Jobs Report: US Insurance Industry Adds 8,500 Jobs in June
July 3, 2014 by Jeff Jeffrey
WASHINGTON – The U.S. insurance industry saw a surge in employment in June, adding 8,500 jobs, the U.S. Bureau of Labor Statistics reported July 3.
The growth in the industry marked a 0.35% increase. The employment figures released by the BLS show industry employment, which sits at roughly 2.43 million, has increased by 54,500 jobs since June 2013.
The BLS also released updated employment figures for May, which showed the industry added 4,600 jobs between April and May. That figure marked a substantial increase over the 1,800 new jobs the BLS previously reported for the period (Best’s News Service, June 6, 2014).
Nationally, total nonfarm payroll employment increased by 288,000 in June, and the unemployment rate declined to 6.1%. BLS said job gains were widespread, led by employment growth in professional and business services, retail trade, food services and drinking places and 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 April and May, all industry sectors saw an increase in employment, except reinsurance which stayed flat at 27,300 jobs.
Employment grew in life (up 0.12% to 337,700 jobs); health (up 0.21% to 485,400 jobs); property/casualty (up 0.3% to 531,000 jobs); title insurance (up 1.24% to 73,200 jobs); agents/brokers (up 0.22% to 681,300 jobs); claims adjusting (up 0.99% to 51,100 jobs); and third-party administration of insurance funds (up 0.62% to 163,200 jobs).
On a year-to-year basis, employment decreased in life (down 0.15% from 338,200 jobs); title insurance (down 3.05% from 75,500 jobs); and claims adjusting (down 4.49% from 53,500 jobs).
However, since May 2013, employment has risen in health (up 3.65% from 468,300 jobs); property/casualty (2.08% from 520,200 jobs); reinsurance (up 3.02% from 26,500 jobs); agents/brokers (up 3.49% from 658,300 jobs); and third-party administration of insurance funds (up 3.36% from 157,900 jobs).
In terms of wages, average weekly earnings have increased since May 2013 for most industry sectors.
Wages increased in life/health (up 1.86% to $1,346.75); property/casualty (up 2.35% $1,330.96); title insurance (up 7.53% to $1,156.33); agents/brokers (up 4.02% to $1,117.54); and third-party administration of insurance funds (up 0.72% to $1,161.89).
Wages dropped in reinsurance (down 6.99% to $2,095.38) and claims adjusting (down 1.74% to $1,287.68).
(By Jeff Jeffrey, Washington Bureau manager: jeff.jeffrey@ambest.com)
