The initial effects of COVID-19 on insurance employment

The unemployment rate among insurance carriers and related businesses was 3.6% in May, according to The Jacobson Group. (Photo: Shutterstock)

It’s been a few months since COVID-19 emerged, and data is now available that offers a glance at how the pandemic has impacted employment across the insurance industry.

In April, the U.S. economy overall experienced the most dramatic month-to-month unemployment increase since 1948 when the number of unemployed surged to 23.1 million. All things considered, the insurance industry has remained relatively stable since the start of the pandemic. The unemployment rate for insurance carriers and related businesses increased from 1% in March to 3.9% in April and then decreased slightly to 3.6% in May when approximately 300 jobs were added, reported The Jacobson Group.