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  • Department of Labor Says Insurance Industry Adds 4,600 Jobs in Augus

    September 3, 2016 by Thomas Harman

    WASHINGTON – The U.S. insurance industry added 4,600 jobs in August, according to data released by the Federal Bureau of Labor Statistics Sept. 2.

    The seasonally adjusted 0.18% increase for July 2016 over June 2016 shows continued industry growth. The July growth rate was initially reported to be 0.16%.

    Updated industry data show the insurance industry added 4,900 jobs in July, an increase from the 4,400-job increase reported initially (Best’s News Service, Aug. 5, 2016).

    Overall insurance industry employment in August was 2,611,400, an increase of 58,600 jobs from August 2015, the BLS data said.

    Total nonfarm payroll employment nationwide increased by 151,000 in August, while the overall unemployment rate was unchanged at 4.9% for the third consecutive month, the BLS data said.

    Private employment increased by 126,000 jobs in August, meaning that U.S. businesses have added 15.1 million jobs during 79 consecutive months dating back to early 2010, extending the longest recorded growth streak, according to Jason Furman, chairman of the White House Counsel of Economic Advisers.

    The BLS reports insurance industry total payrolls monthly on a seasonally adjusted basis, along with the current month’s non-farm payrolls. Separately, data by insurance industry segments — broken out by various insurance carrier and non-carrier categories — are available only on an unadjusted basis for the prior month.

    Five of eight insurance sectors saw slight growth in July 2016, compared with figures for June 2016, led by reinsurance carriers (up 1.2% to 25,200 jobs); direct health and medical insurance carriers (up 0.62% to 547,900 jobs); direct title insurance and other direct insurance carriers (up 0.56% to 89,900 jobs); direct property/casualty insurers (up 0.40% to 527,600 jobs); and direct life insurance carriers (up 0.12% to 334,900 jobs). Insurance agencies and brokerages held firm in July at 776,200 jobs. The sectors showing month-to-month job decreases were claims adjusting (down 2.40% to 57,000 jobs) and third-party administration of insurance funds (down 0.34% to 176,800 jobs).

    Seven of eight insurance sectors showed job growth in July 2016 over July 2015, led by direct title insurance and other direct insurance carriers (up 4.78%); direct health and medical insurance carriers (up 3.89%); direct life insurance carriers (up 2.23%); direct property/casualty insurers (up 2.11%); insurance agencies and brokerages (up 1.41%); third-party administration of insurance funds (up 0.68%); and reinsurance carriers (up 0.40%). The lone sector showing a decline from July 2016 was claims adjusting (down 0.52%).

    Wages increased in five of seven insurance sectors between June 2016 and July 2016. Increases were led by direct title insurance and other direct insurance carriers (up 2.45%); direct property/casualty insurers (up 2.01%); insurance agencies and brokerages (up 0.72%); third-party administration of insurance funds (up 0.57%); and direct life and health insurance carriers (up 0.51%). Decreasing wages were reported by claim adjusting (down 3.18%) and reinsurance carriers (down 0.72%).

    Four of seven insurance sectors showed annual wage increases in July 2016 over July 2015, led by direct title insurance and other direct insurance carriers (up 5.93%); third-party administration of insurance funds (up 3.54%); direct life and health insurance carriers (up 3.10%); and direct property/casualty insurers (up 3.09%). Sectors reporting wage decreases in July were led by reinsurance carriers (down 10.49%); claims adjusting (down 3.63%); and insurance agencies and brokerages (down 2.25%), according to the BLS.

    (By Thomas Harman, Washington Bureau manager, BestWeek: Tom.Harman@ambest.com)

    Originally Posted at AM Best on September 2, 2016 by Thomas Harman.

    Categories: Industry Articles
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