We’re closing out the first quarter of 2024 on a positive note. Unemployment for the insurance carriers and related activities sector slightly dropped to 2% and industry employment continues to grow – reaching a new record high in February. Job openings for the larger finance and insurance industry are the highest they’ve been since September 2023, which hit a record of 509,000 open roles, according to revised numbers from the Bureau of Labor Statistics.
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Unemployment for the insurance carriers and related activities sector decreased to 2% in February. |
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The insurance carriers and related activities sector gained 2,000 jobs in February. |
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At more than 3 million jobs, industry employment increased by approximately 57,200 jobs compared to February 2023. |
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The U.S. unemployment rate slightly increase to 3.9% in February and the overall economy added 275,000 jobs. |
INDUSTRY HIGHLIGHTS
- On a year-to-year basis, January* insurance industry employment saw job increases in claims (up 5.1%), reinsurance (up 3.7%), agents/brokers (up 2.5%), TPAs (up 1.9%), life/health (up 1%), and property and casualty (up 0.1%). Meanwhile, jobs decreased in title (down 3.2%).
- On a year-to-year basis, January* saw weekly wage increases across all areas: title (up 9.8%), agents/brokers (up 7%), TPAs (up 6.5%), reinsurance (up 5.9%), life/health (up 5.1%), property and casualty (up 4.7%), and claims (up 3.7%).
BLS Reported Adjustments:
*The BLS Job Openings and Labor Turnover Survey report and reports on wages and employment for the industry category are only available for two months prior.
The source for the data represented in PULSE is the U.S. Bureau of Labor Statistics. Insurance data is derived from the insurance carriers and related activities sector.
