The agent and broker segment of the insurance industry continues to grow, gaining 2,500 new jobs in November 2014 versus October 2014—up 0.4%, according to the latest report from the US Bureau of Labor Statistics.
On a year-over-year basis, the growth is even more impressive. The segment gained 23,900 jobs in November 2014, versus a growth of 697,800 jobs the same month in 2013. That’s a 3.5% improvement in 2014, following a pattern of general growth that eventually took the segment back to a peak not seen since before the 2008 financial crisis.
The Insurance Information Institute notes that while the BLS does not distinguish property/casualty agents from those operating in the life and health sector, “in its strength this rise reflects the P/C carrier employment picture a little more than the life picture.”
Elsewhere in the industry, property/casualty carrier employment rose 0.5% to gain 2,900 jobs in November versus October 2014.
“This is a very strong result, particularly in light of the fact that P/C carriers do not normally add headcount to this extent in November,” the III noted.
“For example, over the preceding 24 years, P/C carrier employment in November versus October rose 14 times, fell nine times and was flat once.”
Just one rise exceeded the 0.5% increase since in 2014—an 0.7% increase in 1997.
Life/annuity carriers, meanwhile, saw a 0.3% increase last November, as compared to the same month in 2014. While the growth is not as noteworthy as P/C carriers’ performance, it does continue a positive trend of life/annuity carrier employment not falling for seven consecutive months.
“It is possible that the long downward trend is ending,” the III suggested.
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