Insurance industry benefits from favorable economic climate in the US

State of the Economy - Insurance industry
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Report shows that new jobs have been added to the insurance sector

A favorable economic and business climate has had a beneficial impact on the insurance industry last month. The U.S. Bureau of Labor Statistics has released a report that shows that the insurance industry has added thousands of new jobs in June, marking modest growth for the industry and highlighting economic activity. The demand for employees among insurers has begun to rise, especially in the health sector where insurers are being forced to comply with new regulations coming from the federal government.

8,500 new jobs have been added throughout the industry

According to the report from the Bureau of Labor Statistics, some 8,500 new jobs were added to the insurance industry last month. This is 0.35% more than the jobs that were introduced to the industry in May. Over the past year, the industry added more than 54,000 new jobs, bringing the total number of insured workers in the U.S. up to 2.43 million. A favorable economy and better business practices are likely the influence behind the introduction of new jobs.

Demand for workers in the health insurance sector is on the rise

State of the Economy - Insurance industryIn the health insurance sector, the demand for workers has become quite high. This is due to new regulations coming from the federal government. These regulations require insurance companies to meet certain standards in terms of managing claims, payments, and consumer information. Insurers have been feeling pressured to meet the new demands placed on them and have been trying to expand their work force. New laws in the U.S. have also created new opportunities for the insurance sector as a whole, raising the need for agents that can meet with consumers directly.

Wages are rising for insurance workers

Wages for the majority of the insurance industry have been on the rise as well, according to the Bureau of Labor Statistics. The average weekly earnings of those in the property/casualty sector rose by 2.35% over what they had been in 2013. Wages in the reinsurance sector, however, have dropped by an average of 6.9% from what they were last year.

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