JACOBSON INSIGHTS

Unemployment for both the overall U.S. economy and insurance carriers and related activities declined in May. However, while the Bureau of Labor Statistics reported an overall unemployment rate of 13.3 percent, discrepancies were found in the data for March, April and May’s reports. According to the BLS, the revised numbers would likely be 5.4 percent in March (4.4 percent was reported), 19.7 percent in April (14.7 percent was reported) and roughly 16 percent in May.*

The unemployment rate for insurance carriers and related activities was reported as 3.6 percent in May and the industry remains stable. Insurers have not experienced mass layoffs, and title, agents/brokers and TPAs were the only sectors that saw month-to-month job decreases.** 

INDUSTRY HIGHLIGHTS

• On a year-to-year basis, April** insurance industry employment saw job increases in health (up 2.5 percent), property and casualty (up 1.8 percent) and TPAs (up 0.1 percent). Meanwhile, job decreases were seen for claims (down 7.6 percent), reinsurance (down 4.2 percent), title (down 2.0 percent), agents/brokers (down 0.1 percent) and life (down 0.1 percent). 
• On a year-to-year basis, April** saw weekly wage increases in reinsurance (up 8.3 percent), agents/brokers (up 6.5 percent), TPAs (up 6.2 percent), claims (up 5.6 percent), property and casualty (up 4.1 percent) and life/health (up 3.2 percent). Meanwhile, wage decreases were seen for title (down 2.6 percent).

BLS Reported Adjustments: Adjusted employment numbers for April show the industry saw a decrease of 6,900 jobs, which is more than the previous reported decrease of 4,400 jobs.

*Due to a classification error, the unemployment numbers are higher than the BLS reported.

**The BLS reports on wages and employment for the industry category are only available for two months prior.

Source: U.S. Bureau of Labor Statistics. Insurance data is derived from the insurance carriers and related activities subsector.