BLS: Insurance Industry Posts 14,000-Job Increase in April Over March
May 8, 2017 by Thomas Harman
WASHINGTON – The U.S. insurance industry added 14,000 jobs in April, according to the U.S. Bureau of Labor Statistics figures released on May 5.
Updated BLS data showed that insurance industry jobs decreased by 600 in March 2017, as opposed to the initial report of an 800-job gain (Best’s News Service, April 7, 2017).
Year to year, overall insurance industry employment for April 2017 reached 2,629,300, an increase of 56,400 jobs — about 2.19% — over the April 2016 level.
Total nonfarm payroll employment nationwide increased by 211,000 in April 2017 compared with March 2017, while the overall unemployment rate fell by 0.1% to 4.4% in April, from 4.5% in March. The number of unemployed persons declined slightly over the reported March figure to 7.1 million. Job gains occurred in leisure and hospitality, health care and social assistance, financial activities, and mining, the BLS said.
The BLS reports insurance industry total payrolls monthly on a seasonally adjusted basis, along with the current month’s non-farm payrolls. Separately, data by insurance industry segments — broken out by various insurance carrier and non-carrier categories — are available only on an unadjusted basis for the prior month.
Just three of the eight insurance sectors experienced job growth in March 2017 from February 2017, led by direct title insurance and other direct insurance carriers (up 0.86% to 94,100 jobs); direct property/casualty insurers (up 0.43% to 563,600 jobs); and direct life insurance carriers (up 0.14% to 351,900 jobs). Jobs decreased in four sectors, led by claims adjusting (down 0.51% to 58,200 jobs); reinsurance carriers (down 0.40% to 24,700 jobs); insurance agencies and brokerages (down 0.29% to 779,400 jobs); and direct health and medical insurance carriers (down 0.17% to 471,000 jobs). Third-party administration of insurance funds remained flat at 186,000 jobs, the BLS data said.
On an annual basis, seven of eight insurance sectors showed job increases in March 2017 over March 2016. These were led by direct title insurance and other direct insurance carriers (up 4.09%); claims adjusting (up 3.74%) direct health and medical insurance carriers (up 3.02%); direct property/casualty insurers (up 1.84%); direct life insurance carriers (up 1.53%); third-party administration of insurance funds (up 1.03%); and insurance agencies and brokerages (up 0.54%). Reinsurance carriers remained flat.
Average weekly wages increased in five of seven insurance sectors in March 2017 from February 2017. The hikes were led by reinsurance carriers (up 2.39%); third-party administration of insurance funds (up 0.18%); claims adjusting (up 0.13%); direct life and health insurance carriers (up 0.05%); and direct property/casualty insurers (up 0.03%). Sectors showing wage decreases were direct title insurance and other direct insurance carriers (down 3.05%); and insurance agencies and brokerages (down 1.33%), according to BLS data.
On an annual basis, average weekly wages dropped in five of seven insurance sectors from March 2016 levels. Decreases were led by direct title insurance and other direct insurance carriers (down 7.11%); reinsurance carriers (down 5.58%); direct life and health insurance carriers (down 1.97%); direct property/casualty insurers (down 1.82%); and insurance agencies and brokerages (down 0.95%). Increases were led by third-party administration of insurance funds (up 5.51%); and claims adjusting (up 2.52%).
(By Thomas Harman, Washington Bureau manager, BestWeek: Tom.Harman@ambest.com)
BN-NJ-5-5-2017 1433 ET #
