The industry continues to face layered complexities and pressures, further compounding an already difficult talent landscape. The unemployment rate for insurance carriers and related activities continues to decline, dropping to 1% in September, compared to 3.8% for the overall U.S. economy. Given month-to-month fluctuations and a limited BLS sample size, the three month rolling average of 1.3% may paint the most accurate picture of the current situation.
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Unemployment for the insurance carriers and related activities sector decreased to 1% in September. |
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The insurance carriers and related activities sector gained 3,900 jobs in September. |
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At nearly 3 million jobs, industry employment increased by approximately 43,000 jobs compared to September 2022. |
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The U.S. unemployment rate stayed at 3.8% in September and the overall economy added 336,000 jobs. |
INDUSTRY HIGHLIGHTS
- On a year-to-year basis, August* insurance industry employment saw job increases in reinsurance (up 4.7%), life/health (up 2.1%), TPAs (up 2.1%), property and casualty (up 0.9%), and agents/brokers (up 0.6%). Meanwhile, job decreases were seen in title (down 7.9%) and claims (down 1.4%).
- On a year-to-year basis, August* saw weekly wage increases in title (up 10.4%), property and casualty (up 9.1%), TPAs (up 5.5%), life/health (up 5.7%), agents/brokers (up 3.5%) and claims (up 4.8%). Meanwhile, wage decreases were seen in reinsurance (down 6.3%).
*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.
