October 2023: Labor Market Pulse

Posted by The Jacobson Group

The industry continues to face layered complexities and pressures, further compounding an already difficult talent landscape. The unemployment rate for insurance carriers and related activities continues to decline, dropping to 1% in September, compared to 3.8% for the overall U.S. economy. Given month-to-month fluctuations and a limited BLS sample size, the three month rolling average of 1.3% may paint the most accurate picture of the current situation.

Job openings for the larger finance and insurance industry jumped by 100,000 in August*, reaching 417,000 – the highest we’ve seen since April. Industry employment continues to rise; yet, recruiting remains challenging amid a tight labor market.    

PULSE icons --01Unemployment for the insurance carriers and related activities sector decreased to 1% in September. 
PULSE icons --02The insurance carriers and related activities sector gained 3,900 jobs in September.
PULSE icons --03At nearly 3 million jobs, industry employment
increased by approximately 43,000 jobs compared
to September 2022.
PULSE icons --04The U.S. unemployment rate stayed at 3.8% in September and the overall economy added 336,000 jobs.



  • On a year-to-year basis, August* insurance industry employment saw job increases in reinsurance (up 4.7%),  life/health (up 2.1%), TPAs (up 2.1%), property and casualty (up 0.9%), and agents/brokers (up 0.6%). Meanwhile, job decreases were seen in title (down 7.9%) and claims (down 1.4%).
  • On a year-to-year basis, August* saw weekly wage increases in title (up 10.4%), property and casualty (up 9.1%), TPAs (up 5.5%), life/health (up 5.7%), agents/brokers (up 3.5%) and claims (up 4.8%). Meanwhile, wage decreases were seen in reinsurance (down 6.3%). 

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

BLS Reported Adjustments: Adjusted employment numbers for August show the industry saw an increase of 3,100 jobs, compared to the previously reported increase of 7,600 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.