P/C Insurers, Brokers Added More Jobs, Data Shows

In early June, the U.S. Labor Department’s Bureau of Labor Statistics released detailed employment statistics for the month of April.

The data shows that P/C insurers added 800 jobs in April, for the total of 526,300 workers.

In a commentary, the Insurance Information Institute noted that the employment trend might be improving in 2012. P/C insurers lost jobs in January, but after that, things started to pick up. Hiring was mostly flat in February, and rose for both March and April. In March, P/C carriers added 2,000 jobs. Still, the I.I.I. stated that the downward trend that began in mid-2008 has not yet clearly reversed. (And P/C carrier employment is still down by 6,000 jobs compared to one year ago.)

Agents and brokers showed big gains in April. This sector added 3,600 jobs in April for the total of 649,600 workers.

But the I.I.I. observed that month-to-month swings in the number of agentss and brokers are more volatile than carrier employment. In March, agents and brokers added 400 jobs. This sector’s employment is up by 11,400 jobs compared to one year ago.

Reinsurers added 100 jobs in April, for the total of 27,800 workers. Claims adjusters added 600 jobs for the total of 48,300 workers. The third-party administration sector added 1,500 jobs for the total of 137,400 workers.

Life and health insurers were the big losers in April. Life insurers lost 1,100 jobs and the employment in that sector is down to 336,500 workers. Health/medical insurers also lost 1,100 jobs. Some 428,400 workers are employed in that sector.

Overall, the U.S. insurance industry added 4,900 jobs, bringing the total number of employees to 2,278,400 at the end of April.