Fifty-eight percent of companies polled intend to increase staff in 2018, according to the latest semi-annual U.S. Insurance Labor Outlook Study conducted by The Jacobson Group and Ward Group, a part of Aon plc. Additionally, the Bureau of Labor Statistics reported that the unemployment rate for the insurance industry is at 2.2% while the national average is closer to 4.1%
The study, which highlights key labor trends and important staffing forecasts for the industry, found that job vacancies are still moderately difficult to fill. However, recruiting is less difficult in most disciplines than it was one year ago. This is welcome news for the insurance industry during Insurance Careers Month.
Key takeaways
- Seventy-nine percent of companies expect an increase in revenue growth, down two points from the July 2017 survey. Fourteen percent of companies expect flat revenue growth, up one point from July 2017.
- Technology, actuarial and analytic positions are the most difficult to fill.
- If the industry follows through on its plans, it is on track for a 1.19% increase in industry employment during the next 12 months.
- Companies are requiring more temporary staff. Twelve percent of companies planning to increase their use, up from 12% in Jan. 2017.
"We are seeing staffing and hiring expectations level out as the industry continues to stabilize," says Gregory P. Jacobson, co-CEO of Jacobson. "Anticipated increases in business volume and expansion into new markets continue to drive hiring demands."
For more highlights, download the full insurance labor outlook study results summary. For commentary, view the recorded webcast.
It will be interesting to see what finds the next semi-annual study reveals, which will be conducted in July 2018. For information on how to participate, please email vincent.albers@wardinc.com.
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