Agent, Broker Employment Gains Continue for Fourth Straight Month

For the second month in a row, agents and brokers led all insurance subsectors in job creation in September, according to the latest employment data.

An Insurance Information Institute analysis of the latest U.S. Labor Department's Bureau of Labor Statistics (BLS) figures shows that agents and brokers added jobs for the fourth straight month in September, continuing the subsector's steady march toward its pre-recession peak. Agent and broker employment stands at 670,000, compared to a high of 679,300 set in July 2007, according to I.I.I.

I.I.I. President Robert Hartwig says, “After losing jobs in December 2012 and the first five months of 2013, this segment has added 2,400, 2,400, 2,200, and 2,000 (a total of 9,000) jobs in the most recent four months.”

Property and casualty carriers did not fare as well in September, shedding 1,300 jobs, the most jobs lost of any subsector for the month. P&C carriers had added 1,000 jobs in August. Hartwig points out that September employment for this subsector has traditionally been unpredictable, but he adds, “Over the last 18 months, from a trough in February 2012 at 515,600 employees, P&C carrier employment has been rising slowly (dropping only in January and September 2013)—a gain of 9,500 jobs.”

The industry as a whole added 4,100 jobs in September driven mainly by the agent and broker gains and a gain of 1,900 jobs for health insurers.

Life insurers saw the second largest employment decline for September after P&C carriers, shedding 1,200 jobs during the month.

Year-over-year, all insurance subsectors except claims adjusters and life insurers have added jobs. Claims adjusters are down by 3,600 jobs compared to September 2012 while life insurers are down by 12,500 jobs.