January’s survey showed largely positive staffing expectations: 61 percent of respondents plan to increase staff in 2020, down just 1 point from July 2019. Life and health lines and property and casualty (P&C) balanced lines are leading this effort as 71 percent and 67 percent expect staff growth, respectively. Forty-eight percent of companies planning to add staff expect an expansion of business or entry into new markets. In total, only 8 percent of companies anticipate a decrease in staff this year.
Across the board, recruitment difficulty is still increasing, fueled by “continued low unemployment, mass retirements and job growth incited by modernization efforts,” according to Gregory P. Jacobson, co-chief executive officer of Jacobson. As in our July 2019 survey, actuarial, technology and executive positions are the most difficult to fill. Nine of the 11 categories measured in the study increased in recruiting difficulty, and accounting surpassed the threshold for moderate difficulty for the first time.
While the insurance industry grew 0.72 percent in 2019, versus an anticipated rate of 1.19 percent, we are seeing continued growth. If the industry stays true to its plans for the next year, employment will again increase. To access the latest growth projection, along with additional insights into the labor outlook for the next year, download the full results of the study.