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Insurance Industry Sheds 200 Jobs In October

Posted on 09 Dec 2010

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Life insurers, property/casualty insurers and health insurers all shed jobs in October, and the industry on the whole lost 200 jobs, according to analysis by the Insurance Information Institute (I.I.I). analysis, a small number compared to total employment of 2,170,800, but a decline nonetheless. And there are still 15,700 fewer claims adjusters, agents and brokers than a year prior.

Two of the hardest hit sectors of the industry in recent years have been claims adjusters and agents/brokers. Since the recession began in December 2007, there's been a 16% decline in the number of claims adjusters and a 7.1% decline in the number of agents and brokers, according to data from the U.S. Bureau of Labor Statistics, compared to a 7.2% decline in employment overall.

But in October, even as the industry cut jobs slightly overall, "employment in the field" in those areas went up compared to the prior month, noted the I.I.I.

Agents and brokers did particularly well, as the industry added 4,200 such jobs, a 0.7% increase from September, which the I.I.I. called "the strongest month-to-month uptick since July 2008." The industry also added 400 jobs for claims adjusters, which also amounted to a 0.7% increase.