Employment figures for agents and brokers are headed toward a prior peak set in July 2007.
There were 2,400 more agents and brokers employed in July 2013 versus June. In June the agents and brokers subsector added 1,500 jobs to reverse six months of declining employment figures.
Agent and broker employment is now at 665,800 and headed for the high of 679,300 set in July 2007.
In an analysis of the latest U.S. Labor Department's Bureau of Labor Statistics figures, Insurance Information Institute President Robert Hartwig says job grow for agents and brokers is “fairly typical” in July. Job growth was seen in this segment in 16 or 24 Julys starting in 1990, and fell just 5 times, he notes.
Overall insurance-related employment was up 4,100 jobs to 2,357,100 in July compared to June.
P&C carrier employment was down 300 to 523,800. July is unpredictable, remarks Hartwig. He says the following three months share the same characteristic. In August, September and October employment fell 10 times and increased 10 times during the 10-year period 2003-2012, he adds.
Two hundred more people were employed in the reinsurance sector in July, compared to June.
However, job for claims adjusters decreased 1,000 to 50,800 over the same time period. Hartwig says, “This is the first big drop for this segment. Claims adjustment employment had been at or above 51,000 continuously since August 2011 except for April and May 2013.”
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