US insurance job counts rise again, 29K jobs in 4M run

Employment in the broad US insurance industry rose yet again in June following a stronger than initially reported May gain that confirmed renewed strong hiring in brokerages and agencies.

May's employment gain for the industry was revised upwards to a 0.3% gain for the month on an 8800 net gain, a monthly dataset from the US Bureau of Labor Statistics (BLS) showed.

If June's preliminary reading of 3200 net new jobs holds, it will be the fourth straight month of gains that has seen the industry add nearly 29,000 jobs.

Nearly half of the May gain could be traced to brokerages and agencies segment, the third consecutive month of strong gains, putting paid to Q4-Q1 concerns that the pandemic-era hiring spree may have topped off.

By end-May, brokerages and agencies accounted for 32% of insurance industry jobs in the US, having shot up from the onset of the pandemic to set record levels beginning in Q3 2022.

Employment levels at P&C carriers are tamer, up 0.1% in May, but holding a tight range since September last year after a post-pandemic rebound that started Q2 2021.

Claims adjusters stand out for a nascent rebound after suffering nearly a year of uninterrupted job losses. May provided the second month of rebound from that route, with jobs increasing 1.1% after 0.9% in April. The 12M decline was cut to 6.7% from 9.2% just one month ago.

Employment in direct title carriers showed a similar two-month rebound count after long-lasting job cuts. Jobs in the segment remain down 10% year on year.

For the broader US economy, total nonfarm payroll employment rose by 209,000 in June, holding the unemployment little changed at 3.6%. Job gains were said to have occurred in government, health care, social assistance, and construction.

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