Insurance Industry Adds 8,500 Jobs in June

The insurance industry saw an increase in employment with the addition of 8,500 jobs for the month of June, according to the latest employment numbers from the U.S Bureau of Labor Statistics released earlier this month. 

The insurance industry grew by 0.35% last month and now sits roughly at 2.43 million employed insurance workers. Over the past year, the total number of employed workers has increased by 54,500 jobs. The BLS also revised its earlier figure of 1,800 new insurance jobs for the month of May to 4,600 jobs. 

Since May 2013, insurance employment has generally increased across the industry with gains in health (up 3.02%); property/casualty (up 2.08%); reinsurance (up 3.02%); agents/brokers (up 3.49%); and third-party administration of insurance funds (up 3.36%). Decreases were reported in life (down 0.15%); title insurance (down 3.05%); and claims adjusting (down 4.49%). 

Wages for most insurance industry sectors have increased since May 2013. The average weekly earnings increased by 1.86% to $1,346.75 in the life/health sector; 2.35% to $1,330.96 in the property/casualty sector; up 7.53% to $1,156.33 for title insurance; 4.02% to $1,117.54 for agents/brokers; and 0.72% to $1,161.89 for third-party administration of insurance funds. 

Wages dropped for reinsurance (down 6.9% to $2,095.38) and claims adjusting (down 1.74% to $1,287.68). 

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