PULSE Newsletter

Monthly Insights on the Insurance Labor Market

November 2023: Labor Market Pulse

While the unemployment rate for insurance carriers and related activities rose slightly in October, it remains low at 1.7%. At the same time, job openings for the larger finance and insurance sector are at their highest level since July 2022, reaching 479,000 in September* (nearly 200,000 more open positions than reported for September 2022, which ... November 2023: Labor Market Pulse

October 2023: Labor Market Pulse

The industry continues to face layered complexities and pressures, further compounding an already difficult talent landscape. The unemployment rate for insurance carriers and related activities continues to decline, dropping to 1% in September, compared to 3.8% for the overall U.S. economy. Given month-to-month fluctuations and a limited BLS sample size, the three month rolling average ... October 2023: Labor Market Pulse

September 2023: Labor Market Pulse

Unemployment continues to decline within the insurance carriers and related activities sector, falling to 1.4% in August, despite a slight increase in the overall economy’s unemployment rate. Job openings within finance and insurance remain elevated compared to pre-pandemic numbers and total separations have declined compared to last year. The previously volatile labor market appears to ... September 2023: Labor Market Pulse

August 2023: Labor Market Pulse

Despite rising costs for health insurance and profitability issues within property and casualty, the industry’s talent landscape remains strong. The unemployment rate for insurance carriers and related activities dropped by more than 1.5 points last month, following a brief spike in June. Industry employment also continues to grow, with the sector adding nearly 30,000 jobs ... August 2023: Labor Market Pulse

July 2023: Labor Market Pulse

The insurance carriers and related activities sector experienced its third consecutive month of record high employment in June, reaching 2,945,300 individuals. Industry wages are also continuing to rise, with a 6.1% overall increase compared to one year ago.* Meanwhile, the insurance unemployment rate rose to 3.2% last month – the highest the industry has seen ... July 2023: Labor Market Pulse

June 2023: Labor Market Pulse

We’re experiencing continued job growth as we reach the mid-point of 2023. The insurance carriers and related activities sector added jobs for the third consecutive month, reaching a new high watermark of 2,939,200 in May. The industry’s unemployment rate increased to 2.5%; however, it’s likely this will fall in the coming months, consistent with a ... June 2023: Labor Market Pulse

May 2023: Labor Market Pulse

The U.S. labor market remains resilient – despite some economists’ predictions – as we enter May. The insurance carriers and related activities unemployment rate saw just a slight increase to 1.6%; and unemployment for the overall U.S. economy dropped to 3.4%, which along with January 2023, marks a 54-year low. Numbers from the Bureau of ... May 2023: Labor Market Pulse

April 2023: Labor Market Pulse

Entering the second quarter of 2023, the insurance labor market remains relatively constant. The industry unemployment rate is low at 1.5%, and insurance employment is steady, boasting nearly 32,000 more jobs than one year ago. Finance and insurance job openings dipped slightly in February*, to 350,000; however, while this number is lower than last year’s ... April 2023: Labor Market Pulse

March 2023: Labor Market Pulse

The insurance labor market continued its steady growth in February with unemployment falling almost a full point to 1.4% for insurance carriers and related activities. Revised numbers for January also show the industry hit record-high employment at 2,922,000 jobs. Amid employment growth, insurers continue to face a tight labor market. Twenty-five percent of companies report ... March 2023: Labor Market Pulse

February 2023: Labor Market Pulse

The insurance labor market remains strong as realignment persists. Although the industry saw a slight decrease in jobs from December to January, revised numbers* from the Bureau of Labor Statistics show 2022 average monthly employment for the insurance carriers and related activities sector was 2.9 million – 74,350 more positions than previously reported. This annual ... February 2023: Labor Market Pulse

January 2023: Labor Market Pulse

Despite a sense of economic uncertainty, the insurance labor market does not seem to be cooling in the new year. The industry ended 2022 with roughly 40,000 more jobs than the start of the year and 10 consecutive months of wage increases. Voluntary quits and job openings within finance and insurance had slight dips in ... January 2023: Labor Market Pulse

December 2022: Labor Market Pulse

The insurance industry is closing out 2022 with low industry unemployment and a high level of open finance and insurance positions. Despite ongoing economic uncertainty and a pending recession, insurance remains a candidate’s market as we enter the new year.  Voluntary quits remain elevated within finance and insurance; however, retirements saw a decline from 13,000 ... December 2022: Labor Market Pulse

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