We’re experiencing continued job growth as we reach the mid-point of 2023. The insurance carriers and related activities sector added jobs for the third consecutive month, reaching a new high watermark of 2,939,200 in May. The industry’s unemployment rate increased to 2.5%; however, it’s likely this will fall in the coming months, consistent with a previous spike in December 2022.
At the beginning of the year, 67% of insurers shared they planned to hire in 2023, according to our most recent Insurance Labor Market Study. Hiring seems to be picking up, with job openings within the larger finance and insurance sector increasing by roughly 60,000 between March and April*. Overall, the industry remains strong going into the summer months.
AT-A-GLANCE NUMBERS
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Unemployment for the insurance carriers and related activities sector increased to 2.5% in May. |
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The insurance carriers and related activities sector gained 7,200 jobs in May. |
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At roughly 2.9 million jobs, industry employment increased by approximately 33,700 jobs compared to May 2022. |
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The U.S. unemployment rate increased to 3.7% in May and the overall economy added 339,000 jobs. |
INDUSTRY HIGHLIGHTS
- On a year-to-year basis, April* insurance industry employment saw job increases in TPAs (up 3.4%), property and casualty (up 1.6%), life/health (up 1.4%), and agents/brokers (up 1%). Meanwhile, job decreases were seen in title (down 11.2%), claims (down 9.9%) and reinsurance (down 0.7%).
- On a year-to-year basis, April* saw weekly wage increases in property and casualty (up 10.5%), title (up 7.4%), life/health (up 6%), TPAs (up 5.5%), and agents/brokers (up 1.5%). Meanwhile, wage decreases were seen in reinsurance (down 2.9%) and claims (down 2.9%).
BLS Reported Adjustments: Adjusted employment numbers for April show the industry saw an increase of 13,900 jobs, compared to the previously reported increase of 15,000 jobs. The BLS continues to revise numbers to be most accurate, which may contribute to inconsistencies, depending on when reports were pulled.
*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.
