April 2023: Labor Market Pulse

Posted by The Jacobson Group

Entering the second quarter of 2023, the insurance labor market remains relatively constant. The industry unemployment rate is low at 1.5%, and insurance employment is steady, boasting nearly 32,000 more jobs than one year ago. Finance and insurance job openings dipped slightly in February*, to 350,000; however, while this number is lower than last year’s annual monthly average, it is still notably higher than pre-pandemic levels. 

Hybrid work environments have largely stabilized, industry conferences are thriving and professionals are once again connecting in person. The recruiting climate may be less intense than what we experienced in 2022, yet the labor market remains strong. For insight on whether we are still in a candidate’s market, read our latest edition of Recruiter Report.  

PULSE icons --01Unemployment for the insurance carriers and related activities sector slightly increased to 1.5% in March. 
PULSE icons --02The insurance carriers and related activities sector gained 4,300 jobs in March.
PULSE icons --03At roughly 2.9 million jobs, industry employment increased by approximately 31,900 jobs compared to March 2022.
PULSE icons --04The U.S. unemployment rate decreased to 3.5% in March and the overall economy added 236,000 jobs.



  • On a year-to-year basis, February* insurance industry employment saw job increases in property and casualty (up 3.2%), TPAs (up 2.5%), reinsurance (up 2%), life/health (up 1.6%), and agents/brokers (up 1.2%). Meanwhile, job decreases were seen in title (down 11.5%) and claims (down 7.9%).
  • On a year-to-year basis, February* saw weekly wage increases in property and casualty (up 11.7%), title (up 5.5%), life/health (up 5.2%), TPAs (up 4.1%), agents/brokers (up 3.2%), claims (up 2.5%). Meanwhile, wage decreases were seen in reinsurance (down 2.3%). 

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BLS Reported Adjustments: Adjusted employment numbers for February show the industry saw a decrease of 6,500 jobs, compared to the previously reported decrease of 4,200 jobs. The BLS continues to revise numbers to be most accurate, which may contribute to inconsistencies, depending on when reports were pulled.

*The BLS Job Openings and Labor Turnover Survey report and reports on wages and employment for the industry category are only available for two months prior.

The source for the data represented in PULSE is the U.S. Bureau of Labor Statistics. Insurance data is derived from the insurance carriers and related activities sector.