Cold Weather Will Lead to Employment Gains in 2014
Leading Insurance Career Site, InsuranceJobs.com Shares Employment Trends in the Insurance Industry.
It’s no secret that a particularly cold winter across the U.S. has kept insurers extremely busy. InsuranceJobs.com shares the employment trends throughout the insurance industry that have been affected by the unseasonably cold winter. The Insurance Information Institute estimates a total of $2 Billion in insured losses due to the severe winter storms that have plagued the U.S in recent months. This number is up dramatically from a meager $38 million in 2012. With such uncommonly high insured losses it is likely that 2014 will become one of the top five costliest winters in more than 30 years.
While cold weather is setting the tone for a busy insurance season, the industry is well prepared for what may come. The industry came into the New Year in solid financial condition with record claims paying capital and steady employment rates. Preliminary statistics reported by the U.S. Bureau of Labor Statistics (BLS) in the February2014 Employment Situation Economic Release, which was released on March 7, 2014, show a slight increase in the number of employed insurance professionals. The insurance industry now employs 2,411,500 workers compared to 2,401,600 in January 2014. According to Property Casualty insurance agents added a reported 1,300 jobs. Insurance brokers also saw employment gains adding 1,400 jobs.
After months of consistently dropping, the unemployment rate among current insurance professionals saw a slight rise in February, increasing from 2 percent in January 2014 to 2.1 percent in February 2014.