Financial and Insurance Sector

The financial activities supersector is made up of two parts: the financial and insurance sector (52), and the real estate and rental and leasing sector (53). The financial and insurance sector comprises establishments primarily engaged in financial transactions (transactions involving the creation, liquidation, or change in ownership of financial assets) or in facilitating financial transactions. Three principal types of activities are identified:

. Raising funds by taking deposits or issuing securities and, in the process, incurring liabilities

. Pooling of risk by underwriting insurance and annuities

. Providing specialized services facilitating or supporting financial intermediation, insurance, and employee benefit programs

The North American Industry Classification System (NAICS) breaks down the financial and insurance sector in the following manner:

Finance and insurance (52) Monetary authorities-Central Bank (521000)

Monetary authorities-Central Bank (521100) Credit intermediation and related activities (522000)

Depository credit intermediation (522100) Nondepository credit intermediation (522200)

Other nondepository credit intermediation (522290) Activities related to credit intermediation (522300)

Securities, commodity contracts intermediation and brokerage (523000) Securities and commodity contracts intermediation and brokerage

(523100) Securities and commodity exchanges (523200) Other financial investment activities (523900)

Insurance carriers and related activities (524000) Insurance carriers (524100)

Direct insurance (except life, health, and medical carriers) (524120) Agencies, brokerages, and other insurance related activities (524200)

Insurance agencies and brokerages (524210) Other insurance related activities (524290)

Funds, trusts, and other financial vehicles (525000) Insurance and employee benefit funds (525100) Other investment pools and funds (525900)

Office and administrative support workers constitute two out of three jobs; tellers account for about one out of four jobs. Many of the jobs are for tellers and other office and administrative support workers. Many management positions are filled by promoting experienced, technically skilled professional personnel.