The insurance industry is very competitive in the region. Norfolk is particularly strong in health and medical insurance with a very high concentration of employees, a substantial growth rate, and a large percentage of sales being deemed export sales, which is highly attractive as it signifies the insurance industry brings money into Norfolk rather than circulating existing money. The insurance industry includes not only health and medical insurance, but property and casualty insurance, life insurance, insurance agencies and brokerages, etc.
Competitive Advantages:
Labor Force:
- The MSA is strong in Health and Medical Insurance as well as Property and Casualty Insurance, resulting in a large skilled pool of labor to draw from
- Due to similarities in duties, workers in one field of insurance can likely transition to another field of insurance
- The industry includes workers not only with expertise in insurance, but also sales representatives, registered nurses, analysts, etc.
