P&C Carrier Employment Climbs for Sixth Straight Month; Industry Employment Mixed

Property and casualty carriers saw employment climb for the sixth straight month in July despite mixed employment numbers from the rest of the insurance industry, according to an Insurance Information Institute analysis of the latest U.S. Labor Department's Bureau of Labor Statistics figures.

P&C carriers added 1,000 jobs in the month, more than any industry sub-sector. I.I.I. President Robert Hartwig notes that P&C carrier employment typically climbs in the month of July, and he says a stiffer test of employment in the sub-sector will come next month, as August typically sees a reduction in jobs.

Still, Hartwig notes, “Employment changes [for P&C carriers] have been positive or flat for the February-July span only six times in the last 23 years; it happened five times in the 1990-1999 decade, and is happening again in 2012.”

Compared to July 2011, P&C carrier employment is down by 100 jobs. 

For agents and brokers, employment in July was down by 700 jobs after climbing by over 3,000 jobs for previous three months. Hartwig notes that the latest count for agents and brokers, 655,200, is down by 24,400 jobs compared to December 2007, when the Great Recession began. Compared to July 2011 though, employment in this sub-sector is up by 6,800 jobs.

For the insurance industry as a whole, including P&C and life and health sub-sectors, employment was up by 900 jobs in July compared to June.

Reinsurers saw employment fall by 100 jobs in the month, but the sub-sector is up by 1,900 jobs compared to July 2011.

Claims adjusters were up by 900 jobs in July compared to June, and flat compared to July 2011.

Life direct employment saw the sharpest drop for the month, down by 900 jobs.