Variant of NAICS 1997 - Labour Force Survey (LFS) Industries
This sector comprises establishments primarily engaged in financial transactions (that is, transactions involving the creation, liquidation, or change in ownership of financial assets) or in facilitating financial transactions. Included are:
* establishments that are primarily engaged in financial intermediation. They raise funds by taking deposits and/or issuing securities, and, in the process, incur liabilities, which they use to acquire financial assets by making loans and/or purchasing securities. Putting themselves at risk, they channel funds from lenders to borrowers and transform or repackage the funds with respect to maturity, scale and risk.
* establishments that are primarily engaged in the pooling of risk by underwriting annuities and insurance. They collect fees (insurance premiums or annuity considerations), build up reserves, invest those reserves and make contractual payments. Fees are based on the expected incidence of the insured risk and the expected return on investment.
* establishments that are primarily engaged in providing specialized services that facilitate or support financial intermediation, insurance and employee benefit programs.
In addition, establishments charged with monetary control - the monetary authorities - are included in this sector.
This subsector comprises establishments primarily engaged in underwriting annuities and insurance policies, reinsurance, and the retailing of insurance and the provision of related services to policy holders. Industries are defined in terms of the type of risk being insured against, such as death, loss of employment due to age or disability, and property damage. Establishments that pool risk invest premiums to build up a portfolio of financial assets to be used against future claims. Contributions and premiums are set on the basis of actuarial calculations of probable payouts based on risk factors from experience tables and expected investment returns on reserves.
This industry group comprises establishments primarily engaged in selling insurance or providing services related to insurance.
This industry comprises establishments primarily engaged in selling insurance and pension products. The staff of these agencies and brokerages are not employed by the insurance carriers they represent.
- insurance agencies with staff employed by the carriers they represent (See 5241 Insurance Carriers)
This industry comprises establishments, not classified to any other industry, primarily engaged in providing, on a contract or fee basis, services related to providing insurance, such as claims administration and adjusting. The staff of these establishments are not employed by the insurance carriers they represent.
Establishments primarily engaged in:
- third-party portfolio management of funds' assets (See 52392 Portfolio Management)