The run of agent and broker monthly employment gains that began in June 2013 ended in March, as the subsector shed 200 jobs during that month, according to an analysis of the latest U.S. Labor Department’s Bureau of Labor Statistics (BLS) figures.
Even with the slight drop in employment from February to March, Insurance Information Institute President Robert Hartwig points out that agents and brokers have gained 17,900 jobs since March 2013. Since hitting a low in May 2010 of 640,700 jobs, the subsector has rebounded to 676,300 jobs.
Property and casualty insurers enjoyed another month of job gains in March, although not at the rate seen in recent months. The addition of 800 jobs continues an employment-gain run that began in April 2013. In January and February, P&C carriers added 1,300 and 2,300 jobs respectively.
Compared to March 2013, P&C carrier employment is up by 10,800 jobs to 529,500. The subsector had suffered a 29-month period of year-over-year job losses from June 2011 to October 2013, Hartwig says. “P&C carrier employment is now back to where it was in the first quarter of 2012,” he adds.
As in February’s data, health/medical direct carriers enjoyed the largest monthly employment gains in the insurance industry, adding 1,200 positions in March. The subsector has added 19,300 jobs since March 2013, and employment for health/medical direct stands at 487,100. Hartwig says, “At least some of this growth is undoubtedly connected with the flood of health insurance applications and purchases as the Affordable Care Act takes full effect.”
Other than health/medical direct and P&C carriers, third-party administration was the only other subsector to add jobs (400) in March. Life direct carriers shed the most jobs in the month (1,000). Reinsurers and claims adjusters both shed 100 jobs for the month.
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