Insurance Information Institute September 2015 Robert P Hartwig PhD CPCU President amp Economist Insurance Information Institute 110 William Street New York NY 10038 Tel 2123465520 Cell 9174531885 bobhiiiorg wwwiiiorg ID: 382047
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Slide1
Insurance Industry Employment Trends: 1990-2015
Insurance Information Institute September 2015
Robert P. Hartwig, Ph.D., CPCU, President & Economist
Insurance Information Institute 110 William Street New York, NY 10038
Tel: 212.346.5520 Cell: 917.453.1885 bobh@iii.org www.iii.orgSlide2
2
Overview of Insurance Sector Employment Changes*
*Data are through
July 2015
and are preliminary (i.e., subject to later revision); seasonally adjusted.
Insurance Subsector
June
2015
Employment
July
2015
Employment
Change
CARRIERS
P-C Direct
526,300
526,300
+0
Life Direct
361,200
364,600
+3,400
Health/Medical Direct
517,600
520,600
+3,000
Title & Other Direct
77,700
78,100
+400
Reinsurers
25,700
25,800
+100
OTHERS
Agents/Brokers
733,600
735,500
+1,900
3rd-Party Administration
178,900
178,800
-100
Claims Adjusters
50,600
50,400
-200Slide3
3
Baselines:
U.S. Employment TrendsSlide4
12/01/09 - 9pm
eSlide – P6466 – The Financial Crisis and the Future of the P/C
4
U.S. Nonfarm Employment,
Monthly, 1990–2015*
*As of
August
2015; 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.
MillionsSlide5
5
U.S. Employment in Service Industries,
Monthly, 1990–2015*
*As of
August 2015
; 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.
MillionsSlide6
6
Insurance Industry Employment Trends
From 1998 through 2013, total industry employment has stayed in a narrow band of 2.3-2.4 million; in 2014 it rose above that band Slide7
7
U.S. Employment in the Direct
P/C Insurance Industry: 1990–2015*
*As of
July
2015; 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
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.Slide8
8
U.S. Employment in the Direct
Life Insurance Industry: 1990–2015*
*As of
July
2015; 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
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. Slide9
9
U.S. Employment in the Direct Health-
Medical Insurance Industry: 1990–2015*
*As of
July
2015; 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
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.Slide10
10
U.S. Employment in the
Reinsurance Industry: 1990–2015*
Thousands
*As of
July 2015
; 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.Slide11
11
U.S. Employment in Insurance
Agencies & Brokerages: 1990–2015*
Thousands
*As of
July
2015; 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.Slide12
12
U.S. Employment in Insurance
Claims Adjusting: 1990–2015*
Thousands
*As of
July
2015; 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.Slide13
13
U.S. Employment in Third-Party Administration of Insurance Funds:
1990–2015*
Thousands
*As of
July 2015
; 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.Slide14
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