Insurance Industry Employment Gets Typical March Bump

NU Online News Service, May 11, 10:00 a.m. EDT

Employment in the insurance industry increased in March relative to April, according to an Insurance Information Institute analysis of U.S. Bureau of Labor Statistics data, but the slight bump is typical of a March vs. February comparison, the I.I.I. notes.

Direct property and casualty employment was up by 300 jobs, or 0.1 percent, to 459,300 compared to February. The P&C sector was down by 1.6 percent compared to March 2010. The I.I.I. says this is consistent with a typical March vs. February comparison where P&C employment goes up by between 0.1 percent and 0.2 percent.

Beyond just P&C direct employment, all sectors of the insurance industry saw an increase in employment for the month except third-party administration, which shed 800 jobs relative to February. Employment for third-party administration stood at 127,800 as of March.

Reinsurers added 400 jobs compared to February, a 1.5 percent increase. Employment was up by 800 jobs, or 3 percent, compared to March 2010. March 2011 employment for reinsurers was 27,400.

Agents and brokers added 2,300 jobs in March compared to February, but lost 1,800 compared to March 2010. The I.I.I. notes that the BLS data does not separate life agents from P&C agents, or agents from brokers.

Jobs for claims adjusters increased by 200, or 1.1 percent, compared to February, but decreased by 1,700 compared to March 2010.

Life insurers saw an increase of 1,000 jobs relative to February, while health/medical insurers saw an increase of 200 jobs and “title and other direct” increased by 600 jobs.