NU Online News Service, Sept. 7, 11:08 a.m. EDT
Property and casualty carrier employment fell by 2,200 jobs in July after remaining flat through June, and agents and brokers shed 900 jobs in July after two previous months of “unusually strong increases,” according to an Insurance Information Institute (I.I.I.) analysis of the latest U.S. Labor Department Bureau of Labor Statistics (BLS) figures.
Overall, employment for the U.S. insurance industry declined by 2,900 jobs in July, bringing the total number of industry positions to just over 2.2 million.
Last month, I.I.I. President Robert Hartwig said P&C and carrier employment probably reached a high point for the year in June at 457,700. As the July data is released, Hartwig reiterates, “Historically, carrier employment declines in the second half of the calendar year, somewhat more often for P&C carriers than for life or health carriers or reinsurers.”
P&C carrier employment now stands at 455,600, down 2.2 percent for the 12 months ending July 2011.
For agents and brokers, Hartwig says of the July employment decline, “This is what stock-market analysts might call a correction—a small drop following two months of unusually strong increases.” Employment for agents and brokers was up by 4,100 positions in May and by 2,900 positions in June. After the dip in July, total agent and broker employment stands at 643,700.
The BLS data does not separate life agents from P&C agents, or agents from brokers.
July employment for claims adjusters fell by 700 jobs compared to June, down to 47,800, and Hartwig says this was “expected given the enormous tornado damage in April and early May,” when more adjusters were needed.
Reinsurers saw a slight dip in July employment, down 100 positions to a total of 27,200, but Hartwig says employment in this sector is “still essentially flat since March.”
Of all industry sectors, life insurers saw the biggest increase in July, adding 1,900 jobs for a total of 373,000 positions.
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