US insurance jobs edge up in Nov.; Oct. rebound looks ever more robust

The broad US insurance industry may have added some 3800 jobs in November, a continuing rebound from a strong and unheralded pull back in September, preliminary data from the US Bureau of Labor Statistics (BLS) suggested.

The monthly gain, a mild upward move compared to some months of heavy hiring in 2022, would bring the annual increase in implement to 43,100, a 1.5% gain.

The prior month employment gain proved even stronger than the already robust initial estimate. The industry added 10,200 jobs, notably above the 9400 initially reported.

That October gain was very concentrated on the agencies and brokerages that have driven the industry employment gains since early in the pandemic and fully made up for the decline in September.

Agencies and brokerages have now added 34,300 jobs or 3.8% over the past year and nearly 76,000 since the low hit early in the pandemic before a quick recovery set in.

In comparison, the monthly gain in P&C carriers was fractional. That segment only began recording consistent monthly gains in April and annual gains beginning in June of this year. The group remains 34,000 jobs below its pre-pandemic count.

The fuller swathe of insurance carriers, including P&C, life & health and medical, is down a heady 76,600 jobs since the pandemic hit. Direct title insurers are a recent weak spot in the industry.

Did you get value from this story?  Sign up to our free daily newsletters and get stories like this sent straight to your inbox.