Insurance Industry Employment Trends:

Insurance Industry Employment Trends: 1990–2016 Insurance Information Institute August 2016 Steven Weisbart, Ph.D., Vice President and Chief Economis...
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Insurance Industry Employment Trends: 1990–2016 Insurance Information Institute August 2016

Steven Weisbart, Ph.D., Vice President and Chief Economist Insurance Information Institute  110 William Street  New York, NY 10038 Tel: 212.346.5540  Cell: 917.494.5945  [email protected]  www.iii.org

Overview of Insurance Sector Employment Changes* Insurance Subsector

May 2016 Employment

June 2016 Employment

Change

Carriers P-C Direct

519,900

525,600

+5,700

Life Direct

330,800

334,500

+3,700

Health/Medical Direct

541,700

544,100

+2,400

Title & Other Direct

88,300

89,500

+1,200

Reinsurers

24,700

24,900

+200

Agents/Brokers

774,500

776,100

+1,600

Third-Party Administration

175,900

177,400

+1,500

57,600

58,500

+900

Others

Claims Adjusters

*Data are through June 2016 and are preliminary (i.e., subject to later revision); not seasonally adjusted. Source: U.S. Bureau of Labor Statistics 2

Baselines: U.S. Employment Trends

U.S. Nonfarm Employment, Monthly, 1990–2016* 145 140 135

Millions

130 125 120 115 110 105 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 15 16 *As of July, 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.

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U.S. Employment in Service Industries, Monthly, 1990–2016* 125 120 115

Millions

110 105 100 95

90 85 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 15 16 *As of June 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.

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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

U.S. Employment in the Direct P/C Insurance Industry: 1990–2016* 560 550 540

Thousands

530

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)

520 510 500 490

480 470 460 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 15 16 *As of June 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.

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U.S. Employment in the Direct Life Insurance Industry: 1990–2016* 600

550

Thousands

500

450

400

350

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.

300 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 15 16 *As of June 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.

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U.S. Employment in the Direct HealthMedical Insurance Industry: 1990–2016* 550 500

Thousands

450

400

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.

350 300 250

200 150 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 15 16 *As of June 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.

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U.S. Employment in the Reinsurance Industry: 1990–2016* 50

45

Thousands

40

35

30

25

20 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 15 16 *As of June 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

U.S. Employment in Insurance Agencies & Brokerages: 1990–2016* 800

750

Thousands

700

650

600

550

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 15 16 *As of June 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.

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U.S. Employment in Independent Claims Adjusting: 1990–2016* 60 58 56

Thousands

54 52 50 48 46

44 42 40 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 15 16 *As of June 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.

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U.S. Employment in Third-Party Administration of Insurance Funds: 1990–2016* 180 170 160

Thousands

150 140

130 120 110 100 90 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 15 16 *As of June, 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.

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