The insurance labor market remains strong as realignment persists. Although the industry saw a slight decrease in jobs from December to January, revised numbers* from the Bureau of Labor Statistics show 2022 average monthly employment for the insurance carriers and related activities sector was 2.9 million – 74,350 more positions than previously reported. This annual BLS adjustment also slightly impacted wages, yet general trends remain similar.
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Unemployment for the insurance carriers and related activities sector decreased to 2.3% in January. |
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The insurance carriers and related activities sector lost 5,100 jobs in January. |
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At roughly 2.9 million jobs, industry employment increased by approximately 44,400 jobs compared to January 2022. |
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The U.S. unemployment rate decreased to 3.4% in January and the overall economy added 517,000 jobs. |
INDUSTRY HIGHLIGHTS
- On a year-to-year basis, December** insurance industry employment saw job increases in property and casualty (up 4.5%), agents/brokers (up 3.3%), TPAs (up 2.5%), reinsurance (up 2.4%), and life/health (up 1.1%). Meanwhile, job decreases were seen in claims (down 12.2%) and title (down 10%).
- On a year-to-year basis, December** saw weekly wage increases in property and casualty (up 11.4%), life/health (up 7.5%), title (up 7.1%), TPAs (up 4%), agents/brokers (up 3.9%) and reinsurance (up 1.9%). Meanwhile, wages decreased in claims (down 0.9%).
*The BLS made its annual revisions on February 3, adjusting current employment statistics numbers for the past five years.
**The BLS Job Openings and Labor Turnover Survey 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.
