US insurance jobs down in March; broker & agent hiring holds strong

Employment in the US insurance sector edged back in March, with payrolls backing off from a prior month surge, preliminary data from the US Bureau of Labor Statistics (BLS) showed.

Total employment in the broad industry came down by 1.4k to 2.81 million employees, still 1.9k above the end-January headcount or 3.7k over the prior year period.

The prior month increase in sector employment, now pegged at 3.3k in updated data, was built almost exclusively on continued major hiring in the agencies and brokerages, where total employment grew by 5.1k or 0.6% for the month.

Claims adjustment and other insurance related services also posted monthly increases.

Those increases offset continued declines in headcount for the direct carriers. That decline came to 2.3k in February and included a 1.6k or 0.3% decline in employment for direct P&C insurers.

Employment in the sector contrasted with a 431k monthly increase in non-farm payrolls for the economy as a whole. The BLS cited notable job gains continuing in leisure and hospitality, professional and business services, retail trade, and manufacturing.

The BLS presents survey-based employment data on a monthly timetable. The statistical estimates are seasonally adjusted, predominantly to account for calendar effects (4-week vs 5-week months in payroll schedules).

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