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.
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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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