NAICS Code 524298-10 - Insurance-Rating Bureaus

Marketing Level - NAICS 8-Digit

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NAICS CODE 524298-10
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NAICS Code 524298-10 Description (8-Digit)

Insurance-Rating Bureaus is a subdivision of the NAICS Code 524298 that involves the business activity of providing statistical information and rating services to insurance companies. These bureaus collect data on insurance claims, losses, and expenses, and use this information to develop statistical models that help insurance companies determine the appropriate premiums to charge for different types of insurance policies. Insurance-Rating Bureaus also provide rating services for insurance companies, which involves evaluating the financial strength and stability of insurance companies and assigning them a rating based on their ability to pay claims.

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-Rating Bureaus industry for day-to-day tasks and operations.

  • Actuarial software
  • Statistical analysis software
  • Data visualization tools
  • Risk management software
  • Underwriting software
  • Financial analysis tools
  • Rating agency software
  • Insurance policy management software
  • Claims management software
  • Fraud detection software

Industry Examples of Insurance-Rating Bureaus

Common products and services typical of NAICS Code 524298-10, illustrating the main business activities and contributions to the market.

  • Auto insurance rates
  • Homeowners insurance rates
  • Life insurance rates
  • Health insurance rates
  • Commercial property insurance rates
  • Liability insurance rates
  • Workers' compensation insurance rates
  • Marine insurance rates
  • Aviation insurance rates
  • Crop insurance rates

History

A concise historical narrative of NAICS Code 524298-10 covering global milestones and recent developments within the United States.

  • Insurance-rating bureaus have been around since the early 1900s, with the first bureau being established in 1906. These bureaus were created to provide insurance companies with information about the risks associated with insuring certain individuals or businesses. In the early days, the bureaus collected data on a wide range of topics, including fire hazards, building codes, and crime rates. Over time, the focus of the bureaus shifted to more specific areas, such as auto insurance and workers' compensation. In recent years, the industry has seen a shift towards the use of technology to collect and analyze data, as well as an increased focus on providing customized risk assessments to clients. In the United States, the insurance-rating bureau industry has a long and storied history. The first bureau in the US was established in 1911, and by the 1920s, there were more than 20 bureaus operating in the country. These bureaus played a critical role in the development of the insurance industry, providing insurers with the information they needed to make informed decisions about risk. In the 1970s and 1980s, the industry underwent significant changes, with many bureaus merging or going out of business. Today, the industry is dominated by a few large players, and the focus has shifted to providing more customized risk assessments to clients.