Property and casualty carrier employment decreased by 0.2 percent in October compared to September, dropping to the lowest employment level in the last 20 years, according to an Insurance Information Institute analysis of Bureau of Labor Statistics data.

Carrier employment dropped by 700 in October compared to September, to a total of 461,500, I.I.I. said. The carrier employment level was down by 2.5 percent compared to October 2009.

In written comments accompanying I.I.I.'s analysis, Robert Hartwig, I.I.I. president, said that, in some respects, the p&c carrier employment numbers “are to be expected, given the multiyear slide in [net written premiums] and the pressure to reduce expenses to offset the loss of investment income from the low levels of prevailing interest rates.”

Since the end of 2006, Mr. Hartwig said, p&c premiums have dropped by about 7 percent, while p&c employment is down about 5.75 percent.

The October employment news was not all negative, however. For insurance agents and brokers, employment was up by 0.7 percent, or 4,200 employees, in October compared to September.

Claims adjusters, too, saw an employment increase of 0.7 percent, or 300 employees, during the month.

Reinsurers saw no change in employment from September to October.

Compared to October 2009, employment was down by 1.8 percent for agents and brokers, down by 8.2 percent for claims adjusters, and up by 0.4 percent for reinsurers.

Special Reports /

P&C Carrier October Employment Slips To Lowest Level In 20 Years

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