November 2023: Labor Market Pulse

Posted by The Jacobson Group

While the unemployment rate for insurance carriers and related activities rose slightly in October, it remains low at 1.7%. At the same time, job openings for the larger finance and insurance sector are at their highest level since July 2022, reaching 479,000 in September* (nearly 200,000 more open positions than reported for September 2022, which saw a notable drop). Even as overall movement within the industry appears to be stabilizing, low unemployment and an abundance of opportunities means there’s continued competition for talent, making retaining current employees even more important. 

Now is an ideal time to invest in internal training and development opportunities, which can help employees feel invigorated and energized. As we near the end of the year, it’s also valuable to revisit succession plans and retention strategies in preparation for 2024. For more insights on the current state of the labor market, stream our most recent podcast.

PULSE icons --01Unemployment for the insurance carriers and related activities sector increased to 1.7% in October. 
PULSE icons --02The insurance carriers and related activities sector gained 1,100 jobs in October.
PULSE icons --03At nearly 3 million jobs, industry employment
increased by approximately 36,600 jobs compared
to October 2022.
PULSE icons --04The U.S. unemployment rate slightly increased to 3.9% in October and the overall economy added 150,000 jobs.



  • On a year-to-year basis, September* insurance industry employment saw job increases in TPAs (up 3.5%), reinsurance (up 2.6%), claims (up 2.5%), life/health (up 1.9%), agents/brokers (up 1.4%), and property and casualty (up 0.5%). Meanwhile, jobs decreased in title (down 8.2%).
  • On a year-to-year basis, September* saw weekly wage increases in title (up 9.8%), property and casualty (up 9%), agents/brokers (up 5.4%), life/health (up 4.9%), TPAs (up 4.4%), and claims (up 3.9%). Meanwhile, wages decreased in reinsurance (down 4.1%). 

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

BLS Reported Adjustments: Adjusted employment numbers for September show the industry saw an increase of 4,000 jobs, compared to the previously reported increase of 3,900 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.