NU Online News Service, July 11, 12:36 p.m.EDT
|The downward trend in property and casualty insurer employmentthat began in 2008 may finally be reversing, says InsuranceInformation Institute President Robert Hartwig, as May 2012 becomesthe third straight month with positive employment figures forcarriers.
|P&C insurers added 1,600 jobs in May compared to April,according to I.I.I.'s latest analysis of the latest U.S. LaborDepartment's Bureau of Labor Statistics employment figures. Thegains in May come after carriers added 800 jobs in April comparedto March, and 2,000 jobs in March compared to February.
|Compared to May 2011, though, employment for P&C carriers isdown by 4,500 jobs, although Hartwig notes that comparing long-termemployment trends in this sector is challenging since BLS recentlyrecalibrated how it accounts for employment.
|Overall, from April to May, the insurance industry, includingboth P&C and life and health industries, gained 6,000 jobs,with all sectors showing gains except for reinsurers (down by 100jobs), third-party administration (down by 100 jobs) and claimsadjusters (flat). Total employment stands at 2,284,200.
|Agents and brokers continued to see strong gains in employment,adding 3,200 jobs in May compared to April. In April, agents andbrokers added 3,600 jobs compared to March. As of May, employmentis up by 9,100 jobs compared to a year ago, and overall employmentfor the sector stands at 652,900 jobs.
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