The U.S. insurance industry saw a 3.3% increase over November’s jobs figures, adding 3,300 jobs in December,
The BLS report notes that in November, the industry lost 100 jobs, and adjusted employment numbers for November 2011 that revealed little to no job growth between October and November.
The minor dip in insurance jobs in November primarily related to health (-0.8% to 420,700 jobs); property/casualty (-2% to 452,300 jobs); title insurance (-4.1% to 64,900 jobs); and third-party administration of funds (-1.1% to 127,200 jobs).
The BLS reported that the areas of life (+0.03% to 374,800 jobs); agents/brokers (+0.4% to 643,200 jobs); and claims adjusting (+0.2% to 48,400 jobs) experienced minor improvements. Reinsurance remained flat with 27,500 jobs.
Currently, the industry claims approximately 2.2 million jobs, up 0.39% since December 2010.
Counting all industries, overall national unemployment fell to 8.5% in November, with employment improvements seen in retail trade, transportation and warehousing.
With the exception of title insurance, which saw its average weekly wages fall 15.7% to $790.83, year over year wages across all insurance sectors tracked upwards, noted the BLS.
Life insurance weekly wages increased 0.8% to $1,033.54; health 4.6% to $1,054.53; property/casualty 5.1% to $1,085.06; agents/brokers 3% to $818.06; claims adjusting 10.07% to $1,035.12; and third-party administration of claims 5.6% to $821.71. Reinsurance saw the most dramatic increase in weekly wages, jumping 18.9% to $1,152.36.)
Pat Speer writes for
