Jobs Report: US Insurance Industry Adds 3,000 Jobs in March
April 8, 2014 by Jeff Jeffrey
WASHINGTON – The U.S. insurance industry added 3,000 jobs in March, marking a seasonally adjusted 0.12% increase, the U.S. Bureau of Labor Statistics reported April 4.
The employment figures released by the BLS show industry employment, which sits at roughly 2.41 million, has increased by 45,800 jobs since March 2013.
The BLS also released updated employment figures for February, which showed the industry added 8,700 jobs between January and February. That figure was down from the 9,900-job increase the BLS previously reported (Best’s News Service, March 7, 2014).
Nationally, total nonfarm payroll employment rose by 192,000 in March, and the unemployment rate was unchanged at 6.7%. Employment grew in professional and business services, in health care and in mining and logging.
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 January and February, industry employment increased in all sectors except life (down 0.15% to 338,800 jobs); reinsurance (0.72% to 27,600 jobs); and claims adjusting ( 0.59% to 50,900 jobs).
Employment increased in health (0.87% to 485,900 jobs); property/casualty (0.65% to 527,700 jobs); title insurance (0.14% to 74,000 jobs); agents/brokers (0.72% to 676,100 jobs); third-party administration of insurance funds (0.44% to 160,800 jobs).
On a year-to-year basis, employment increased in health (4.02% from 467,100 jobs); property/casualty (1.7% from 518,900 jobs); reinsurance (6.15% from 26,000 jobs); agents/brokers (2.56% from 659,200 jobs); third-party administration of insurance funds (2.23% from 157,300 jobs).
Sectors that saw employment decrease included life (0.44% from 340,300 jobs); title insurance (1.33% from 75,000 jobs); claims adjusting (6.43% from 54,400 jobs).
In terms of wages, only reinsurance has seen a decline in average weekly wages since February 2013. Reinsurance wages fell 2.71% to $2,160.92
Wages increased in life/health (4.11% to $1,369.28); property/casualty (9.06% to $1,381.89); title insurance (8.73% to $1,131.75); agents/brokers (8.95% to $1,164.26); claims adjusting (3.45% to $1,349.56); and third-party administration of insurance funds (3.5% to $1,184.01).
(By Jeff Jeffrey, Washington Bureau manager: jeff.jeffrey@ambest.com)
