Entering the second quarter of 2023, the insurance labor market remains relatively constant. The industry unemployment rate is low at 1.5%, and insurance employment is steady, boasting nearly 32,000 more jobs than one year ago. Finance and insurance job openings dipped slightly in February*, to 350,000; however, while this number is lower than last year’s annual monthly average, it is still notably higher than pre-pandemic levels. 

Last year, we were in the midst of one of the most competitive labor markets the insurance industry has ever seen. Candidates gained a substantial upper hand in the hiring process, leveraging a red-hot recruiting climate and competing offers to raise their expectations around compensation, benefits and flexibility.

As the talent landscape continues to shift, professionals’ behaviors and attitudes are also evolving. We’ve polled our LinkedIn audience to provide insight on individuals’ current preferences and expectations around a number of topics. Consider this information as you build out your own talent strategies and aim to effectively recruit and retain talent in the changing landscape.  

The insurance labor market continued its steady growth in February with unemployment falling almost a full point to 1.4% for insurance carriers and related activities. Revised numbers for January also show the industry hit record-high employment at 2,922,000 jobs.

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.