P&C Carriers, Insurance Industry Shed Jobs in January

Property and casualty carrier employment fell in January, virtually erasing the gains made in December 2012, according to an analysis of the latest figures from the U.S. Labor Department's Bureau of Labor Statistics.

Employment for P&C carriers dropped by 2,100 jobs in January. In December, the subsector gained 4,600 jobs, but that figure, according to Insurance Information Institute President Robert Hartwig, was later revised downward.

Hartwig says, “P&C carrier employment in January 2013 dipped vs. December 2012, down 2,100, [or] -0.4 percent, to 521,600. This virtually negates the rise in December, itself revised down by 2,000, to near the November 2012 level, but otherwise above every monthly reading in 2012.”

For agents and brokers — both P&C and life and health — employment fell by 300 jobs, essentially flat compared to December, according to Hartwig. But he says, “This is somewhat unusual; in the 23 Januarys starting in 1991, agent/broker employment grew 13 times, was flat four times, and fell six times.”

In December agent and broker employment fell by 1,200 jobs compared to November, a figure that Hartwig also said was “somewhat unusual” at the time.

Despite the two-month dip in jobs, Hartwig says employment levels for agents and brokers have been generally rising since August 2010. At that time, the subsector accounted for 637,700 jobs. As of January, the figure has risen to 662,800.

Among other industry subsectors, reinsurance employment remained flat at 25,800, while claims-adjuster employment climbed slightly by 300 jobs to 52,800.

Employment at life insurers fell by 2,300 in January — the largest decline for the month — while health/medical direct employment climbed by 1,300 jobs — the largest gain for the month.

Overall, insurance-industry employment fell by 700 jobs for the month. Total employment stands at 2,345,400.