The agent and broker subsector added jobs for the sixth straight month in November 2013, and is now just over 3,000 positions short of its July 2007 employment peak, according to an analysis of the latest U.S. Labor Department's Bureau of Labor Statistics figures.
The addition of 3,300 agent and broker positions for November represents the largest monthly addition in jobs for the subsector throughout the six-month employment-gain stretch. Agents and brokers also outpaced all other insurance subsectors for November employment gains, and accounted for well over half of the insurance industry's overall gain of 5,800 jobs for the month, an analysis by the Insurance Information Institute shows.
“If the recent pace keeps up, employment in this segment will pass [the July 2007] peak in one to two months,” says I.I.I. President Robert Hartwig in a statement accompanying the analysis.
Compared to November 2012, agents and brokers have added 12,100 jobs. The subsector's employment stands at 676,000 as of November 2013.
Property and casualty insurers also enjoyed a solid month of employment in November, adding 1,800 jobs during the month, the second-most behind agents and brokers. Hartwig says, “Rising P&C carrier employment in November is not unusual—in the 24 Novembers starting with 1990, seasonally adjusted P&C carrier employment rose twice as often as it fell.”
He notes that the latest report shows the highest employment figures for this subsector since June 2011. P&C carrier employment, as of November 2013, is 529,200. Compared to November 2012, the subsector has added 7,900 jobs.
Of the nine subsectors the I.I.I. tracks, only three showed employment losses for November: title and other direct (-900), claims adjusters (-400) and “all other insurance-related activities” (-100).
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