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 significant sales outside the region. 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.
Insurance in Norfolk:
Total Jobs, Earnings, and Businesses
| 2023 Jobs in Norfolk | 4,473 |
| Weighted Average Earnings per Job in Norfolk | $102,345 |
| 2023 Payrolled Business Locations in Norfolk | 91 |
Insurance in Norfolk:
Jobs, Earnings, and Businesses by Industry
Source: Lightcast Q1 2024 Data Set
*NAICS Code: North American Industrial Classification System Code. NAICS was originally developed to provide a consistent framework for the collection, analysis, and dissemination of industrial statistics used by government policy analysts, by academics and researchers, by the business community, and by the public.
Key Employers in the Insurance Industry in Norfolk
| Company | Field |
| Elevance Health (formerly Anthem) | Health and Medical Insurance |
| Liberty Mutual Insurance | Property & Casualty Insurance |
| New York Life | Life Insurance |
| Optima Health | Health and Medical Insurance |
| Towne Bank | Insurance Agencies & Brokerages |
| United Insurance Company | Life Insurance |
| USI Insurance Services | Insurance Agencies & Brokerages |
Source: Lightcast Q1 2024 Data Set