Unemployment rises despite more jobs in the insurance industry
The industry added more than 7,000 jobs in August, while the national unemployment rate remains steady at 3.7%.
Despite the unemployment rate rising to 2.2% in August for insurance carriers and related businesses, the industry added more than 7,000 jobs, says new data published by The Jacobson Group from the Bureau of Labor Statistics’ Employment Situation report.
Additionally, insurance wages increased by 3.5% year-over-year (YOY) in July, reflecting the industry’s highest YOY wage growth since 2016.
Nationwide, the unemployment rate remains at 3.7%, with 130,000 jobs added in August.
Jacobson’s insights
According to Jacobson, retirements spiked in the first half of 2019, contributing to a greater turnover rate in senior-and executive-level roles. This illustrates a growing trend of Baby Boomers no longer holding off on their retirements.
Across the various segments of the insurance industry, reinsurance experienced the greatest increase in jobs YOY in July 2019, while the claims sector faced the sharpest decline. Reinsurance also saw the highest weekly wage increase, with the property and casualty (P&C) vertical sustaining the smallest wage growth.
A list of each sectors’ YOY July job and wage changes can be found below:
- Reinsurance: Jobs increased 3.8%; weekly wage increased 6.9%
- Health: Jobs increased 3.6%; weekly wage increased 3.9%
- Agents and brokers: Jobs increased 2.3%; weekly wage increased 4.9%
- Title: Jobs increased 1.2%; weekly wage increased 1.8%
- TPAs: Jobs increased 1%; weekly wage increased 2%
- P&C: Jobs decreased by 0.1%; weekly wage increased 0.7%
- Life: Jobs decreased by 0.9%; weekly wage increased 3.9%
- Claims: Jobs decreased by 11%; weekly wage increased 3.9%
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