P&C carriers and agents and brokers saw strong employment gains in October, according to an Insurance Information Institute analysis of the latest U.S. Labor Department's Bureau of Labor Statistics (BLS) figures.
In a month where the overall insurance industry added 5,000 jobs, agents and brokers led the way for all industry subsectors (+2,100 jobs) and P&C carriers placed second for job gains (+1,200).
For agents and brokers, October represents the fifth straight month of gains, which followed a six-month stretch of job losses for the subsector. I.I.I. President Robert Hartwig say the agent and broker segment “has added 2,400, 2,400, 2,200, 3,100 and 2,100—a total of 12,200—jobs in the most recent five months.”
Compared to October 2012, agent and broker employment is up by 12,700 jobs.
P&C carriers' October employment gains come after the subsector lost jobs in September, although not as many as previously reported. Hartwig notes that the September numbers have been revised upward, so the initially-reported loss of 1,300 jobs was actually a loss of 400 jobs.
Compared to October 2012, P&C carrier employment is up by 6,800. Hartwig says employment is up by 11,600 jobs over the last 19 months, when the subsector hit a trough in February 2012.
Third-party administration and “all other insurance-related activities” were the only two industry subsectors to show employment losses in October.
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