NAICS Code 524298-06 - Insurance-Excess & Surplus

Marketing Level - NAICS 8-Digit

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Contact Emails: 259
Company Websites: 18
Phone Numbers: 20
Business Addresses: 20
Companies with Email: 18
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NAICS CODE 524298-06
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NAICS Code 524298-06 Description (8-Digit)

Insurance-Excess & Surplus is a subdivision of the NAICS Code 524298 that deals with insurance policies that are not available in the standard market. This industry provides coverage for high-risk businesses, unusual risks, and hard-to-place risks. Insurance-Excess & Surplus is a specialized market that caters to unique insurance needs that are not covered by standard insurance policies. This industry is also known as the surplus lines insurance market.

Parent Code - Official US Census

Official 6‑digit NAICS codes serve as the parent classification used for government registrations and documentation. The marketing-level 8‑digit codes act as child extensions of these official classifications, providing refined segmentation for more precise targeting and detailed niche insights. Related industries are listed under the parent code, offering a broader context of the industry environment. For further details on the official classification for this industry, please visit the U.S. Census Bureau NAICS Code 524298 page

Tools

Tools commonly used in the Insurance-Excess & Surplus industry for day-to-day tasks and operations.

  • Risk management software
  • Underwriting software
  • Claims management software
  • Actuarial software
  • Policy administration software
  • Customer relationship management software
  • Compliance management software
  • Data analytics software
  • Reinsurance software
  • Rating software

Industry Examples of Insurance-Excess & Surplus

Common products and services typical of NAICS Code 524298-06, illustrating the main business activities and contributions to the market.

  • High-risk construction projects
  • Cyber liability insurance
  • Kidnap and ransom insurance
  • Environmental liability insurance
  • Professional liability insurance
  • Product liability insurance
  • Directors and officers liability insurance
  • Aviation insurance
  • Marine insurance
  • Event cancellation insurance

History

A concise historical narrative of NAICS Code 524298-06 covering global milestones and recent developments within the United States.

  • The "Insurance-Excess & Surplus" industry has a long history dating back to the 1800s when the first surplus lines insurance company was established in the United States. The industry grew rapidly in the 1900s, with the establishment of the National Association of Surplus Lines Offices (NAPSLO) in 1973, which helped to standardize the industry and provide a regulatory framework. In recent years, the industry has seen significant growth due to the increasing demand for specialized insurance products and the expansion of the global economy. For example, in 2019, the global excess and surplus lines insurance market was valued at $40.5 billion and is expected to reach $64.5 billion by 2027, growing at a CAGR of 6.1% from 2020 to 2027. In the United States, the industry has also experienced steady growth, with a market size of $45.5 billion in 2020, up from $42.5 billion in 2019. This growth can be attributed to the increasing demand for specialized insurance products, such as cyber liability insurance, and the expansion of the gig economy, which has created new risks and exposures that require unique insurance solutions.