Jobs Report: US Insurance Industry Loses 300 Jobs in January
February 7, 2014 by Jeff Jeffrey, Washington Bureau manager: jeff.jeffrey@ambest.com
WASHINGTON – The U.S. insurance industry lost 300 jobs in January, the U.S. Bureau of Labor Statistics reported Feb. 7.
The seasonally adjusted 0.01% decrease marked an apparent stall in the growth the industry has seen over the past year.
The employment figures released by BLS show industry employment, which sits at roughly 2.4 million, has increased by 29,300 jobs since January 2012.
BLS also released updated employment figures for December, which showed the industry added 2,400 jobs between November and December. That figure was slightly lower than the 3,100 job increase BLS previously reported (Best’s News Service, Jan. 10, 2014).
Nationally, total nonfarm payroll employment rose by 113,000 in January, and the unemployment rate was little changed at 6.6%. Employment grew in construction, manufacturing, wholesale trade and mining.
For the insurance industry, total payrolls are reported each month on a seasonally adjusted basis, along with the current month’s nonfarm payrolls. Separately, data by industry segment — broken out by various insurance carrier and noncarrier categories — are available only on an unadjusted basis for the prior month.
Between November and December, all industry sectors added jobs except for title insurance, which saw employment dip 0.66% to 74,900 jobs, and claims adjusting, which decreased 0.2% to 50,800 jobs.
Employment was up in life (up 0.24% to 338,900 jobs); health (up 0.4% to 481,900 jobs); property/casualty (up 0.38% to 527,300 jobs); reinsurance (up 1.45% to 28,000 jobs); agents/brokers (up 0.46% to 677,000 jobs); claims adjusting (up 0.2% to 50,800 jobs); and third-party administration of insurance funds (up 0.18% to 162,800 jobs).
On a year-to-year basis, all industry sectors but life insurance and claims adjusting added jobs. Since December 2012, life insurance employment has decreased 1.54% from 344,200 jobs; claims adjusting employment has fallen 7.47% from 54,900 jobs.
Since December 2012, employment has increased in health (up 3.04% from 467,700 jobs); property/casualty (up 0.65% from 523,900 jobs; title insurance (up 0.81% from 74,300 jobs); reinsurance (up 7.69% from 26,000 jobs); agents/brokers (up 1.91% from 677,000 jobs); and third-party administration of insurance funds (up 3.3% from 157,600 jobs).
In terms of wages, all sectors except for reinsurance have seen an increase in average weekly pay since December 2012. Reinsurance wages have dropped 2.38% to $2,261.95.
Since 2012, wages have increased for life/health (up 3.92% to $1,373.97); property/casualty (up 1.6% to $1,356.20); title insurance (up 6.69% to $1,184.00); agents/brokers (up 3.09% to $1,155.93); claims adjusting (up 4.14% to $1,370.85); and third-party administration of insurance funds (up 7.5% to $1,196.65).