PULSE Newsletter

Monthly Insights on the Insurance Labor Market

November 2022: Labor Market Pulse

As we near the end of 2022, the insurance labor market remains relatively strong. Unemployment is low, at 1.1%, and the insurance carriers and related activities sector has added nearly 34,000 jobs since the start of the year. However, finance and insurance job openings continued a four-month decline in September*, dropping to 280,000. Additionally, retirements ... November 2022: Labor Market Pulse

October 2022: Labor Market Pulse

The overall U.S. economy exceeded job growth expectations in September. While the insurance carriers and related activities sector experienced a slight decrease in employment, industry unemployment dropped to below 1% for the first time in nearly a year. Wages also increased year-over-year across all insurance sectors. Following two consecutive months of record finance and insurance ... October 2022: Labor Market Pulse

September 2022: Labor Market Pulse

The industry’s labor market remains strong with accelerating wage growth and continued low unemployment. Wage inflation for the industry is high, trending toward an overall 6.3 aggregate percent increase in 2022, compared to just 0.8 in 2021. This increase is even more pronounced for property and casualty carriers, which are trending toward a 10.5 aggregate ... September 2022: Labor Market Pulse

August 2022: Labor Market Pulse

Competition for talent continues, with job openings in finance and insurance reaching a record level of 401,000 in June*, surpassing January’s revised record of 376,000 (originally reported as 411,000) and contributing to an average level of 367,000 open roles for 2022 so far. Comparatively, the same timeframe in 2021 (January through June), saw an average ... August 2022: Labor Market Pulse

July 2022: Labor Market Pulse

While insurance unemployment continued to rise in June, the industry has added nearly 30,000 jobs since the start of the year. Within the larger finance and insurance category, job openings remain elevated amid a challenging recruiting climate. Additionally, pay continues to be relatively high for carriers although overall wage growth appears slightly slowed. We’re continuing ... July 2022: Labor Market Pulse

June 2022: Labor Market Pulse

Industry unemployment remains low, and while May saw a decrease in employment compared to April, insurance has gained more than 17,000 new jobs since the start of 2022. Movement persists with both quits and job openings remaining high. As comfort levels increase, in-person conferences and networking events are picking up pace across all industry sectors, ... June 2022: Labor Market Pulse

May 2022: Labor Market Pulse

April saw strong job growth in the insurance labor market with the addition of nearly 20,000 jobs, according to the Bureau of Labor Statistics. Unsurprisingly, the unemployment rate for insurance carriers and related activities continued its steady decline since February, dropping to just 1.4% in April. Unemployment held steady at 3.6% for the overall U.S. ... May 2022: Labor Market Pulse

April 2022: Labor Market Pulse

The insurance labor market remains incredibly tight, with a slight drop in unemployment and the loss of 1,400 jobs in March. Unemployment also fell for the overall U.S. economy, which has seen a 14-month streak of steady job growth. Job openings within the larger finance and insurance sector remain relatively high; yet, the industry continues ... April 2022: Labor Market Pulse

March 2022: Labor Market Pulse

According to the Bureau of Labor Statistics, January* saw the largest number of open finance and insurance jobs in at least two decades. Hires and quits are also relatively high, further illustrating the industry reshuffling that has occurred throughout the last several months. The industry unemployment rate remains low; and while employment for insurance carriers ... March 2022: Labor Market Pulse

February 2022: Labor Market Pulse

While employment for insurance carriers and related activities has been on the rise for the past six months, revised BLS numbers* show average employment for 2021 was roughly 2.8 million, about 57,000 fewer jobs than originally reported. However, the tight labor market persists, and industry hiring is not keeping pace with its number of quits. ... February 2022: Labor Market Pulse

January 2022: Labor Market Pulse

While industry unemployment rose slightly at the end of 2021, the insurance carriers and related activities sector experienced six consecutive months of gradual job growth and reached a record high for annual average employment. Recent growth appears to be primarily driven by title, claims and agent/broker roles. The BLS also reported 407,000 job openings within ... January 2022: Labor Market Pulse

December 2021: Labor Market Pulse

We’re closing out 2021 on a positive note, with a low unemployment rate and the addition of new jobs within the insurance carriers and related activities sector. This year has seen numerous shifts, including changing candidate expectations, an intensifying war for talent and continued reshuffling. The unemployment rate for insurance carriers and related industries remains ... December 2021: Labor Market Pulse

  • Reset