Typical Jan. Slowdown Leads to Fewer Industry Jobs Versus Dec.

NU Online News Service, March 12, 12:48 p.m. EST

Employment in the industry fell in January 2012 compared to both December 2011 and January 2011, with agents and brokers shedding the most jobs, 4,100, from December to January, but Insurance Information Institute President Robert Hartwig says the outcome is typical of industry-employment patterns in January.

Hartwig notes, for example, that property and casualty insurance-carrier employment has fallen in January relative to December in 15 of the last 22 years. In January 2012, P&C carrier employment was down by 400 jobs compared to December, but up by 3,400 jobs compared to January 2011.

Agent and brokers, which saw the largest employment drop from December to January, are showing 700 more jobs in January 2012 compared to January 2011. ”This is interesting because, in general, the number of agents and brokers has been rising over the last two decades,” says Hartwig in an analysis of the figures. “On a year-over-year basis, for example, agent/broker employment in January rose in 17 of the last 22 years.”

Overall industry employment in January 2012 relative to January 2011 is down mainly due to life insurers, which have shed 7,500 jobs over the year. Compared to December, life-insurer employment is down by 2,200 jobs in January 2012.

Reinsurers represent the only insurance subsector that showed a gain in employment from December to January, adding 1,200 jobs. Compared to January 2011, reinsurers have added 2,300 jobs in January 2012.

In total,U.S.insurance-industry employment stands at 2,273,900 in January 2012, down by 11,100 jobs compared to December 2011.