Insurance Carriers

Businesses and organizations in the Insurance Carriers industry (NAICS code 5241, part of the Finance and Insurance sector) received 17,386 PPP loans totaling $1.04B during the COVID-19 pandemic.

The average loan for this industry was $59,969 — below the national PPP average of approximately $67,000. This reflects the small business character of most participants in this industry, typically sole proprietors and micro-businesses with modest payroll obligations.

93.5% of loans in this industry were forgiven — totaling $1.01B. To qualify for forgiveness, borrowers had to demonstrate that they maintained headcount and compensation levels and used at least 60% of loan proceeds for payroll expenses.

Notable recipients in this industry include PLANNED PARENTHOOD OF GREATER NEW YORK INC. of NEW YORK, NY ($10,000,000); UNIVERSAL INSURANCE COMPANY of GUAYNABO, PR ($8,563,765); and ACCC INSURANCE COMPANY of HOUSTON, TX ($7,902,800).

The loan amount distribution for this industry shows a more even spread across loan sizes, suggesting a mix of small and mid-sized businesses. Because borrower names are withheld for loans under $150,000, a substantial portion of recipients in this industry may not appear by name in this dataset.

As part of the broader Finance and Insurance sector — banking, credit, securities, insurance, and related financial activities. — businesses in NAICS 5241 were particularly reliant on PPP assistance to bridge the gap between declining revenues and fixed overhead obligations during the shutdown period.