Reacts to Affordable Care Act’s Effect on Insurance Employment

Leading Insurance Career Site, Shares Employment Trends from the Insurance Industry

Over the past year, health and medical direct insurance carriers have seen employment gains unheard of in the insurance industry.   According to Property Casualty 360, a reported 1,200 positions were added to the health insurance subsector in March alone and a reported 19,300 in the past year.  Currently the health insurance employment subsector employs 487,100 insurance professionals.

Overall, 2014 has been a great year for the insurance industry employment.  In the last year the industry has gained 17,900 jobs finally rebounding from extreme losses in May 2010. The second largest subsector to add jobs was the third party administration subsector.  Life direct carriers lost the most jobs.

High gains have positively affected job growth within the industry as shown by preliminary statistics from the U.S. Bureau of Labor Statistics (BLS) in the April 2014 Employment Situation Economic Release, which was released on May 2, 2014.  The statistics show a slight increase in the number of employed insurance professionals.  The insurance industry now employs 2,414,700 workers compared to 2,411,100 in March 2014.

The current unemployment rate for the insurance industry is 4.4 percent nearly 2 percent lower than the national average.

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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.