February was another strong hiring month for property and casualty insurers and agents and brokers, according to an analysis of the latest U.S. Labor Department’s Bureau of Labor Statistics figures.
After gaining 1,300 jobs in January, P&C carriers added 2,300 in February, the Insurance Information Institute analysis says. Year-over-year, this subsector added 8,800 jobs. Employment stood at 528,900 for P&C carriers as of February. I.I.I. President Robert Hartwig notes that the subsector suffered year-over-year job losses for 29 straight months from June 11 to Oct. 2013.
Agents and brokers added 2,600 jobs in February after gaining 1,400 jobs in January. Year-over-year, agents and brokers added 16,900 jobs. Employment in this subsector reached a low of 640,700 in May 2010, Hartwig says, but has since rebounded to 678,100 as of February. The pre-recession peak for agent and broker employment was 684,500 in July 2007.
Health/medical direct carriers added the most jobs in February at 3,400. Hartwig says, “At least some of this growth is undoubtedly connected with the flood of health insurance applications and purchases as the Affordable Care Act takes full effect.” Life insurers also added jobs for the month (200). All other subsectors were either flat or lost jobs in the month.