Workers Comp Employment Numbers
Employment numbers for Workers Comp were surprisingly stable over the last few years. The Insurance Information institute article that I referenced from yesterday’s post on Workers Comp and The Fiscal Cliff indicated the recent employment numbers for property casualty (P/C) were not diminishing whatsoever.
The insurance employment numbers were analyzed by using the Bureau of Labor and Statistics (BLS) over the last twenty years.
The numbers had actually increased when compared to a year ago in some categories or at the worst remained the same. There was one group of employees that shrank faster than I would have expected, even in this seriously bad economy.
A summary of the employment figures for now vs. Sept 2011 for P/C and other lines of insurance showed stability:
- P-C Insurers up by 1,600 (+0.3%)*
- Reinsurers up by 1,500 (+5.7%)*
- Claims Adjusters down by 100 (-0.2%)* – basically flat or no change
- Insurance Agents & Brokers up by 8,100 (+1.3%)*
- Life Insurers down by 7,800 (-2.3%)
- Health/Medical Insurers up by 1,600 (+0.4%)
Life insurers took a hit compared to all the other lines of employment. The first four on the list were associated by me wholly or partly as P/C insurance employment*. Reinsurance did very well compared to the others on the list.
I stretched it a little to say that Workers Comp and the P/C employment numbers would be the same. I know of no study that accurately delineates Workers Comp employment from Property Casualty employment.
In one of the worst economic years for unemployment, P/C insurer employment seemed to hold its own. When I wrote the article yesterday, I was looking at these numbers. That is when I decided to share them as a way to make everyone feel a little safer in their current P/C related job.
I did write a few articles on the Death of Workers Compensation over the past months. That type of change would be due to the Federalization of Workers Comp or government action, not the insurance free-market system.
Please feel free to leave comments or email me if anything looks amiss. I want to be as accurate as possible with what I consider good news.
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