Unemployment for insurance carriers and related activities continues to trend downward, while the overall U.S. unemployment rate rises. In June, the U.S. unemployment rate hit a two-and-a-half year high of 4.1%, while the insurance industry experienced its lowest unemployment rate this year at just 1.4%. Insurance employment is also on the rise, with the industry adding nearly 24,000 jobs since the start of the year.
In our Q1 2024 Insurance Labor Market Study, 52% of carriers shared they expected to add staff this year. What will the next 12 months bring? Share your organization’s plans in our Q3 2024 survey, which is open through July 28, and gain complimentary access to the results. We invite carriers across all verticals to participate: https://jcbsn.gr/2024q3-laborstudy.
 | Unemployment for the insurance carriers and related activities sector decreased to 1.4% in June. |
 | The insurance carriers and related activities sector gained 8,600 jobs in June. |
 | At more than 3 million jobs, industry employment increased by approximately 46,800 jobs compared to June 2023. |
 | The U.S. unemployment rate slightly increased to 4.1% in June and the overall economy added 206,000 jobs. |
- On a year-to-year basis, May* insurance industry employment saw job increases in reinsurance (up 2.9%), agents/brokers (up 2.4%), life/health (up 1.1%), TPAs (up 0.6%), and property and casualty (up 0.4%). Meanwhile, jobs decreased in title (down 3.8%) and claims (down 1.2%).
- On a year-to-year basis, May* saw weekly wage increases across all areas: agents/brokers (up 11.9%), title (up 11.2%), TPAs (up 7.7%), reinsurance (up 7.6%), life/health (up 3.6%), claims (up 2.3%), and property and casualty (up 1.4%).
BLS Reported Adjustments:
Adjusted employment numbers for May show the industry saw an increase of 4,600 jobs, compared to the previously reported increase of 4,800 jobs. The BLS continues to revise numbers to be most accurate, which may contribute to inconsistencies, depending on when reports were pulled.
*The BLS Job Openings and Labor Turnover Survey report and reports on wages and employment for the industry category are only available for two months prior.
The source for the data represented in PULSE is the U.S. Bureau of Labor Statistics. Insurance data is derived from the insurance carriers and related activities sector.