Finance & Insurance
NAICS 52 finance and insurance: banking, securities, insurance regulation under Dodd-Frank, and market structure.
Industry at a Glance
Sector-wide aggregates across all businesses classified under NAICS 52 (2017 classification frame). For specific sub-industries within this sector, see the individual reports below.
Industry Overview
Finance and Insurance (NAICS 52) covers depository institutions, credit intermediaries, securities and commodity exchanges, insurance carriers, and funds, trusts, and other financial vehicles. The sector's top tier is defined by four banks — JPMorgan Chase, Bank of America, Citigroup, and Wells Fargo — which together hold roughly 40% of total US bank deposits. On the insurance side, Berkshire Hathaway, UnitedHealth Group, and State Farm rank as the largest carriers across property-casualty, health, and life insurance respectively.
The Federal Reserve, FDIC, OCC, and SEC form the core federal regulatory framework, supplemented by the Consumer Financial Protection Bureau (CFPB) for consumer-facing products and state insurance commissioners operating under the National Association of Insurance Commissioners (NAIC) model. The Dodd-Frank Wall Street Reform Act of 2010 remains the sector's defining post-crisis regulatory architecture, imposing stress-testing requirements, the Volcker Rule restrictions on proprietary trading, and enhanced capital standards for systemically important financial institutions (SIFIs).
Geographic concentration runs along predictable lines: New York City anchors investment banking and securities trading, Charlotte hosts the headquarters of Bank of America and Truist Financial, Hartford retains its historical role as a major insurance center, and Des Moines and Omaha serve as hubs for life insurance and financial holding companies. Fintech competition is strongest in payments and consumer lending, where firms like Square (Block), Stripe, and SoFi have captured market share from traditional banks by offering faster account opening, lower fees, and mobile-first interfaces.
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Market sizing, workforce analysis, competitive landscape, regulatory environment — all sourced from Census, BLS, FRED, and SEC EDGAR.
Industry Trends
The CFPB's Section 1033 rulemaking on open banking will require financial institutions to share customer data with authorized third parties through standardized APIs, reshaping how fintechs like Plaid and Yodlee access bank-held consumer financial data.
FDIC-insured bank failures — including Silicon Valley Bank and Signature Bank in March 2023 — exposed interest-rate risk from held-to-maturity bond portfolios, prompting the Fed to tighten supervisory expectations around liquidity management and uninsured deposit concentration.
Parametric insurance products, which pay claims based on predefined event triggers rather than assessed losses, are gaining adoption in commercial property markets exposed to hurricane and wildfire risk, led by carriers like Swiss Re and Nephila Capital in Florida and California coastal zones.
Private credit funds managed by Apollo, Blackstone, and Ares Management are displacing traditional bank lending in middle-market corporate finance, originating loans that banks shed under tighter Basel III capital requirements and Dodd-Frank risk retention rules.
State-level cannabis banking remains in regulatory limbo — the SAFE Banking Act has passed the US House multiple times but stalled in the Senate, leaving licensed cannabis businesses in states like Colorado and California reliant on cash or limited credit union services for financial access.
Available Reports
5 industry reports available for purchase under Finance & Insurance.
2 reports▾
1 report▾
Specialty Reports Available on Request
37 specialty industriesavailable on request▾
Subsectors
Browse deeper into the NAICS hierarchy.
Frequently Asked Questions
What is NAICS 52? ▾
What is the Dodd-Frank Act and how does it regulate banks? ▾
How are fintechs regulated differently from traditional banks? ▾
Why have so many US banks merged or closed? ▾
How does state-level insurance regulation work? ▾
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