The insurance industry is closing out 2022 with low industry unemployment and a high level of open finance and insurance positions. Despite ongoing economic uncertainty and a pending recession, insurance remains a candidate’s market as we enter the new year.
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Unemployment for the insurance carriers and related activities sector increased to 1.5% in November. |
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The insurance carriers and related activities sector gained 3,800 jobs in November. |
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At roughly 2.8 million jobs, industry employment increased by approximately 43,100 jobs compared to November 2021. |
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The U.S. unemployment rate remained at 3.7% in November and the overall economy added 263,000 jobs. |
INDUSTRY HIGHLIGHTS
- On a year-to-year basis, October* insurance industry employment saw job increases in agents/brokers (up 3.8%), property and casualty (up 2.1%), TPAs (up 1.7%), and life/health (up 0.7%). Meanwhile, job decreases were seen in claims (down 8.2%), title (down 7.3%) and reinsurance (down 1.5%).
- On a year-to-year basis, October* saw weekly wage increases in: property and casualty (up 9.7%), TPAs (up 7.4%), life/health (up 5.4%), agents/brokers (up 4.7%), reinsurance (up 4.7%), and title (up 3.6%). Meanwhile, wages decreased in claims (down 5.5%).
BLS Reported Adjustments: Adjusted employment numbers for October show the industry saw an increase of 10,200 jobs, compared to the previously reported increase of 9,400 jobs. The BLS continues to revise numbers to be most accurate, which may contribute to inconsistencies, depending on when reports were pulled.
*The BLS JOLTS report and reports on wages and employment for the industry category are only available for two months prior.
The source for the data represented in PULSE is the U.S. Bureau of Labor Statistics. Insurance data is derived from the insurance carriers and related activities sector.
