The unemployment rate for the insurance industry in January 2018 was 2.2 percent, significantly lower than the national average of 4.1 percent, according to the Bureau of Labor Statistics. A study recently released by the Jacobson Group and Ward Group takes a closer look at the insurance industry labor trends.
“Anticipated increases in business volume and expansion into new markets continue to drive hiring demands,” said Gregory P. Jacobson, co-chief executive officer of Jacobson.
Highlights from the study include:
- 58 percent of insurance companies plan to increase staff during the next 12 months.
- Technology, actuarial and analytic positions are the most difficult to fill.
- The top 3 reasons for increasing staff were cited as: Expansion of business/new markets (51 percent); Anticipated increase in business volume (47 percent); And areas currently understaffed (41 percent).
- Companies that are decreasing staff sited automation improvement (23 percent) as the top reason, followed by reorganization (17 percent) and areas currently overstaffed (8 percent).
- Companies are requiring more temporary staff. Twelve percent of companies are planning to increase their use, up from 11 percent in January 2017.
The Insurance Information Institute tracks insurance industry employment statistics here