1 / 14

Insurance Industry Employment Trends: 1990-2016

Insurance Industry Employment Trends: 1990-2016. Insurance Information Institute March 2016. Robert P. Hartwig, Ph.D., CPCU, President & Economist Insurance Information Institute  110 William Street  New York, NY 10038 Tel: 212.346.5520  Cell: 917.453.1885  bobh@iii.org  www.iii.org.

niran
Download Presentation

Insurance Industry Employment Trends: 1990-2016

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Insurance Industry Employment Trends: 1990-2016 Insurance Information Institute March 2016 Robert P. Hartwig, Ph.D., CPCU, President & Economist Insurance Information Institute  110 William Street  New York, NY 10038 Tel: 212.346.5520  Cell: 917.453.1885  bobh@iii.org  www.iii.org

  2. Overview of Insurance Sector Employment Changes* *Data are through January 2016 and are preliminary (i.e., subject to later revision); not seasonally adjusted. 2

  3. Baselines:U.S. Employment Trends 3

  4. U.S. Nonfarm Employment,Monthly, 1990–2016* Millions *As of February 2016; not seasonally adjusted. Note: Recessions indicated by gray shaded columns. Sources: U.S. Bureau of Labor Statistics; National Bureau of Economic Research (recession dates); Insurance Information Institute. 4 12/01/09 - 9pm eSlide – P6466 – The Financial Crisis and the Future of the P/C

  5. U.S. Employment in Service Industries,Monthly, 1990–2016* Millions *As of February 2016; not seasonally adjusted. Note: Recessions indicated by gray shaded columns. Sources: U.S. Bureau of Labor Statistics; National Bureau of Economic Research (recession dates); Insurance Information Institute. 5

  6. Insurance Industry Employment Trends From 1998 through 2013, total industry employment has stayed in a narrow band of 2.3-2.4 million; in 2014 it rose above that band 6

  7. U.S. Employment in the DirectP/C Insurance Industry: 1990–2016* Thousands Sometimes the BLS reclassifies employment within industries. When this happens, the change is spread evenly over a 12-month period (in this case March 2010-March 2011. *As of January 2015; not seasonally adjusted; Does not include agents & brokers. Note: Recessions indicated by gray shaded columns. Sources: U.S. Bureau of Labor Statistics; National Bureau of Economic Research (recession dates); Insurance Information Institute. 7

  8. U.S. Employment in the DirectLife Insurance Industry: 1990–2016* Thousands Every 4-5 years BLS reconciles its data with census data; sometimes this reclassifies employment within industries. This drop, spread over March 2004-March 2005, moved some people to the Health/Medical Expense sector. *As of January 2016; not seasonally adjusted; Does not include agents & brokers. Note: Recessions indicated by gray shaded columns. Sources: U.S. Bureau of Labor Statistics; National Bureau of Economic Research (recession dates); Insurance Information Institute. 8

  9. U.S. Employment in the Direct Health-Medical Insurance Industry: 1990–2016* Thousands Every 4-5 years BLS reconciles its data with census data; sometimes this reclassifies employment within industries. This drop, spread over March 2004-March 2005, moved some people to the Health/Medical Expense sector. *As of January 2016; not seasonally adjusted; Does not include agents & brokers. Note: Recessions indicated by gray shaded columns. Sources: U.S. Bureau of Labor Statistics; National Bureau of Economic Research (recession dates); Insurance Information Institute. 9

  10. U.S. Employment in the Reinsurance Industry: 1990–2016* Thousands *As of January 2015; not seasonally adjusted; Does not include agents & brokers. Note: Recessions indicated by gray shaded columns. Sources: U.S. Bureau of Labor Statistics; National Bureau of Economic Research (recession dates); Insurance Information Institute. 10

  11. U.S. Employment in Insurance Agencies & Brokerages: 1990–2016* Thousands *As of January 2015; not seasonally adjusted. Includes all types of insurance. Note: Recessions indicated by gray shaded columns. Sources: U.S. Bureau of Labor Statistics; National Bureau of Economic Research (recession dates); Insurance Information Institute. 11

  12. U.S. Employment in Independent Claims Adjusting: 1990–2016* Thousands *As of January 2016; not seasonally adjusted. Note: Recessions indicated by gray shaded columns. Sources: U.S. Bureau of Labor Statistics; National Bureau of Economic Research (recession dates); Insurance Information Institute. 12

  13. U.S. Employment in Third-Party Administration of Insurance Funds: 1990–2016* Thousands *As of January 2016; not seasonally adjusted. Includes all types of insurance. Note: Recessions indicated by gray shaded columns. Sources: U.S. Bureau of Labor Statistics; National Bureau of Economic Research (recession dates); Insurance Information Institute. 13

  14. Insurance Information Institute Online: www.iii.org Twitter: twitter.com/bob_hartwig Download at: www.iii.org/insurance-topics/features/presentations

More Related