PULSE Newsletter

Monthly Insights on the Insurance Labor Market

November 2021: Labor Market Pulse

Unemployment for the insurance industry continues to drop, reaching a record low in October. At 0.8% unemployment, this is the industry’s lowest unemployment rate in the BLS’s 20-year recorded history and only the second time it has dropped below 1%. However, employment for insurance carriers and related activities continues to decrease, with a loss of ... November 2021: Labor Market Pulse

October 2021: Labor Market Pulse

The insurance industry’s unemployment rate dropped a full percentage point to 1.9% in September, reaching its lowest since the start of the pandemic. However, while the unemployment rate is low, industry employment also continues to drop. This is likely due to the complexity of the job market, and the effects of not only the Great ... October 2021: Labor Market Pulse

September 2021: Labor Market Pulse

The insurance industry saw unemployment drop from 4.2% in July to just 2.9% in August. This came with a slight decrease in industry jobs, continuing a five-month decline. While the Bureau of Labor Statistics reports industry employment is just shy of where it was one year ago, our Q3 2021 Insurance Labor Outlook Study indicates ... September 2021: Labor Market Pulse

August 2021: Labor Market Pulse

The overall economy saw an optimistic employment report in July, gaining nearly 950,000 jobs and exceeding economists’ predictions. The national unemployment rate is also encouraging, reaching its lowest since the start of the pandemic. However, the BLS reported continued job losses and a rising unemployment rate for the insurance carriers and related activities sector. While ... August 2021: Labor Market Pulse

July 2021: Labor Market Pulse

By now, most professionals are familiar with the term, “the Great Resignation.” As physical offices begin to reopen and the economy continues to rebound, the overall rate of quits in the United States was at a record high in April*. Within insurance, while relatively high, the rate of quits was still slightly below that reported ... July 2021: Labor Market Pulse

June 2021: Labor Market Pulse

Unemployment for the insurance carriers and related activities sector rose slightly in May to 2.5%. While the insurance industry as a whole has lost 15,000 jobs since February, the average unemployment rate for 2021 so far is a mere 2.3%. Property and casualty, and life and health carriers have seen the bulk of the job ... June 2021: Labor Market Pulse

May 2021: Labor Market Pulse

The insurance industry saw the unemployment rate fall to just 2% in April, its lowest since March 2020 and comparable to 2019’s pre-pandemic numbers. The Bureau of Labor Statistics also reported a loss of 7,000 insurance jobs; however, it’s likely these numbers will be revised in subsequent months’ reports. The overall U.S. economy saw unemployment ... May 2021: Labor Market Pulse

April 2021: Labor Market Pulse

The insurance carriers and related activities sector remained strong in the first quarter of 2021. Initially, the BLS reported a loss of 9,300 insurance jobs for January 2021, marking the first decline since recovery from COVID-19’s impact began in May 2020. However, the BLS revised this number to reflect an increase of 2,300 jobs in ... April 2021: Labor Market Pulse

March 2021: Labor Market Pulse

The insurance industry saw unemployment hold steady at 2.2% in February. However, the industry also experienced its second consecutive month of job losses since recovery from the COVID-19 pandemic began. The majority of losses appear to be in life/health and claims roles. In our Q1 2021 Insurance Labor Outlook Study, conducted in partnership with Aon ... March 2021: Labor Market Pulse

February 2021: Labor Market Pulse

The insurance industry saw unemployment decline in January, starting the new year with a 2.2% unemployment rate. This is lower than 2020’s overall average unemployment rate of 3% and even January 2020’s 2.9% unemployment rate. At the same time, the industry lost 9,300 jobs in January, marking its first decline since May 2020. However, it’s ... February 2021: Labor Market Pulse

January 2021: Labor Market Pulse

In December, the U.S. economy saw total employment drop for the first time since April, following several months of slowed job growth. However, the insurance industry ended the year strong, adding 4,900 jobs in December, for a total of 26,400 net new jobs in 2020. Industry wages continued to increase year-to-year and insurance unemployment remained ... January 2021: Labor Market Pulse

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