Insurance Employment Grew by 5,300 Jobs, Latest Data Show

The insurance industry had 5,300 net job gains in December 2011 compared to November 2011, according to the latest industry-specific data published by the federal government this month.

The U.S. Labor Department’s Bureau of Labor Statistics found that overall, the insurance employment picture brightened in December. But not all segments did well.

P/C direct employment added 1,100 jobs for the total of 526,800 jobs in December. Reinsurers also added jobs, adding 1,100 for the total of 27,300 jobs.

But claims adjusters lost 100 jobs, now down to 49,500. Agents and brokers lost 200 jobs and are down to 646,600. Life direct employment is down by 500, to 343,800.

Health and medical direct did well, adding 1,000 jobs for the total of 430,900. Title and other direct added 1,300 jobs for the total of 71,500. Third-part administration rose by 900 jobs, to 136,500. All other insurance-related activities gained 700 jobs to a total of 53,800.

Data for the latest month are preliminary and are often revised later, but revisions are usually small, according to the Insurance Information Institute.

One big news regarding the insurance employment data is that the numbers from recent months have been updated and recalibrated to more accurately reflect the industry segments. In some cases, specific segment jobs numbers from recent months have changed substantially following the recent update. But month-by-month trends and comparisons in the report are still just as accurate, because updates were made across the board and have been applied to previous months as well.

I.I.I. President Robert Hartwig said the Bureau of Labor Statistics annually recalibrates its assumptions to reflect more accurate data obtained in the Quarterly Census of Employment and Wages.