January 2024: Labor Market Pulse

Posted by The Jacobson Group

Similar to December 2022 (which saw an unemployment rate of 3.5% that quickly fell in the following months), December 2023’s unemployment rate increased to 3.4% for insurance carriers and related activities. Despite this rise in unemployment, the industry added 4,500 jobs last month, contributing to a total gain of nearly 40,000 jobs in 2023. Open jobs in the larger finance and insurance sector also remain strong at 290,000.

While the overall labor market may be slowing, there’s still a strong demand for insurance talent. Next month marks the 9th annual Insurance Careers Month, where the industry comes together to amplify why insurance is a career of choice: it’s stable, it’s rewarding and it offers limitless opportunities. Learn more and start planning your organization’s involvement: https://insurancecareersmovement.org/resources/.

Additionally, the Q1 2024 Insurance Labor Market Study, conducted by Jacobson and Aon plc, is now open for participation. Share your plans for the next 12 months and gain access to the results: https://jcbsn.gr/2024q1-laborstudy

PULSE icons --01Unemployment for the insurance carriers and related activities sector increased to 3.4% in December. 
PULSE icons --02The insurance carriers and related activities sector gained 4,500 jobs in December.
PULSE icons --03At nearly 3 million jobs, industry employment increased by approximately 39,500 jobs compared to December 2022.
PULSE icons --04The U.S. unemployment rate remained at 3.7% in December and the overall economy added 216,000 jobs.


  • On a year-to-year basis, November* insurance industry employment saw job increases in reinsurance (up 3%), TPAs (up 2%), agents/brokers (up 1.4%), life/health (up 1.1%), property and casualty (up 0.5%), and claims (up 0.2%). Meanwhile, jobs decreased in title (down 6.4%).
  • On a year-to-year basis, November* saw weekly wage increases in title (up 11.1%), agents/brokers (up 8.1%), property and casualty (up 6%), life/health (up 5.3%), claims (up 4.6%), TPAs (up 4.2%), and reinsurance (up 1.3%). 

 Employment: Insurance Carriers and Related Activities   Average Annual Unemployment Rate Comparison

*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.