At a time when unemployment is putting a major drag on an already lagging economy, some unexpected news: U.S. insurance industry payrolls added 2,800 new positions from June to July, according to the U.S. Bureau of Labor Statistics. That represents an increase of more than 8,000 jobs since July 2007.
To put it in perspective, this increase happens at a time when general unemployment increased to a four-year high of 5.7%.
Reinsurance led the pack for payrolls, up 11.9% percent over last year. And while property/casualty insurers grew payrolls only 0.8% year over year, their employees remain the most highly compensated, with employees averaging $986.50 a week.
In an earlier post on this site, I asked what (if anything) your businesses were doing to trim costs during these tough times. In light of these new numbers, I'm wondering whether my assumption of across-the-board cost cutting was premature. After all, it takes money to make money, as the old saw goes, and adding a high-performing producer or CSR can be a smart investment, even in hard financial times.
So, assuming that the carriers you represent are adding new talent, is your agency thinking of doing the same?
