According to data released by the U.S. Bureau of Labor Statistics (BLS), following a small decline in jobs in November 2011, there was an overall increase of 3.3 percent in the insurance industry in December, as 3,300 new jobs were added in the last month of the year.
The report released by the BLS states that in November, there was a decrease by 100 jobs in the industry, which was linked – for the most part – to health (falling to 420,700 in a drop of -0.8 percent); property/casualty (falling to 452,300 in a drop of -2 percent); title insurance (falling to 64,900 jobs in a drop of -4.1 percent); and third-party administration of funds (falling to 127,200 in a drop of -1.1 percent).
The BLS also pointed out that there was an increase in some areas with minor improvements in the areas of agents/brokers (rising to 643,200 in an increase of 0.4 percent); life (rising to 374,800 in an increase of 0.03 percent); and claims adjusters (rising to 48,400 in an increase of 0.2 percent). Reinsurance stayed approximately the same at 27,500 jobs.
There are currently about 2.2 million jobs in the insurance industry, which is an increase of 0.39 percent when compared to the figures from December 2010.
All industries included, November 2011 saw a drop in unemployment across the nation when it reached 8.5 percent, with the top improvements being seen in the industries of transportation, retail trade, and warehousing.
With title insurance as the only exception, the wages year-over-year in all of the insurance sectors saw an increase, according to BLS data.