NU Online News Service, May 10, 12:43 p.m. EDT
Property and casualty insurers added 2,000 jobs in March, a month that is typically favorable for P&C employment, according to Insurance Information Institute President Robert Hartwig.
However, Hartwig says in an I.I.I. analysis of the latest U.S. Labor Department's Bureau of Labor (BLS) Statistics that “the downward trend that began [for P&C carrier employment] in mid-2008 has not clearly reversed, although employment in March 2012 rose by 2,000.”
He adds, “To put this gain in context, it is worth noting that P&C employment often rises in March; in the 23 years starting with 1990, for example, it rose 17 times, fell only three times and was flat three others.”
The P&C carrier monthly gain was the most of any insurance subsector. Compared to March 2011, though, industry employment is down by 9,100 jobs. Total P&C carrier employment stands at 525,500 jobs.
The insurance industry as a whole, including both the P&C and life and health sectors, gained 3,100 jobs in March compared to February, bringing total U.S. industry employment up to 2,273,700.
Agents and brokers—both P&C and life and health—added 400 jobs in March compared to February. Employment for this subsector is up by 3,000 jobs compared to March 2011, and total agent and broker employment currently stands at 645,600 jobs.
Reinsurers added 100 jobs compared to February, and 1,500 jobs compared to March 2011.
Not all subsectors saw employment gains in March, however. Claims adjusters were down by 600 jobs in March compared to February, and were down by 1,800 jobs compared to March 2011.
Life insurers also shed 800 jobs compared to February.
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