Property and casualty insurers and agents and brokers led the way for insurance-industry employment gains in December 2013, although the figures for P&C carriers have been recalibrated, throwing off some of the historical employment figures reported in 2013.
In an analysis of the latest U.S. Labor Department's Bureau of Labor Statistics, Insurance Information Institute President Robert Hartwig says P&C carrier employment figure for December—526,300—actually represents a drop of nearly 3,000 from the total reported last month, but an increase from the revised November 2013 report of 523,700.
Hartwig explains, “The BLS once a year recalibrates the employment estimates based on new census data and new seasonal adjustment weights; this year the changes had the effect of reducing the P&C numbers that had been reported all during 2013.”
The revised figures show P&C carrier employment rising every month from April to December, while the previous data showed employment falling in April and September.
Hartwig also says that, previously, P&C carrier employment had been reported at 515,600 in February 2012, indicating a previously-reported 20-month positive trend from then until November 2013 of 13,600 additional jobs. The revised numbers, though, say February 2012 employment was 528,900, showing a decline over the 20-month period to 523,700 in November 2013.
For agents and brokers, the positive news that began in June 2013 continues. The subsector added 1,100 jobs in December and has added 14,300 jobs over the most recent six months.
Hartwig notes the march continues to the subsector's pre-recession employment peak of 682,100 in July 2007. Employment stood at 673,500 as of December.
As for other insurance subsectors, reinsurers added 200 jobs in December, life insurers added 700, health/medical direct added 900 and third-party administrators added 300. Claims adjusters shed 400 positions, and title and other direct and “all other insurance-related activities” both lost 200 positions.
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