Insurance Industry Reports High Yields

ID-100216105Last year marked one of the most profitable years for the insurance industry since the economic downturn in 2008.  According to Property Casualty 360 the net income for insurers in 2013 was $63.8 billion.  That’s up from $35.1 billion in 2012.  These numbers cover property and casualty insurers in the private industry.   Largely responsible for the increase is believed to be a large increase in the net gains on underwriting, which ironically saw a loss of $15.4 billion in 2012.  In line with this thinking, Insurance has seen an influx in the number of web searches and postings for insurance careers with an underwriting focus.

High gains have positively affected job growth in the industry as indicated by the preliminary statistics from the U.S. Bureau of Labor Statistics (BLS). In the March 2014, the Employment Situation Economic Release was released on April 4 2014. It showed a slight increase in the number of employed insurance professionals.  The insurance industry now employs 2,413,400 workers compared to 2,410,400 in February 2014.

After months of consistently dropping early 2014, the unemployment rate among current insurance professionals saw a slight rise in February. The rate increased from 2 percent in January 2014 to 2.1 percent in February 2014. An even larger increase occurred in March 2014 when the rate peaked at 3.3 percent.

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Bob Thomas

Bob Thomas is the resident insurance employment expert. He has over a decade of experience in insurance employment consulting.