Insurance Jobs Remain Steady With a Slight Increase Reported in July
The insurance industry saw a small increase in employment with the addition of 5,400 jobs for the month of July, according to the latest employment numbers from the U.S Bureau of Labor Statistics released earlier this month.
July’s job numbers increased by 0.22 percent to 2,436,200 total insurance jobs over the previous month. Since July 2013, the insurance industry has increased by 56,300 new insurance jobs, or an increase of 2.36 percent.
The unemployment rate decreased by 0.1 percent, from 3.5 percent in June to 3.4 percent in July. Unemployment for the insurance industry has decreased by a full percentage point from April 2014.
Recent BLS data also reveals average annual earnings for insurance jobs, including a lower-than-expected average annual income for insurance agents at $63,610 a year. Underwriters outrank agents with an annual income of $70,100 on average, while agents out-earn claims adjusters at $62,300 and appraisers at $63,100 a year.
The annual salary for insurance agents has increased by 34 percent since 2011 when the average income was $47,450 a year. Current data also reveals a wide salary spread between the lowest average income at $48,210 and the highest at $117,830.