According to the Bureau of Labor Statistics, January* saw the largest number of open finance and insurance jobs in at least two decades. Hires and quits are also relatively high, further illustrating the industry reshuffling that has occurred throughout the last several months.
This year, the Cincinnati Bengals and the Los Angeles Rams will meet at the SoFi Stadium in Inglewood, California to compete for the ultimate football victory. While the players on the field and a love of the game are what attracts the crowds, insurance is one of the many moving parts that keep the game running smoothly - both in the stadium and on TV. Here are some insurance facts about the Big Game you might not have known:
While employment for insurance carriers and related activities has been on the rise for the past six months, revised BLS numbers* show average employment for 2021 was roughly 2.8 million, about 57,000 fewer jobs than originally reported. However, the tight labor market persists, and industry hiring is not keeping pace with its number of quits. This is evidenced by lower annual industry averages for both unemployment and jobs in 2021, compared to 2020.
Throughout the past few years, planning ahead for open enrollment and annual enrollment periods has become increasingly critical. Now, with the industry facing an incredibly tight labor market and organizations fighting an ongoing war for talent, securing the right sales agents early on is more important than ever to overall success.
While industry unemployment rose slightly at the end of 2021, the insurance carriers and related activities sector experienced six consecutive months of gradual job growth and reached a record high for annual average employment. Recent growth appears to be primarily driven by title, claims and agent/broker roles.