4 facts about the insurance labor market
March 15, 2016 by TRUDY KNOCKLESS, PROPERTYCASUALTY360.COM
A recent labor study conducted in the first quarter of 2016 showed that 66 percent of insurance companies surveyed plan to increase staff this year, the highest anticipated rate in its seven-year history.
The twice-yearly “U.S. Insurance Labor Market Study” conducted by the Chicago-based insurance staffing and recruiting company Jacobson Group and Cincinnati, Ohio-based insurance industry consultant Ward Group to look at hiring trends within the insurance industry, found that 80.4 percent of insurance companies expect an increase in revenue throughout the upcoming year, signifying the second-lowest level since the July 2012 survey.
Additionally, the Bureau of Labor Statistics reported a 2 percent unemployment rate for the insurance industry, continuing the trend of low industry unemployment. According to the study, insurance companies are still facing moderate difficulty in filling open roles across all disciplines. However, insurers are reporting that recruitment is slightly less difficult than it was a year ago.
“The staffing prediction was the highest anticipated rate in the seven-year history of our survey,” says Gregory P. Jacobson, co-chief executive officer of Jacobson. “It is clear that the insurance industry is focused on building staff, resulting in an increasingly competitive labor market.”
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