NU Online News Service

Since the economic recession began in December 2007, employment in the insurance industry has decreased across multiple sectors, according to a new report.

The Insurance Information Institute's (I.I.I.) report, "Insurance Industry Employment Trends: 1990-2010," examines employment trends for property and casualty, life and health insurers, reinsurers, agents, brokers, claims adjusters, and third-party administrators.

I.I.I. noted that data in the report is through June 2010.

The report found that employment in the p&c insurance industry is down by 27,000 jobs, or 5.5 percent, to 464,100 since the recession began.

The report also noted p&c insurance employment is down by 17,700 jobs compared to June of 2009 but is up by 1,700 jobs from May of this year.

The 0.4 percent increase in June could help reverse a trend of declining p&c employment each month since August 2009, the report said.

Additionally, I.I.I. said employment in the reinsurance industry was down by 1,400 jobs, or 5.2 percent, to 25,500 since Dec. 2007.

Compared to June 2009, employment in this sector is down by 7.6 percent and is down by 0.4 percent from May 2010.

Employment at insurance agencies and brokerages is down by 48,800 jobs, or 7.2 percent, to 630,800 since Dec. 2007.

Agent and broker employment is down by 3.1 percent compared to June 2009 and up 0.2 percent from May 2010.

There are now 51,400 fewer agents and brokers than there were three years ago, the report noted.

Claims adjusting employment was also down by 8,500 jobs, or 16.3 percent, to 43,500 since Dec. 2007.

Employment in this sector is down by 5,100 compared to June 2009 but has not changed from May 2010.

The report noted that life insurance industry employment was down by 9,300 jobs, or 2.6 percent, to 345,000 since the recession began in Dec. 2007. But, life insurers added 1,900 employees in June, while health insurers shed 1,900--the fourth month in a row of declining employment in this sector.

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