The U.S. insurance industry shed another 200 jobs in October compared with September, according to an Insurance Information Institute analysis of U.S. Bureau of Labor Statistics data. Based on seasonally unadjusted numbers, property/casualty insurer employment declined 0.2% in October compared with September, dropping the industry’s employment to 461,500, which the III said was the lowest property/casualty employment in at least 20 years.
In September, the insurance industry shed about 6,000 jobs. In October, the U.S. insurance industry had 2.17 million jobs, according to the III analysis.
“In some respects, this is to be expected, given the multiyear slide in net written premiums and the pressure to reduce expenses to offset the loss of investment income from the low levels of prevailing interest rates,” Robert Hartwig, an economist and president of the III, said in the analysis Since 2006, property/casualty premiums have dropped by about 7% and property/casualty insurer employment has declined about 5.75%, the III said.
While the number of property/casualty insurer jobs declined by 700 in October, the number of agents and brokers rose by 4,200, a 0.7% increase from September, which the III said was the strongest month-to-month job increase since July 2008. There were 631,400 agent/broker jobs in October.
Meanwhile, claims adjuster jobs also rose 0.7% in October compared with September, increasing to 43,700.