Agents and brokers showed strong employment gains in August forthe third straight month after enduring employment losses in eachof the six months prior.
|According to an Insurance Information Institute analysis of thelatest statistics from the U.S. Labor Department's Bureau of LaborStatistics, agents and brokers added 2,100 positions in August, themost of any insurance subsector.
|I.I.I. President Robert Hartwig says the agent and broker gainsare typical for August, noting that “in the 24 Augusts starting in1990, for example, agent/broker employment grew 14 times, was flattwo times, and fell eight times.”
|However, during the six-month employment slide in this subsectorfrom December 2012 to May 2013, agents and brokers shed jobs inmonths where they had traditionally seen employment gains.
|Agent and broker employment, as of Aug. 31, stood at 667,900,approaching the pre-recession peak of 679,300 set in July 2007,according to I.I.I.
|Property and casualty carriers also saw employment gains inAugust, adding 1,000 jobs during the month after shedding 300 jobsin July. P&C carrier employment stood at 526,100 as of Aug. 31,a gain of 6,900 compared to August 2012.
|In total, insurance-industry employment was up by 1,500 jobs inAugust. Five of the subsectors I.I.I. tracks showed gains, whilefour showed employment losses. Life carriers shed the most jobsduring the month (1,400). Claims adjusters (900), third-partyadministration (600) and “title and other direct” (400) also shedjobs.
|Aside from P&C carriers and agents and brokers, healthinsurers (1,600), “all other insurance-related activities” (500)and reinsurers (200) added positions in August.
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