US insurance jobs on the rise in July, approach pre-pandemic totals

The US insurance industry, together with its brokerage and services wings, likely added 6200 jobs in July, a 0.2% monthly employment gain that likely put the annual gain to 50,800, data from the US Bureau of Labor Statistics (BLS) showed.

Overall employment for carriers and related brokerage and service firms is now within a 0.3% fraction of levels seen pre-pandemic after having bottom ed out mid-2021 at a 2.1% loss.

Updated data on the prior month hiring spree showed the revised 8600 monthly net gain in June to be arguably the broadest-based hiring spree post-pandemic behind April 2022.

P&C primary carriers enjoyed their third straight month of net employment gains in June, adding 2100 jobs net for a 0.4% monthly gain. Employment in primary P&C carriers remains 39,100 or 6.9% below pre-pandemic levels after having bottomed in October 2021 at an 8% decline.

All told, carriers gained 4000 for the month, after another 2700 net hires in life and health, but remain a heady 79,700 below pre-pandemic levels.

Agencies, brokers and related services are filling most of the gap, having moved first to hire in large numbers already after the first wave of the pandemic.

Employment levels in insurance agencies and brokerages were nearly 64,900 above pre-pandemic levels after adding another 2600 in June, bringing the year-to-date sum to 19,400 net hires.

Employment levels in claims adjusting firms are now back down below pre-pandemic levels after declines in four of the first six months of 2022.

The latest July job gains for the broad insurance sector lined up with a total increase in nonfarm payrolls of over half a million. Job gains were said notable in leisure and hospitality, in professional and business services, and in health care.

The BLS presents employment data on a monthly timetable based on surveys of employers. The statistical estimates are seasonally adjusted, predominantly to account for calendar effects (4-week vs 5-week months in payroll schedules).

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