February 2023: Labor Market Pulse

Posted by The Jacobson Group


The insurance labor market remains strong as realignment persists. Although the industry saw a slight decrease in jobs from December to January, revised numbers* from the Bureau of Labor Statistics show 2022 average monthly employment for the insurance carriers and related activities sector was 2.9 million – 74,350 more positions than previously reported. This annual BLS adjustment also slightly impacted wages, yet general trends remain similar.

After reaching a 17-month high in December, the unemployment rate for insurance carriers and related activities dropped by more than one point in January. Additionally, job openings continue to be elevated; average monthly job openings for finance and insurance hit a record of 386,000 in 2022*, compared to 296,000 in 2021. 
Insurers are continuing to determine their needs and expectations for moving forward. To learn more about the industry’s hiring outlook, join us February 9 for a complimentary webinar analyzing the results of our Q1 2023 Insurance Labor Market Study.  
Pulse-Icons-25Unemployment for the insurance carriers and related activities sector decreased to 2.3% in January. 
Pulse-Icons-07The insurance carriers and related activities sector lost 5,100 jobs in January.
Pulse-Icons-20At roughly 2.9 million jobs, industry employment increased by approximately 44,400 jobs compared to January 2022.
Pulse-Icons-28The U.S. unemployment rate decreased to 3.4% in January and the overall economy added 517,000 jobs.


  • On a year-to-year basis, December** insurance industry employment saw job increases in property and casualty (up 4.5%), agents/brokers (up 3.3%), TPAs (up 2.5%), reinsurance (up 2.4%), and life/health (up 1.1%). Meanwhile, job decreases were seen in claims (down 12.2%) and title (down 10%).
  • On a year-to-year basis, December** saw weekly wage increases in property and casualty (up 11.4%), life/health (up 7.5%), title (up 7.1%), TPAs (up 4%), agents/brokers (up 3.9%) and reinsurance (up 1.9%). Meanwhile, wages decreased in claims (down 0.9%).  

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BLS Reported Adjustments: Adjusted employment numbers for December show the industry saw an increase of 5,100 jobs, compared to the previously reported increase of 3,800 jobs.** The BLS continues to revise numbers to be most accurate, which may contribute to inconsistencies, depending on when reports were pulled.

*The BLS made its annual revisions on February 3, adjusting current employment statistics numbers for the past five years.

**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.