Insurance Industry to Add Jobs in 2013

The insurance industry job outlook for 2013 looks good. Hiring appears to be steady, with 54.5 percent of companies saying they intend to increase staff, and 77.4 percent expect to grow revenue in the next year, a survey reveals.

If the industry follows through on its plans, there will be a 1 percent increase in industry employment during the next six to eight months, according to the “Mid-Year Insurance Labor Market Study” conducted by The Jacobson Group and Ward Group, and published in August.

The finding that 54.5 percent of companies polled intend to increase staff represents an improvement of 3.3 points higher than in January 2012 when the last poll was taken.

Technology, underwriting and claim positions are expected to grow the greatest during the next 12 months, the study found.

“The average unemployment rate for the insurance industry this year is 4.4 percent, well below 2011’s average of 5.8 percent and 2010’s average of 6.2 percent,” Greg P. Jacobson, CEO, told Insurance Journal. “Following this trend, we can expect to continue low unemployment figures in 2013.”

“Next year, insurers will find that talent is a strong differentiator – and the skills gap is still real. To combat difficult to fill vacancies and high turnover among Millennials, insurers will want to brand themselves as an employer of choice. Flexibility, competitive compensation and aligned incentives will be top concerns for the labor force.”