Quite a while ago our economy took a rather unpleasant hit with various jobs and industries being affected all across the country. Things seem to be slowly improving and it is nice to see the insurance industry taking part in the improvement by also being able to help bring some more jobs to so many that have been unemployed.
In May of 2008 we began to experience a downward trend in employment for Property and Casualty (P&C) insurers. But, according to the President of Insurance Information Institute (I. I. I.), Robert Hartwig, that trend may be finally starting to reverse. Two months ago in May we hit the third straight month in a row of insurance carriers having positive figures in their employment.
Compared to April of this year, 1,600 jobs were added by Property and Casualty insurers. This number comes from the latest analysis by the Insurance Information Institute of the most recent employment figures from the United States Labor Department Bureau of Labor Statistics. The positive employment figures in May are preceded by two good months: compared to February 2,000 jobs were added in March and compared to March 800 jobs were added in April by insurance carriers.
The increase in employment figures is good news but when comparing May of this year to May of last year, the employment numbers for insurance carriers of Property and Casualty are down by 4,500. On a positive note though, I. I. I. President Robert Hartwig says that, in this sector, it is challenging to compare any long-term employments trends. This is due to the fact that the process of accounting for employment was recalibrated recently by the Bureau of Labor Statistics.
If you take the entire insurance industry, including both industries of Property & Casualty and Life & Health, there is an overall gain of 6,000 jobs from April to May with most of the sectors showing employment gains. Those that have not currently experienced any gains are the reinsurers with a decrease of 100 jobs, third-party administration with a decrease of 100 jobs and the claims adjusters which has seen no increase or decrease. All together, total employment is at 2,284,200.
Insurance agents and brokers are also seeing gains in their employment numbers. Compared to April, there was an addition of 3,200 jobs this year in May. Before that, April (when compared to March) had an addition of 3,600 jobs. In May of this year we are seeing 9,100 more jobs than agents and brokers had in May of 2011. This sector’s employment overall is at 652,900.
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At Filer Insurance, Inc., we have been serving Miami and South Florida since 1919. We specialize inmiami auto insurance, miami home insurance, miami life insurance, and miami business insurance. Please give us a call at 305-270-2100, visit our website or come by our office for free insurance quotes.
