NU Online News Service, Oct. 12, 12:36 p.m. EDT

There were 2,100 fewer jobs in the insurance industry for the month of August, with property and casualty insurance carriers, agents and brokers taking the biggest hit of the nine industry segments.

In a report on data released by the U.S. Labor Department's Bureau of Labor Statistics, Robert P. Hartwig, president and chief economist for the Insurance Information Institute in New York notes that employment in insurance was generally up in August.

The data cover P&C and life and health segments of the industry.

While there were fewer jobs overall, Hartwig says that contrary to “historical trends, in terms of direction (if not numbers), employment in insurance in August 2011 was generally up.”

He notes that employment for all types of carriers, except P&C, rose. Employment in U.S. reinsurance rose the sharpest in August, up 500 jobs or close to 2 percent for a total of 27,800.

P&C insurance jobs declined by 0.4 percent, or total of 1,800 jobs, down to 453,800.

Agent and broker jobs declined by 0.4 percent, or 2,500 jobs, to a total of 641,300. However, the Bureau of Labor data do not separate life agents from P&C agents or agents from brokers.

“Based on historical trends, we should not expect employment growth in August,” Hartwig says.

Hartwig notes that employment in August versus July fell in 18 of the 21 years going from 1990 to 2010. In two of those years employment was unchanged.

The data are preliminary and subject to some change, but Hartwig says that while there may be revisions, they are usually small.

In a slide presentation, Hartwig notes that since the recession began in December 2007, employment in the P&C insurance industry has fallen close to 8 percent, or 37,300 jobs. Agents and brokers have seen their numbers cut close to 6 percent, or 38,300 jobs, over the same period.

Special Reports /

Aug. Employment Numbers Net Loss For Insurance Industry

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