After six months of declining employment figures, agents and brokers added 1,500 jobs in June—a month that saw employment growth in nearly all insurance subsectors.
In an analysis of the latest U.S. Labor Department's Bureau of Labor Statistics (BLS) figures, Insurance Information Institute President Robert Hartwig notes that agent and broker employment had “backed off from a peak of 663,900 in November 2012” after generally rising going back to August 2010.
Prior to June figures, agents and brokers had shed 100 jobs in May, 600 in April, 500 in March, 1,000 in February, 300 in January and 1,200 in December.
Hartwig says the employment gain in June is typical for the agent and broker subsector. He notes that “in the 24 Junes starting in 1990…agent and broker employment grew 14 times, was flat three times, and fell seven times.”
Property and casualty carriers added 800 jobs in June compared to May, which Hartwig also says is usual for the month. But noting a broader trend for the subsector, he adds, “Considering recent consecutive months, from February 2012 to June 2013, P&C carrier employment rose by 8,000, up 1.55 percent, despite single-month drops in January and April 2013.”
In total, insurance industry employment in June was up by 6,700 jobs. All subsectors showed gains, except for “all other insurance related activities,” which was flat.
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