Insurance employment remains steady as economy faces uncertainty

Insurance carriers and related activities saw a sharp decline in unemployment in February, while the industry also saw a year-over-year increase in weekly wages among nearly all its sectors, says Jacobson. (Photo: Fotolia)

In recent weeks, an estimated 22 million Americans filed for unemployment or underemployment benefits as the economy struggles with the effects of the COVID-19 pandemic. The New York Times, using data from the U.S. Bureau of Labor Statistics (BLS), estimates the current unemployment rate in the U.S. is around 13% — the highest since the Great Depression.

Only time will tell how the economic strains brought on by the coronavirus impact long-term employment in the insurance industry; however, recent data suggests a positive outlook for insurance professionals.