2,100 Jobs Lost in Insurance Industry in August

October 13, 2011

The latest U.S. jobs data show the insurance industry lost 2,100 jobs overall in August. The industry employs some 2,211,000 workers according to the latest numbers.

The Insurance Information Institute reported that most of the sub-sectors had gained some jobs in August. But they were outnumbered by big losses from property/casualty insurance carriers and agents/brokers. The Institute said the soft market, difficult economy, outsourcing, productivity enhancements and consolidation are to blame for downsizing.

The Institute issued a report this week after U.S. Labor Department’s Bureau of Labor Statistics published its latest industry-specific employment figures.

P/C Carriers Continue to Downsize

Workers from p/c insurers continue to suffer from downsizing. In the U.S., p/c insurers’ employment is down by 37,300 since late 2007.

Here are main figures and facts from the Institute’s report. U.S. Labor Department data for the latest month are preliminary and are often revised later, though changes are usually small.

• P/C insurance carriers lost 1,800 jobs in August. The sector employs 453,800 workers as of August, down from 455,600 in July. Employment is down by 13,400, or 2.9 percent, compared to one year ago. P/C insurers’ employment is down by 37,300, or 7.6 percent, since the recession began in Dec. 2007, compared to overall U.S. employment decline of 5.2 percent.

• Agents/brokers lost 2,500 jobs in August. The sector employs 641,300 workers as of August, down from 643,800 in July. Employment is up by 4,600, or 0.7 percent, compared to one year ago. Employment at insurance agencies and brokerages is down by 38,300, or 5.6 percent, since Dec. 2007.

• Health/medical insurers added 200 jobs. This sector employees 418,100 workers, up from 417,900 in July. Employment is down by 10,000, or 2.3 percent, compared to one year ago. Health/medical insurance industry employment is down by 23,800 or 5.4 percent, since Dec. 2007.

• Life insurers added 600 jobs. The sector employs 373,600 workers, up from 373,000 in July. Employment is down by 2,800, or 0.7 percent, compared to one year ago. Life insurance industry employment is up by 19,300, or 5.4 percent, since Dec. 2007.

• Reinsurers added 500 jobs. This sector employees 27,800, up from 27,300. Employment is up by 400, or 1.5 percent, compared to one year ago. U.S. employment in the reinsurance industry is up by 900, or 3.3 percent, since Dec. 2007.

• Claims adjusters added 200 jobs, for a total of 48,000 workers, up from 47,800. Employment is down by 500, or 1 percent, compared to one year ago. Claims adjusting employment is down by 4,000, or 7.7 percent, since Dec. 2007.

• Title and other direct carriers added 700 jobs, for a total of 66,500 workers, up from 65,800.

• Third-party administration lost 100 jobs. The sector employs 27,500.

• All other insurance-related activities gained 100 jobs. The sector employs 54,400.

Was this article valuable?

Here are more articles you may enjoy.