Insurance sales continue to be solid option for stable employment and opportunity. With strong and growing demand, income potential, and a variety of specialization options, insurance sales is an attractive career choice.

However, not all lines of insurance are the same. Some provide stronger demand, and others show higher long-term income.

If you are looking for information about insurance agents and the opportunities they face, read on. We've gathered a list of the key insurance agent statistics for 2023 to give you a complete picture of the industry opportunity.



Highlights: Key Facts About Insurance Agents

  • There are 881,500 licensed agencies and brokers working in the US.

  • 2021 totals show 911,400 life and health insurance agents and 628,600 property/casualty insurance agents.

  • On average, 62.1% of first-time insurance exam takers pass the test.

  • Insurance agents make on average $51,936 per year.

  • The average age of an Employed insurance agent is 45.9 years old.

  • In the next 10 years, the number of insurance agents is expected to grow by 6%.





Insurance Agent Employment Statistics

The 2021 employment totals included approximately 881,500 in insurance agencies and brokers, an increase from 856,500 in 2020. (Insurance Information Institute, 2022)

The 2021 totals also included approximately 1,566,900 by insurance carriers, with 911,400 in life and health, and 628,600 in property/casualty, an decrease from the 2020 totals of 1,67,100, 945,600, and 653,900, respectively. (Insurance Information Institute, 2022)

Statistics on Insurance Agent New Licenses

In 2020, 367,431 people nationwide took licensing exams for the first time. Of these, 228,271 passed, for an overall 62.1% pass rate. (National Association of Insurance Commissioners, 2020)

The highest pass rate (92%) occurred for the Personal Lines license exam in Virginia (225 out of 245). (National Association of Insurance Commissioners, 2020)

The lowest pass rate (23.99%) occurred for the Property and Casualty Insurance Broker Exam Series 17‐56 in New York (538 out of 2243). (National Association of Insurance Commissioners, 2020)

Insurance Agent Income and Salary Statistics

Within the insurance industry, the average insurance agent earns $51,936 per year. (Zippa, 2022)

The average life insurance agent in the insurance industry earns $62,552 per year. (Zippa, 2022)

The average health insurance agent earns $49,934 per year. (Zippa, 2022)

Anonymous submissions by insurance agents shows the change in their salary depending on their level of experience, with less than one year of experience leading to $62,742 and 1 to 2 years to $62,641, while 6 to 9 years to $74,886 and more than 10 years to $81,262. (Indeed, 2022)

Insurance Agent Age Demographics

The average age of an employed Insurance Agent is 45 years old. (45.9) (Zippa, 2022)

Eleven percent of insurance agents are 20-30 years old. (Zippa, 2022)

Twenty-three percent of insurance agents are 30-40 years old. (Zippa, 2022)

Sixty-six percent of insurance agents are 40+ years old. (Zippa, 2022)

Years of Insurance Agents Experience

Thirty percent of new agents leave in their first 90 days. (Podium, 2022)

More than 90% of new agents quit the business within the first year. The rate increases to greater than 95% when extended to five years. (Investopedia , 2022)

A survey of former insurance agents found that approximately 11% quit within the first three months, approximately 19% within the first three to six months, 17% within the first 7 to 12 months, about 18% within the first one to two years, and the remainder, around 35%, quit more than 2+ years after they first began. (Duford, 2022)

Three years is the average amount of time agents 40 years old or younger have been working in insurance. (Ritter, 2021)

Expected Insurance Agent Job Changes and Trends

Employment of insurance sales agents is projected to increase 6 percent between 2021 to 2031, growing from 523,200 to 556,200. (Bureau of Labor Statistics, 2022)

Thirty-six percent of Americans said they planned to purchase life insurance in 2021. (Limra, 2022)

Only fifty-two percent of Americans have life insurance including individual and workplace. There are 102 million uninsured and underinsured Americans who know they need insurance. (Limra, 2022)

Size of US Insurance Markets

The size of the US health and medical insurance market is expected to be $1.1 trillion in 2022, a decline of -1.5%. (IBISWorld, 2022)

The size of the US property, casualty and direct insurance market is expected to be $777 billion in 2022, a growth of 3.3%. (IBISWorld, 2022)

The size of the US workers' compensation and other insurance funds market is expected to be $54.5 billion in 2022, a decline of -2.1%. (IBISWorld, 2022)

The size of the US commercial auto insurance market is expected to be $52.2 billion in 2022, a growth of 1.3%. (IBISWorld, 2022)

The size of the US cyber liability insurance market is expected to be $3.2 billion in 2022, a growth of 3.9%. (IBISWorld, 2022)

The size of the US homeowners' insurance market is expected to be $121.0 billion in 2022, a growth of 1.5%. (IBISWorld, 2021)

The size of the US identity theft insurance market is expected to be $262.9 million in 2022, a growth of 5.6%. (IBISWorld, 2021)

The size of the US long term care insurance market is expected to be $32.7 billion in 2022, a growth of 3.4%. (IBISWorld, 2021)

The size of the US medical malpractice insurance market is expected to be $9.5 billion in 2022, a growth of 2.6%. (IBISWorld, 2022)

The size of the US business insurance market is expected to be $240.2 billion in 2022, a growth of 2.8%. (IBISWorld, 2022)

The size of the US disability insurance market is expected to be $21.8 billion in 2022, a growth of 2.3%. (IBISWorld, 2022)

The size of the US product warranty insurance market is expected to be $1.1 billion in 2022, a growth of -0.8%. (IBISWorld, 2022)

The size of the US workers' compensation insurance market is expected to be $57.1 billion in 2022, a growth of 0.5%. (IBISWorld, 2022)

The size of the US entertainment insurance market is expected to be $24.9 billion in 2022, a growth of 6.7%. (IBISWorld, 2022)

The size of the US pet insurance market is expected to be $1.9 billion in 2022. (IBISWorld, 2022)

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