Jobs Report: US Insurance Industry Adds 6,300 Jobs in September
October 3, 2014 by Jeff Jeffrey
WASHINGTON – The U.S. insurance industry continued to show strong signs of growth in September, adding 6,300 jobs, the U.S. Bureau of Labor Statistics reported Oct. 3.
The BLS also released updated employment figures for August, which showed the industry added 7,400 jobs between July and August. That figure was a big increase over the 6,200-job increase BLS previously reported (Best’s News Service, Sept. 5, 2014).
Nationally, total nonfarm payroll employment increased by 248,000 in September, and the unemployment rate declined to 5.9%, marking a six-year low. Employment increased in professional and business services, retail trade 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 July and August, all sectors saw an increase in employment except title insurance (down 0.13% to 75,100 jobs) and claims adjusting (down 2.87% to 50,800 jobs).
Employment increased in life (up 0.03% to 342,200 jobs); health (up 0.28% to 496,100 jobs); reinsurance (up 0.36% to 27,500 jobs); agents/brokers (up 0.64% to 690,300 jobs); and third-party administration of insurance funds (up 0.49% to 164,600 jobs).
Property/casualty was flat at 534,700 jobs.
On a year-to-year basis, employment grew in life (up 1.24% from 338,000 jobs); health (up 4.33% from 475,500 jobs); property/casualty (up 2.49% from 521,700 jobs); agents/brokers (up 3.77% from 665,200 jobs); and third-party administration of insurance funds (up 2.88% from 160,000 jobs).
But since August 2013, employment has fallen in title insurance (down 2.72% from 77,200 jobs); reinsurance (down 0.72% from 27,700 jobs); and claims adjusting (down 1.17% from 51,400 jobs).
In terms of wages, average weekly earnings have increased since July 2013 for all industry sectors but claims adjusting (down 3.66% to $1,245.05).
Wages increased in life/health (up 0.81% to $1,336.34); property/casualty (0.57% to $1,313.98); title insurance (10.14% to $1,214.86); reinsurance (up 1.41% to $2,183.66); agents/brokers (up 3.39% to $1,113.26); and third-party administration of insurance funds (up 0.04% to $1,139.84).
(By Jeff Jeffrey, Washington Bureau manager: jeff.jeffrey@ambest.com)
