Insurance Networking News, October 12, 2010
The U.S. Bureau of Labor Statistics’ September numbers are out, and “insurance carriers and related activities” industry lost 5,700 positions from August to September. Total employment in the sector was 2,177,100 in August 2010 and 2,171,400 in September 2010.
The slumping numbers continue the downward trend the industry has seen since the onset of the recession. September 2009’s employment rate was 2,231,900, and it’s been dropping ever since.
Looking at August 2010 data, BestWire concludes that there is no insurance sector showing year-over-year growth in jobs numbers. But, property/casualty, title and reinsurance did see modest month-to-month improvements.
Despite their month-to-month growth, property/casualty insurers have experienced a 12-month drop of 2.8% to 465,300; title insurers were down 5.7% to 66,600; and reinsurers were 3.3% lower to 26,100, according to BestWire. The health sector is at 429,600 jobs, a 1.9% loss since August 2009; life is at 343,300 jobs, a 1.8% decline.
Additionally, BestWire reports that agents and brokers took the biggest hit—630,900 total jobs, marking a 2.1% decline for the year. Employment for claims adjusters slid 8.2% to 43,500; and third-party administrators were off 2.7% to 125,600