The downward trend in property and casualty (P&C) insurer employment that began in 2008 may finally be reversing, says Insurance Information Institute President Robert Hartwig, as May 2012 becomes the third straight month with positive employment figures for carriers.
P&C insurers added 1,600 jobs in May compared to April, according to I.I.I.'s latest analysis of the latest U.S. Labor Department's Bureau of Labor Statistics (BLS) employment figures. The gains in May come after carriers added 800 jobs in April compared to March, and 2,000 jobs in March compared to February.
Compared to May 2011, though, employment for P&C carriers is down by 4,500 jobs, though Hartwig notes that comparing long-term employment trends in this sector is challenging since BLS recently recalibrated how it accounts for employment.
Overall, from April to May, the insurance industry, including both P&C and life and health industries, gained 6,000 jobs, with all sectors showing gains except for reinsurers (down by 100 jobs), third-party administration (down by 100 jobs) and claims adjusters (flat). Total employment stands at 2,284,200.
Agents and brokers continued to see strong gains in employment, adding 3,200 jobs in May compared to April. In April, agents and brokers added 3,600 jobs compared to March. As of May, employment is up by 9,100 jobs compared to a year ago, and overall employment for the sector stands at 652,900 jobs.
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