The insurance agent/broker sector posted a 1.9% year-over-year employment improvement for the month of June, a study by the US Labor Department’s Bureau of Labor Statistics and the Insurance Information Institute (I.I.I.) revealed.
The agent/broker segment gained 14,500 jobs in June this year versus June 2015, to 776,100. The I.I.I. noted that segment’s “extremely strong” growth in the past three years. In June 2013, the segment employed 667,400—in three years, the number has since swelled by 108,700, or 16.3%.
While encouraging, the I.I.I. also warned that the segment’s employment might be peaking soon; the institute said that employment in the segment is up only 1,300 despite reaching the halfway point of 2016.
Other segments posted generally positive results in the study.
Employment in the property/casualty segment climbed by 8,200 (1.6%) to 525,600 on a year-over-year basis. On a month-to-month basis, the segment’s employment enjoyed its seventh increase in the last eight months. While P/C carrier employment fell as far down as 513,700 in May 2015, the segment’s latest numbers puts it even with its record for August 2012.
Life/Annuity segment employment was up 9,700 (3.0%) to 334,500 in June 2016, on a year-over-year basis. While the segment hit the bottom at 318,500 in March 2015, it has since posted improvements. In June alone, the segment gained 3,700 jobs.
Once again, the health carrier segment posts steady employment gains. The segment gained 19,800 (3.8%) jobs in June, on a year-over-year basis, to 544,100. The I.I.I. once more attributes this gain to the flood of applications, purchases, and claims related to the ACA.
The reinsurance segment fell slightly in terms of employment for the month of June—down 200 (0.8%) on a year-over-year basis to 24,900.
Independent claims-adjusting employment on a year-over-year basis saw a 1,700 increase (3.0%) in jobs to 58,500.
Employment in the category of third-party administration of insurance funds rose by 1,300 (0.7%) to 177,400 for June on a year-over-year basis.
Agent/Broker employment up 2.5% year-over-year in May
Insurance agent employment posts modest gains