The U.S. insurance industry continues its hiring spree in 2018, with 63 percent of companies saying that they plan to increase staff during the next 12 months, according to a new Jacobson and Ward Group survey.
The primary reason cited for hiring is the expectation of an increase in business volume – 66 percent of companies listed this as the primary reason-to-hire. Business expansion and/or entry into new markets was listed as the second most popular reason for hiring (43 percent).
The most difficult to fill positions are executive, technology, and actuarial, while the biggest growth is expected in technology, claims and underwriting roles.
“The insurance industry is coming face to face with an unprecedented talent reality,” says Gregory P. Jacobson, co-chief executive officer of Jacobson. “Virtually non-existent unemployment, an emerging skills gap and impending mass retirements of the industry’s continually aging workforce are challenging insurers to reevaluate their current staffing strategies. This survey will provide a baseline from which insurers can make necessary adjustments to build a successful workforce.”
When it came to reducing staff, 11 percent of companies reported that automation will be the primary reason for reductions in staff during the next 12 months followed by reorganization at 9 percent.
The Jacobson Group and Ward Group conducted a webinar to review the trends uncovered by the survey. The webinar can be viewed here.
The I.I.I. tracks insurance industry employment trends here.
Today’s Insurance Information Institute (I.I.I.) Daily reports that the U.S. Labor Department’s Bureau of Labor Statistics (BLS) just published data as of May 2017 on detailed insurance industry employment.
Updated multi-decade trend data in chart form is available at the I.I.I. website. The I.I.I. slides show employment trends for property/casualty, life/annuity, health insurers, and reinsurers, agents & brokers, independent claims adjusters, and third-party administrators.
In May 2017, on a year-over-year basis, employment in most segments of the insurance industry was up by varying degrees: P/C carrier employment rose by 11,200 (+2.0 percent) to 566,800.
Data for the last few months are preliminary and are often revised later, but revisions are usually small.
What are the latest employment trends for P/C, life/annuity, health insurers, reinsurers, agents & brokers, independent claims adjusters and third-party administrators?
The U.S. Labor Department’s Bureau of Labor Statistics (BLS) just published data as of November 2016 on detailed insurance industry employment and the Insurance Information Institute (I.I.I.) website contains updated multi-decade trend data in chart form.
Some of the key takeaways:
—In November 2016, on a year-over-year basis, employment in most segments of the insurance industry was up to varying degrees. Commentary by Dr. Steven Weisbart, chief economist for the I.I.I.:
“For the 12 months ending in November 2016, P/C carrier employment rose by 9,600 (+1.9 percent) to 523,500. However, this result does not echo longer-term trends. Over the last four years, for example, P/C carrier employment has risen and fallen in a narrow range of 510,000 to 530,000.”
—The agent/broker segment gained 900 jobs in November 2016 vs. November 2015 (up 0.1 percent) to 778,400. Employment growth in this category in the last three years has been extremely strong.
—Among smaller industry segments, reinsurance carrier employment in the U.S. fell in November 2016 vs. November 2015 (down 700, or -2.7 percent) to 24,900.
—Employment at independent claims-adjusting firms on a year-over-year basis for November 2016 rose by 2,400 (4.2 percent) to 59,200—the highest employment level seen for this segment in at least 25 years.