November 2022: Labor Market Pulse

Posted by The Jacobson Group


As we near the end of 2022, the insurance labor market remains relatively strong. Unemployment is low, at 1.1%, and the insurance carriers and related activities sector has added nearly 34,000 jobs since the start of the year.

However, finance and insurance job openings continued a four-month decline in September*, dropping to 280,000. Additionally, retirements fell to their lowest level in more than a decade, while voluntary quits remained high at 97,000. As the industry continues to work through shifting workforce priorities and ongoing realignment, focusing on retention, strategic recruiting and comprehensive succession planning remains paramount. For insight on the industry’s succession readiness, view the results of our recent study.


Pulse-Icons-25Unemployment for the insurance carriers and related activities sector increased to 1.1% in October. 
Pulse-Icons-07The insurance carriers and related activities sector gained  9,400 jobs in October.
Pulse-Icons-20At roughly 2.8 million jobs, industry employment increased by approximately 43,300 jobs compared to October 2021.
Pulse-Icons-28The U.S. unemployment rate increased to 3.7% in October and the overall economy added 261,000 jobs.



  • On a year-to-year basis, September* insurance industry employment saw job increases in agents/brokers (up 3.3%), property and casualty (up 1.7%), TPAs (up 1.5%), and life/health (up 0.6%). Meanwhile, job decreases were seen in claims (down 10.7%), title (down 4.2%) and reinsurance (down 3.3%).
  • On a year-to-year basis, September* saw weekly wage increases in all categories: property and casualty (up 11.2%), title (up 8.6%), life/health (up 6.3%), TPAs (up 6.1%), agents/brokers (up 4.7%), reinsurance (up 4.1%), and claims (up 0.8%).  

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BLS Reported Adjustments: Adjusted employment numbers for September show the industry saw a decrease of 8,800 jobs, compared to the previously reported increase of 9,300 jobs. The BLS continues to revise numbers to be most accurate, which may contribute to inconsistencies, depending on when reports were pulled.

*The BLS JOLTS 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.