Jobs Report: US Insurance Industry Adds 6,200 Jobs in August
September 9, 2014 by Jeff Jeffrey
WASHINGTON – The U.S. insurance industry continued its streak of growth in August, adding 6,200 jobs, the U.S. Bureau of Labor Statistics reported Sept. 5.
The BLS also released updated employment figures for July, which showed the industry added 4,000 jobs between June and July. That figure was down slightly from the 5,400-job increase BLS previously reported for the period.
Nationally, total nonfarm payroll employment increased by 142,000 in August, and the unemployment rate was little changed at 6.1%. Job gains occurred in professional and business services and in health care.
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 June and July, all sectors saw an increase in employment except agents/brokers (down 0.09% to 685,800 jobs) and third-party administration of insurance funds (down 0.12% to 163,800 jobs).
Employment increased in life (up 0.38% to 342,100 jobs); health (up 0.55% to 494,700 jobs); property/casualty (up 0.09% to 534,800 jobs); title insurance (up 1.9% to 75,200 jobs); and claims adjusting (up 1.55% to 52,300 jobs).
Reinsurance was flat at 27,400 jobs.
On a year-to-year basis, employment grew in life (up 0.56% from 340,200 jobs); health (up 4.28% from 474,400 jobs); property/casualty (up 2.63% from 521,100 jobs); agents/brokers (up 3.13% from 665,000 jobs); and third-party administration of insurance funds (up 1.8% from 160,900 jobs).
But since July 2013, employment fell in title insurance (down 1.7% from 76,500 jobs); reinsurance (down 0.72% from 27,600 jobs); and claims adjusting (down 1.32% from 53,000 jobs).
In terms of wages, average weekly earnings have increased since July 2013 for all industry sectors but claims adjusting (down 0.95% to $1,288.59).
Wages increased in life/health (up 2.21% to $1,340.19); property/casualty (1.48% to $1,323.66); title insurance (7.92% to $1,225.50); reinsurance (up 4.76% to $2,224.83); agents/brokers (up 4.24% to $1,109.20); and third-party administration of insurance funds (up 0.36% to $1,158.54).
