In this crazy economy, it's always a good idea to keep an eye on job numbers.

For the insurance industry, new competitors, an aging workforce, online sales and rapidly emerging technologies are added reasons to pay attention to employment data.  

Employment in most segments of the insurance industry was up by varying degrees on a year-over-year basis in July 2016, according to Steven Weisbart, Ph.D., CLU, senior vice president and chief economist at the Insurance Information Institute. Independent claims-adjusting firms are the only insurance subsector that lost employees on a year-over-year basis.

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June to July 2016 insurance employment changes

Here are the employment changes from June 2016 to July 2016, according to the U.S. Department of Labor's Bureau of Labor Statistics:

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    • Property and casualty direct carriers: +2,100.
    • Life direct carriers: +400.
    • Health/Medical direct carriers: +3,400.
    • Title and other direct carriers: +500.
    • Reinsurers: +300.
    • Agents/Brokers: +0.
    • Third-party administration: -600.
    • Claims adjusters: -1,400.
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Multi-decade and year-over-year trends

The BLS published data as of July 2016, on detailed insurance industry employment. From this BLS data, the Insurance Information Institute has compiled updated multi-decade trend data spanning 1990 through July 2016.

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Jayleen R. Heft

Jayleen Heft is the digital content editor for PropertyCasualty360.com. Contact her at [email protected].