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Insurance Industry Employment Trends: 1990–2016
Insurance Information Institute October 2016 Steven Weisbart, Ph.D., Vice President and Chief Economist Insurance Information Institute 110 William Street New York, NY Tel: Cell:
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Overview of Insurance Sector Employment Changes*
Insurance Subsector July 2016 Employment August 2016 Change Carriers P-C Direct 527,600 524,700 -2,900 Life Direct 334,800 335,800 +1,000 Health/Medical Direct 548,000 549,300 +1,300 Title & Other Direct 89,900 90,400 +500 Reinsurers 25,200 25,000 -200 Others Agents/Brokers 776,000 774,400 -1,600 Third-Party Administration 176,800 176,100 -700 Claims Adjusters 57,000 58,400 +1,400 *Data are through August 2016 and are preliminary (i.e., subject to later revision); not seasonally adjusted. Source: U.S. Bureau of Labor Statistics 2
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Baselines: U.S. Employment Trends
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U.S. Nonfarm Employment, Monthly, 1990–2016*
*As of September, 2016; 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. 4
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U.S. Employment in Service Industries, Monthly, 1990–2016*
As of September 2016; 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. 5
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Insurance Industry Employment Trends
From 1998–2013, Total Industry Employment Has Stayed in a Narrow Band of 2.3–2.4 Million; in 2014 it Rose Above that Band
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U.S. Employment in the Direct P/C Insurance Industry: 1990–2016*
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) *As of August 2016; not seasonally adjusted; Does not include 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. 7
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U.S. Employment in the Direct Life Insurance Industry: 1990–2016*
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. *As of August 2016; not seasonally adjusted; Does not include 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. 8
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U.S. Employment in the Direct Health- Medical Insurance Industry: 1990–2016*
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. *As of August 2016; not seasonally adjusted; Does not include 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. 9
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U.S. Employment in the Reinsurance Industry: 1990–2016*
*As of August 2016; not seasonally adjusted; Does not include 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. 10
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U.S. Employment in Insurance Agencies & Brokerages: 1990–2016*
*As of August 2016; 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. 11
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U.S. Employment in Independent Claims Adjusting: 1990–2016*
*As of August 2016; 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. 12
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U.S. Employment in Third-Party Administration of Insurance Funds: 1990–2016*
*As of August, 2016; 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. 13
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