The Insurance Information Institute (III) has released a new report drawing upon data from the U.S. Department of Labor. The report touches upon the volatility seen in the property/casualty insurance business in October of this year. According to the report, the property/casualty sector performed poorly in terms of employment while other sectors saw promising growth. Overall, the report highlights the turbulent year the insurance industry has faced as a whole and suggests that the trend can continue throughout next year depending on the economic climate.
The III notes that 900 jobs have been lost in the property/casualty sector. The drop in employment may be due to a particular difficult year in terms of natural disasters. The industry, as a whole, was rocked by the frequency and severity of natural disasters this year, making it difficult for some insurers to keep hold of their employees whilst remaining financially solvent. According to the U.S. Labor Department, it is decidedly rare when the industry sheds jobs in October, as the month has traditionally been a time when the industry hires on new staff.
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The report also notes that the number of insurance agents and brokers has risen by 3,100. This offsets the 3,400 jobs lost in September, according to the Labor Department. The life insurance sector added approximately 1,400 new jobs and health insurers added 1,600.