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.

Key Employers in the Insurance Industry in Norfolk

Company Field
Anthem Health and Medical Insurance
Sentara Health Management Health and Medical Insurance
Magellan Health and Medical Insurance
Nationwide Mutual Insurance Property and Casualty Insurance
New York Life Life Insurance
United Insurance Company Life Insurance

Top Insurance Occupations in the MSA[1]

Occupation MSA – 2018 Median Annual Wage[1]
Customer Service Representatives $29,610
Insurance Claims and Policy Processing Clerks $39,560
Insurance Sales Agents  $42,060
Management Analysts $92,510
Registered Nurses  $70,620

[1]  Source: U.S. Bureau of Labor Statistics, May 2020 OEWS Estimates – Occupational Employment and Wage Statistics (OEWS) Survey