In August, both the overall economy and insurance carriers and related activities experienced declining unemployment rates and continued job growth. The insurance industry is down just 1,900 jobs compared to February 2020’s pre-pandemic numbers and employs 13,300 more individuals than in August 2019. In spite of the pandemic, the life, property and casualty, and health sectors have all seen year-to-year* increases in employment.
Our recent 2020 Q3 U.S. Insurance Labor Outlook Study, conducted in partnership with Aon plc, indicates this momentum will continue. Of the insurance carriers surveyed, 83 percent plan to increase or maintain their staff sizes in the coming year. They also reported the majority of functions have increased in recruiting difficulty. For more insights from the study, download the full report.
BLS Reported Adjustments: Adjusted employment numbers for July show the industry saw an increase of 2,600 jobs, compared to the previous reported increase of 4,700 jobs.
*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 sector.