NU Online News Service, March 12, 12:48 p.m.EST
|Employment in the industry fell in January 2012 compared to bothDecember 2011 and January 2011, with agents and brokers sheddingthe most jobs, 4,100, from December to January, but InsuranceInformation Institute President Robert Hartwig says the outcome istypical of industry-employment patterns in January.
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Hartwig notes, for example, that property and casualtyinsurance-carrier employment has fallen in January relative toDecember in 15 of the last 22 years. In January 2012, P&Ccarrier employment was down by 400 jobs compared to December, butup by 3,400 jobs compared to January 2011.
Agent and brokers, which saw the largest employment drop fromDecember to January, are showing 700 more jobs in January 2012compared to January 2011. ”This is interesting because, in general,the number of agents and brokers has been rising over the last twodecades,” says Hartwig in an analysis of the figures. “On ayear-over-year basis, for example, agent/broker employment inJanuary rose in 17 of the last 22 years.”
|Overall industry employment in January 2012 relative to January2011 is down mainly due to life insurers, which have shed 7,500jobs over the year. Compared to December, life-insurer employmentis down by 2,200 jobs in January 2012.
|Reinsurers represent the only insurance subsector that showed again in employment from December to January, adding 1,200 jobs.Compared to January 2011, reinsurers have added 2,300 jobs inJanuary 2012.
|In total,U.S.insurance-industry employment stands at 2,273,900in January 2012, down by 11,100 jobs compared to December 2011.
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