Insurance Information Institute April 2018 Steven Weisbart PhD Vice President and Chief Economist Insurance Information Institute 110 William Street New York NY 10038 Tel 2123465540 ID: 781247
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Slide1
Insurance Industry Employment Trends: 1990–2018
Insurance Information InstituteApril 2018
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
stevenw@iii.org
www.iii.org
Slide2Overview of Insurance Sector
Employment Changes*
*Data are through April 2018 and are preliminary (i.e., subject to later revision); not seasonally adjusted.
Source: U.S. Bureau of Labor Statistics
Insurance Subsector
March 2018
Employment
April 2018
Employment
Change
Carriers
P-C Direct
553,000
549,800
-3,200
Life Direct
346,800
344,900
-1,900
Health/Medical Direct
508,200
506,800
-1,400
Title & Other Direct
91,900
91,900
1,100
Reinsurers
26,300
26,200
-100
Others
Agents/Brokers
807,900
807,600
-300
Third-Party Administration
191,800
191,800
0
Claims Adjusters
60,700
60,100
-600
Slide3Baselines:
U.S. Employment Trends
Slide4U.S. Nonfarm Employment,
Monthly, 1990–2018**As of May 2018; 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.
Slide5U.S. Employment in Service Industries,
Monthly, 1990–2018*
*As of May 2018; 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.
Slide6Insurance Industry
Employment TrendsFrom 1998–2013, Total Industry
Employment Has Stayed in a
Narrow Band of 2.3–2.4 Million;
in 2014 it Rose Above that Band
Slide7U.S. Employment in the Direct
P/C Insurance Industry: 1990–2018*
*As of April 2018; 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.
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)
Slide8U.S. Employment in the Direct
Life Insurance Industry: 1990–2018*
*As of April 2018; 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.
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.
Slide9U.S. Employment in the Direct Health-
Medical Insurance Industry: 1990–2018*
*As of April 2018; 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.
Every 4
–
5 Years BLS Reconciles its Data with Census Data; Sometimes This Reclassifies Employment Within Industries.
This Increase, Spread Over March 2004–March 2005, Moved Some People from the Life/Annuities Sector.
Slide10U.S. Employment in the
Reinsurance Industry: 1990–2018*
*As of April 2018; 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.
Slide11U.S. Employment in Insurance
Agencies & Brokerages: 1990–2018*
*As of April 2018; 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.
Slide12U.S. Employment in Independent
Claims Adjusting: 1990–2018*
*As of April 2018; 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.
Slide13U.S. Employment in Third-Party Administration
of Insurance Funds: 1990–2018*
*As of April 2018; 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.
Slide14Insurance Information Institute Online
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www.iii.org/insurance-topics/features/presentations
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