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  • BLS: Insurance Industry Lost 1,300 Jobs in November

    December 3, 2016 by Frank Klimko

    WASHINGTON – The U.S. insurance industry lost 1,300 jobs in November, according to data released by the Federal Bureau of Labor Statistics on Dec. 2.

    The seasonally adjusted 0.05% decrease for October 2016 through November 2016 is a reversal for the industry, which had experienced 10 consecutive months of growth this year. Updated industry data show the insurance industry added 7,100 jobs in October, slightly down from the 7,700 job additions reported initially (Best’s News Service, Nov. 4, 2016).

    Overall insurance industry employment in November was 2,617,800 — an increase of 38,300 jobs compared with November 2015.

    Total nonfarm payroll employment nationwide increased by 178,000 in November, compared with October, while the overall unemployment rate fell from 4.9% to 4.6%, the BLS data said.

    Private employment increased by 178,000 jobs in November, meaning U.S. businesses have added 15.6 million jobs during 82 consecutive months dating back to early 2010, extending the longest recorded growth streak, according to Jason Furman, chairman of the White House Counsel of Economic Advisers. The unemployment rate is at its lowest level since August 2007, Furman said.

    The BLS reports insurance industry total payrolls monthly on a seasonally adjusted basis, along with the current month’s non-farm payrolls. Separately, data by insurance industry segments — broken out by various insurance carrier and non-carrier categories — are available only on an unadjusted basis for the prior month.

    Most of the eight insurance sectors saw slight growth in October 2016 over September 2016, led by insurance agencies and brokerages (up 0.58% to 780,100 jobs); third-party administration of insurance funds (up 0.57% to 176,500 jobs); direct life insurance carriers (up 0.45% to 333,900 jobs); direct health and medical insurance carriers (up 0.44% to 553,100 jobs); reinsurance carriers (up 0.4% to 25,000 jobs); and direct property/casualty insurers (up 0.36% to 523,400 jobs). The lone sector showing month-to-month decreases in October was direct title insurance and other direct insurance carriers (down 0.66% to 90,000 jobs); claims adjusting was flat (59,800 jobs).

    Seven of eight insurance sectors showed job growth in October 2016 compared with October 2015, led by claims adjusting (up 4.07%); direct title insurance and other direct insurance carriers (up 3.89%); direct health and medical insurance carriers (up 3.65%); direct property/casualty insurers (up 2.27%); third-party administration of insurance funds (up 1.93%); direct life insurance carriers (up 1.49%); and insurance agencies and brokerages (up 0.78%). The lone sector showing a decrease was reinsurance carriers (down 2%).

    All seven insurance sectors showed wage increases for October 2016 over September 2016, led by insurance agencies and brokerages (up 4.97%); direct property/casualty insurers (up 3.13%); direct title insurance and other direct insurance carriers (up 3.04%); third-party administration of insurance funds (up 2.76%); direct life and health insurance carriers (up 1.99%); reinsurance carriers (up 1.72%); and claims adjusting (up 0.67%).

    Six of seven insurance sectors showed wage increases for October 2016 over October 2015, led by claims adjusting (up 5.73%); direct property/casualty insurers (up 4.88%); direct title insurance and other direct insurance carriers (up 4.63%); direct life and health insurers (up 4.62%); third-party administration of insurance funds (up 4.21%); and insurance agencies and brokerages (up 3.35%). The only sector showing a decline was reinsurance carriers (down 9.49%).

    Originally Posted at AM Best on December 2, 2016 by Frank Klimko.

    Categories: Industry Articles
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