Insurance Employment — Now over 3 Million

The U.S. Bureau of Labor Statistics (BLS) said the insurance industry added 3,300 jobs in August. That’s up just a tad over the increases added in July.

AM Best analyzed the bureau’s figures and found since August of last year the insurance industry has added 40,600 jobs.

Total employment is now 3.02 million.

National Council on Compensation Insurance (NCCI) Executive Director Stephen Cooper said most jobs were added in healthcare and construction.

“Employment gains rebounded in August after a weak July, but remained lower than the pace seen earlier in the year,” he said and pointed out that the job market has slowed significantly since the beginning of the year.

As for the insurance industry, the BLS did not release details on the August increases but did say five of the seven insurance industry job categories saw increases in July.

Insurance agencies and brokerages added 6,300 jobs, the most of the seven categories. In total, agencies and brokerages employ 997,900 people.

Direct life, health and medical insurance carriers added 2,100 jobs in July. Total employment in that segment is now 924,600.

Increases by direct P&C carriers saw 600 jobs added and the total in that segment is now 596,400 people.

Reinsurers added 100 positions. Total employment in July was 32,000. Claims adjusters increased by 700 positions and the segment now has 66,200 jobs.

The biggest declines were in direct title insurance and other direct insurance services. They cut 700 positions and employment numbers are now 89,600.

Source link: Insurance Business America — https://bit.ly/3AXfcsR