According to the most recent statistics from the U.S. Bureau of Labor Statistics (BLS), as of November 2014 insurance industry employment was up year over year—good news for the industry overall.
Dr. Robert P. Hartwig, CPCU, of the Insurance Information Institute (I.I.I.) noted that even life carrier employment, which has generally trended downward, rose in the last year. The largest gain—5.6%—was in the health carrier segment, adding 26,700 jobs for the 12 months ended November 2014.
Property and Casualty (P&C) carriers added 2,900 new hires in November 2014, a gain of 0.5% over October 2014. Hartwig noted that this is “a very strong result,” particularly because P&C carriers normally don’t add headcount to this extent in November. I.I.I.’s data on employment trends from 1990 to 2013 shows that employment among P&C carriers in November versus October rose 14 times, fell nine times and was flat once. Of the 14 increases, only November 1997’s increase of 0.7% was higher, and November 2013’s increase of 0.5% tied the most recent figures.
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Rosalie Donlon
Rosalie Donlon is the editor in chief of ALM's insurance and tax publications, including NU Property & Casualty magazine and NU PropertyCasualty360.com. You can contact her at [email protected].
