Jobs Report: US Insurance Industry Adds 2,800 Jobs in September
October 23, 2013 by Jeff Jeffrey
WASHINGTON – The U.S. insurance industry added 2,800 jobs in September, continuing the upward trend in employment the industry has seen in 2013, according to the latest jobs report released by the U.S. Bureau of Labor Statistics on Oct. 22.
The seasonally adjusted 0.12% increase added to the uptick in the overall jobs market.
The figures released by BLS showed that industry employment, which sits at roughly 2.4 million, has increased by 24,300 jobs since September 2012. BLS also released updated employment figures for August, which showed the industry added 1,500 jobs between July and August. That figure was down from the 1,800 additional jobs BLS previously reported (Best’s News Service, Sept. 6, 2013).
Nationally, total nonfarm payroll employment rose by 148,000 in September, and the unemployment rate ticked down by one-tenth of 1% to 7.2%. Overall, employment increased in construction, wholesale trade and transportation and warehousing.
The September employment report was supposed to be released on Oct. 4. However, the 16-day partial government shutdown, which ended on Oct. 17, delayed its release (Best’s News Service, Oct. 17, 2013). BLS has announced the shutdown will also cause the employment report for October to be delayed by at least a week.
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 July and August, insurance industry growth was limited to property/casualty (up 0.13% to 526,000 jobs); title insurance (up 0.92% to 76,900 jobs); and reinsurance (up 0.37% to 27,300 jobs).
Employment decreased in life (down 0.62% to 334,100 jobs); health (down 0.11% to 472,400 jobs); claims adjusting (down 2.98% to 48,800 jobs); and third-party administration of insurance funds (down 0.55% to 145,500 jobs).
The agent/broker sector stayed flat at 668,600 jobs.
On a year-to-year basis, employment declined only in life (down 3.44% from 346,000 jobs) and claims adjusting (down 8.10% from 53,100 jobs).
In terms of wages, all industry sectors have seen an increase in average weekly earnings since August 2012, except title insurance, which slipped 0.04% to $1,082.59.
Wages rose in life/health (up 5.14% to $1,328.10); property/casualty (up 2.56% to $1,296.93); reinsurance (up 5.54% to $2,181.98); agents/brokers (up 2.28% to $1,069.42); claims adjusting (up 7.82% to $1,292.31); and third-party administration of insurance funds (up 10.63% to $1,127.28).
(By Jeff Jeffrey, Washington Bureau manager: jeff.jeffrey@ambest.com)
