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New Study Uncovers Initial Effects of COVID-19 on the Insurance Labor Market

April 17, 2020
 

CHICAGO – A recent study conducted by The Jacobson Group has uncovered the initial impact of COVID-19 on the U.S. insurance industry’s labor market outlook. The survey, which ran from March 31 to April 10, shows 43.2 percent of insurers have adjusted their 2020 hiring plans in light of the pandemic.

“While insurers are making changes to their hiring plans, the shifts appear relatively minimal compared to the general economy,” said Gregory P. Jacobson, co-chief executive officer of Jacobson. “Layoffs do not seem imminent and some insurers even plan to increase their recruitment efforts. It’s likely the industry will see delayed effects on the labor market, and not be impacted by the short-term shutdown as much as the longer-term economic direction.”

Some of the study’s key findings include the following:

  • While 43.2 percent of insurance companies have changed their 2020 hiring plans as a result of the coronavirus, 33.3 percent have made no changes to their original plans and 23.5 percent are still evaluating their plans.
  • Of the carriers surveyed, 18.5 percent are on or anticipating a hiring freeze due to the pandemic.
  • About 22 percent of participants indicated a change in their use of temporary staff.
  • Insurers are most likely to add technology and analytics roles, perhaps as or more aggressively than indicated in the January 2020 study.

The survey was open to U.S. insurance and reinsurance carriers across all verticals and serves as an independent supplement to the Semi-Annual U.S. Insurance Labor Outlook Study, conducted in partnership with Aon plc. For more highlights and analysis, download the full results infographic here.

 

About The Jacobson Group:

The Jacobson Group is the leading provider of talent to the insurance industry. For nearly 50 years, Jacobson has been connecting organizations with insurance professionals at all levels across all industry verticals. We provide an array of services including executive search, professional recruiting, temporary staffing and subject matter experts. Regardless of the need or situation, Jacobson is the insurance talent solution. Further information is available at jacobsononline.com.

 

Contact:

The Jacobson Group

Whitney Stephens, Content Lead

+1 (312) 628-0376

wstephens@jacobsononline.com

 

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