Home / US Jobs Report: Insurance Jobs Slip in October

US Jobs Report: Insurance Jobs Slip in October

Employment in the U.S. insurance industry continued to drop, slipping by 1,400 jobs in October following adjusted September numbers showing a worse than previously determined loss of 6,000 jobs nationwide. The October employment report released by the U.S. Bureau of Labor Statistics showed a gain of 159,000 private-sector jobs in October, though the unemployment rate remained unchanged at 9.6%.

The private-sector gains were partially offset by a slight decline in government jobs. The number of temporary census workers dropped 5,000 in October; after a peak of 564,000 in May, approximately 1,000 workers remained on federal payrolls in October. Employment in the insurance industry, however, shows a 12-month decline of 2.4%.

Total insurance industry payrolls are reported each month on a seasonably adjusted basis, along with the current month’s nonfarm payrolls. Separately, data by industry segment — broken out by various insurance carrier and noncarrier categories — are available only on an unadjusted basis for the prior month.

Based on just-released September 2010 data, there is no insurance sector showing year-over-year growth in jobs numbers. Life insurance carriers stood at 342,800 jobs, down 1.7%; the health sector had 427,200 jobs, down 2.3%; property/casualty jobs were 462,200, down 2.9%; title insurers had 66,200 jobs, down 4.7%; reinsurers held nearly steady at 26,400 jobs, down 0.4%; agents and brokers, the largest insurance job sector, has 626,500 jobs, down 2.8%; claims adjusters plunged to 43,400 jobs, down 9.0%; and third-party administrators fell to 124,900 jobs, down 2.7%.

Insurance wages continued to increase in year-over-year comparisons, with some month-to-month volatility.

Life insurance employees averaged $995.11 per week, up 4.8% from September 2009; health insurers’ wages averaged $971.00, up 5.8%; property/casualty workers, $1029.21, up 3.3%; reinsurers, $892.90, up 9.7%; agents and brokers, $789.77, up 5.3%; claims adjusters, $916.14, up 5.2%; third-party administrators, $779.94, up 4.2%. Title insurance employees’ weekly wages surged 14.9% in year-to-year comparisons to $946.03.

Mountain Insurance

The right coverage at the best price. Colorado's trusted insurance advisers since 1997

About Us

We are dedicated to providing our clients with the highest quality in business and personal insurance products and services at the most competitive prices in Denver, CO.

3705 Kipling Street, Wheat Ridge, CO 80033
303 420-4774