Insurance Industry Employment Trends: 1990-2014
Insurance Information Institute October 2014
Robert P. Hartwig, Ph.D., CPCU, President & EconomistInsurance Information Institute 110 William Street New York, NY 10038
Tel: 212.346.5520 Cell: 917.453.1885 [email protected] www.iii.org
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Overview of Insurance Sector Employment Changes*
*Data are through August 2014 and are preliminary (i.e., subject to later revision); seasonally adjusted.
Insurance SubsectorJuly 2014
EmploymentAugust 2014Employment Change
CARRIERS
P-C Direct 532,800 533,900 +1,100
Life Direct 341,100 342,200 +1,100
Health/Medical Direct 495,000 496,400 +1,400
Title & Other Direct 74,600 73,700 -900
Reinsurers 27,300 27,400 +100
OTHERS
Agents/Brokers 683,700 689,000 +5,300
3rd-Party Administration 163,400 164,700 +1,300
Claims Adjusters 51,600 50,700 -900
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Baselines:U.S. Employment Trends
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U.S. Nonfarm Employment,Monthly, 1990–2014*
*As of September 2014; not seasonally adjusted.Note: Recessions indicated by gray shaded columns.Sources: U.S. Bureau of Labor Statistics; National Bureau of Economic Research (recession dates); Insurance Information Institute.
Millions
105
110
115
120
125
130
135
140
'90 '91 '92 '93 '94 '95 '96 '97 '98 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14
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U.S. Employment in Service Industries,Monthly, 1990–2014*
*As of September 2014; not seasonally adjusted.Note: Recessions indicated by gray shaded columns.Sources: U.S. Bureau of Labor Statistics; National Bureau of Economic Research (recession dates); Insurance Information Institute.
Millions
85
90
95
100
105
110
115
120
125
'90 '91 '92 '93 '94 '95 '96 '97 '98 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14
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Insurance Industry Employment Trends
For the last 15 years, total industry employment has stayed in a
narrow band of 2.3-2.4 million
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U.S. Employment in the DirectP/C Insurance Industry: 1990–2014*
*As of August 2014; not seasonally adjusted; Does not including agents & brokers.Note: Recessions indicated by gray shaded columns.Sources: U.S. Bureau of Labor Statistics; National Bureau of Economic Research (recession dates); Insurance Information Institute.
Thousands
460
480
500
520
540
560
'90 '91 '92 '93 '94 '95 '96 '97 '98 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14
Sometimes the BLS reclassifies employment within industries.
When this happens, the change is spread evenly over a 12-month period (in this case March 2010-
March 2011.
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U.S. Employment in the DirectLife Insurance Industry: 1990–2014*
*As of August 2014; not seasonally adjusted; Does not including agents & brokers.Note: Recessions indicated by gray shaded columns.Sources: U.S. Bureau of Labor Statistics; National Bureau of Economic Research (recession dates); Insurance Information Institute.
Thousands
300
325
350
375
400
425
450
475
500
525
550
575
600
'90 '91 '92 '93 '94 '95 '96 '97 '98 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14
Every 4-5 years BLS reconciles its data with census data; sometimes this
reclassifies employment within industries. This drop, spread over
March 2004-March 2005, moved some people to the Health/Medical Expense
sector.
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U.S. Employment in the Direct Health-Medical Insurance Industry: 1990–2014*
*As of August 2014; not seasonally adjusted; Does not including agents & brokers.Note: Recessions indicated by gray shaded columns.Sources: U.S. Bureau of Labor Statistics; National Bureau of Economic Research (recession dates); Insurance Information Institute.
Thousands
175
200
225
250
275
300
325
350
375
400
425
450
475
500
'90 '91 '92 '93 '94 '95 '96 '97 '98 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14
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U.S. Employment in the Reinsurance Industry: 1990–2014*
Thousands
24
28
32
36
40
44
48
'90 '91 '92 '93 '94 '95 '96 '97 '98 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14
*As of August 2014; not seasonally adjusted; Does not including agents & brokers.Note: Recessions indicated by gray shaded columns.Sources: U.S. Bureau of Labor Statistics; National Bureau of Economic Research (recession dates); Insurance Information Institute.
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U.S. Employment in Insurance Agencies & Brokerages: 1990–2014*
Thousands
500
525
550
575
600
625
650
675
700
'90 '91 '92 '93 '94 '95 '96 '97 '98 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14
*As of August 2014; not seasonally adjusted. Includes all types of insurance.Note: Recessions indicated by gray shaded columns.Sources: U.S. Bureau of Labor Statistics; National Bureau of Economic Research (recession dates); Insurance Information Institute.
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U.S. Employment in Insurance Claims Adjusting: 1990–2014*
Thousands
40
45
50
55
60
'90 '91 '92 '93 '94 '95 '96 '97 '98 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14
*As of August 2014; not seasonally adjusted.Note: Recessions indicated by gray shaded columns.Sources: U.S. Bureau of Labor Statistics; National Bureau of Economic Research (recession dates); Insurance Information Institute.
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U.S. Employment in Third-Party Administration of Insurance Funds: 1990–2014*
Thousands
90
100
110
120
130
140
150
160
170
'90 '91 '92 '93 '94 '95 '96 '97 '98 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14
*As of August 2014; not seasonally adjusted. Includes all types of insurance.Note: Recessions indicated by gray shaded columns.Sources: U.S. Bureau of Labor Statistics; National Bureau of Economic Research (recession dates); Insurance Information Institute.
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