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Member, Beacon International Group, Ltd.
The U.S. insurance industry shed 6,000 jobs in September compared with August, according to a report by the Insurance Information Institute based on data by the U.S. Labor Department's Bureau of Labor Statistics.
Despite upticks in insurance industry employment in June and August of this year, the III said seasonally unadjusted insurance industry employment dropped to 2.17 million in September, its lowest point in 20 years.
Property/casualty insurers' employment was down 3,200 from August and down 2.9% from September 2009. Insurance agents and brokers faired no better, shedding 3,200 jobs compared with August and declining 2.8% since September 2009.
Meanwhile, reinsurance industry employment rose 1.1% in September compared with August.
In a statement, the III said the employment slide is somewhat expected given downward trends in net written premiums and the soft market, as well as losses in investment income.
The III report is available at www.iii.org/presentations/employmenttrends.