Unemployment continues to decline within the insurance carriers and related activities sector, falling to 1.4% in August, despite a slight increase in the overall economy’s unemployment rate. Job openings within finance and insurance remain elevated compared to pre-pandemic numbers and total separations have declined compared to last year. The previously volatile labor market appears to be settling; however, recruiting remains a challenge.
Our Q3 2023 Insurance Labor Market Study, conducted in partnership with Aon-Ward, found carriers are finding it at least moderately difficult to recruit for positions across all areas of insurance. Yet, the majority of insurers are planning to increase their staff sizes in the next 12 months. View more of the study’s findings here.
AT-A-GLANCE NUMBERS
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Unemployment for the insurance carriers and related activities sector decreased to 1.4% in August. |
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The insurance carriers and related activities sector gained 7,600 jobs in August. |
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At more than 2.9 million jobs, industry employment increased by approximately 39,400 jobs compared to August 2022. |
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The U.S. unemployment rate increased to 3.8% in August and the overall economy added 187,000 jobs. |
INDUSTRY HIGHLIGHTS
- On a year-to-year basis, July* insurance industry employment saw job increases in reinsurance (up 4%), TPAs (up 2.9%), life/health (up 1.9%), agents/brokers (up 1.3%), and property and casualty (up 1.1%). Meanwhile, job decreases were seen in title (down 8.7%) and claims (down 2.9%).
- On a year-to-year basis, July* saw weekly wage increases in property and casualty (up 9.4%), title (up 9%), TPAs (up 6.9%), life/health (up 5%), agents/brokers (up 4.4%) and claims (up 0.2%). Meanwhile, wage decreases were seen in reinsurance (down 7.9%).
BLS Reported Adjustments: Adjusted employment numbers for July show the industry saw an increase of 9,800 jobs, compared to the previously reported increase of 8,300 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.