is precisely the kind of joint activity the McCarran-Ferguson antitrust carve-out was designed to permit.[31]
• Service-specific licensing. Selling or negotiating insurance triggers producer-licensing rules (524210); claims work triggers adjuster licensing and conduct requirements (524291); third-party administration can require registration, bonds, recordkeeping, and examinations (524292). Ratemaking and actuarial services face professional standards and state filing rules.
• Insurer financial-strength rating agencies designated as NRSROs are registered with and overseen by the U.S. Securities and Exchange Commission (SEC) under the Credit Rating Agency Reform Act of 2006; AM Best is the leading insurance-specialist NRSRO.[29]
• Actuarial standards are set by the Actuarial Standards Board (ASB) and enforced through professional bodies — the Casualty Actuarial Society (CAS), Society of Actuaries (SOA), and American Academy of Actuaries (AAA) — via qualification and practice standards.
• Data security. The NAIC Insurance Data Security Model Law (Model 668) requires information-security programs, cybersecurity-event handling, and breach notification; states adopt their own versions, so requirements vary.[32]
• Model / AI governance. The NAIC adopted its AI model bulletin in December 2023, expecting insurers to govern AI use, address inaccuracy and unfair discrimination, and oversee third-party technology providers — a growing compliance burden and, for vendors, a growing product opportunity.[33]

8. Competitive dynamics and consolidation

• A dominant data franchise plus a fragmented tail. In P&C data and advisory, Verisk (ISO's successor) operates something close to an industry utility, while the low official HHI confirms a long tail of small actuarial, consulting, and loss-control shops competing locally and by specialty.[4][6]
• Three competitive layers. Small specialists compete on expertise and local relationships; national firms compete on licenses, data, technology, and brand; platform companies compete through acquisitions, cross-selling, and integrated workflows. The strongest moats are proprietary databases, embedded workflows, scarce actuarial talent, and trusted regulatory relationships.
• Private equity is the consolidator. PE-backed and hybrid buyers have accounted for more than 70% of insurance-services M&A in recent periods, mostly via add-on acquisitions rolling small firms into larger platforms.[34] Software take-privates (Sapiens by Advent in 2025; Duck Creek by Vista in 2023) show the same pull toward private ownership at the larger end.[24][13]
• Diversified giants leverage adjacency. Marsh McLennan (Oliver Wyman), Aon, and WTW cross-sell actuarial and analytics work off their brokerage and consulting relationships, pressuring standalone firms.
• AI is reshaping the map. Vendors like CCC are embedding AI in claims workflows, and Verisk is building AI into underwriting — raising the ante on data scale and R&D. Consolidation can improve density and cross-selling, but integration failures, excessive leverage, customer disruption, and talent departures can destroy value.[11][6]

9. Risks

• Classification / concentration risk. Because 524298 is a residual bucket and revenue is tethered to one end-market, peer comparisons and market-sizing are unreliable, and a prolonged soft market or insurer consolidation (fewer, larger buyers) pressures fees.
• Regulatory / antitrust exposure. The data-pooling model leans on the McCarran-Ferguson antitrust exemption; periodic proposals to narrow or repeal it, plus intensifying state scrutiny of pricing algorithms and AI, are structural risks.
• Disintermediation by clients. The largest insurers can build data science and actuarial capability in-house, and AI threatens to commoditize parts of inspection, actuarial, and claims-analytics work — a demand tailwind and competitive threat at once.
• Talent scarcity and wage inflation in the consulting/actuarial model directly compress margins.
• Catastrophe volatility in the adjacent claims platforms: revenue can spike after disasters and fall sharply in benign periods.
• Model and professional liability. Bad rates, forecasts, claims decisions, or advice can create litigation and client-loss risk.
• Cybersecurity and privacy. Firms handle sensitive health, financial, employment, and claims data, so a breach is an existential-scale event.
• Rating-agency conflicts and reputation risk. The issuer-pays model carries an inherent conflict, and rating actions (e.g., downgrades of regional carriers) can be contentious.[29]
• Private-market opacity. Private owners may disclose little on revenue quality, leverage, customer concentration, or compliance incidents.
• Valuation risk in the listed names. The premium data/analytics franchises trade on rich multiples; Verisk's market value has compressed meaningfully from prior peaks — a reminder that quality does not immunize these stocks from a de-rating.[10]

10. How to invest and the outlook

Public-market routes. The nearest thing to a pure play is Verisk Analytics (VRSK) — a subscription-heavy insurance-data and advisory franchise. CCC Intelligent Solutions (CCCS) offers auto/casualty claims data and AI, and Guidewire (GWRE) offers insurance core software (a software-sector code, but insurance-dedicated). For broader, diluted exposure, Marsh McLennan (MMC), Aon (AON), and Willis Towers Watson (WTW) carry sizable actuarial/analytics arms inside larger brokerage-and-consulting businesses, while RELX, S&P Global, and Moody's hold insurance data/ratings within much wider franchises. Crawford & Company (CRD-A/CRD-B), CorVel (CRVL), and Arthur J. Gallagher (AJG) are useful adjacent comparables (claims/brokerage) but sit in neighboring NAICS codes. There is no dedicated ETF for this niche. Start with the business mix, not the code: is revenue recurring or event-driven; does the company own proprietary data or merely resell labor; are customer relationships contractually embedded; is growth organic or acquisition-led; and can the business withstand a major cyber incident or regulatory failure? (Tickers, prices, and multiples are for individual due diligence, not endorsements.)

Private-market routes. Much of the industry's quality is not publicly listed: Milliman is employee-owned, AM Best, AAIS, and NCCI are private or member-governed, and hundreds of mid-market actuarial, loss-control, inspection, and claims-services firms are being rolled up by PE sponsors — the dominant buyers in insurance-services M&A.[34][20][21] Private investors gain exposure through PE platform/add-on strategies, minority growth investments, principal-owned consultancies, or specialist insurtech-data providers. Diligence should emphasize client retention, revenue per employee, professional-liability coverage, license portability, data rights, cybersecurity, regulatory history, acquisition-integration track record, and leverage.

Near-term drivers and outlook (forward-looking judgment). Demand should keep growing at a steady, roughly mid-single-digit pace, anchored by three durable tailwinds: insurance premium growth, the rising need to price hard-to-model risks (catastrophe, cyber, litigation), and non-discretionary regulatory reporting. AI is the swing factor — a genuine new-product and efficiency tailwind for the scaled data owners, but also a commoditization threat to labor-heavy actuarial and inspection work and a spur to more in-housing by big carriers. Consolidation is likely to continue, concentrating the fragmented tail into fewer PE-backed platforms. Net: a defensive, recurring-revenue corner of insurance with attractive economics for the data-moated leaders; the recurring advisory/ratemaking/data businesses offer steadier economics, while claims and catastrophe platforms offer more upside during activity spikes but more volatile earnings. The main debates are valuation (for the listed franchises) and how much of the value chain AI ultimately redistributes. These are projections, not guarantees, and depend on the insurance cycle and regulatory choices playing out roughly as expected.

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Sources

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