35k jobs added in 2019: Insurance industry employment update by sector
New data reveals the insurance industry added 34,700 new jobs in 2019, hitting a total of 2.7 million jobs.
The Labor Department’s Job Openings and Labor Turnover Survey (JOLTS) released in mid-December revealed an unexpected jump in the number of U.S. job openings in October. Surpassing the median forecast of 7 million, national job openings increased by 235,000 in October to reach 7.27 million, while the quits rate held at 2.3%.
For the insurance market, a new report from insurance recruiting firm The Jacobson Group reveals industry-focused employment statistics for 2019.
According to Jacobson, the insurance industry added 34,700 new jobs in 2019, reaching a total of 2.7 million jobs.
Jacobson broke down 2019 labor data for the insurance industry sector by sector. In general, the health and title sectors saw strong continued growth, and despite employment decreases in life and claims, 2019 was a good year for the industry as a whole.
2019 labor data by market sector
On a year-to-year basis, October’s insurance industry employment numbers saw job increases across various sectors, including:
- Health (+3.9%),
- Agents/brokers (+2.7%),
- Reinsurance (+2.4%),
- Title (+1.4%),
- Property and casualty (+1%) and
- TPAs (+0.7%).
In the opposite direction, job decreases were seen for life (–1.8%) and claims (–14.5%).
On a year-to-year basis, Jacobson reports October saw weekly wage increases in:
- Claims (+9.5%),
- Agent/brokers (+5.8%),
- Life/health (+3.8%),
- TPAs (+4.4%),
- Reinsurance (+5.4%) and
- Property and casualty (+0.7%).
Meanwhile, weekly wage decreases were seen for title at –1.5%.
See also: