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Workers Comp Employment Numbers Show Stability

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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.

U.S Bureau Of Labor Statistics Employment Numbers Logo
Wikimedia Commons – bls.gov

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%)
Vector Employment Numbers Icon
StockUnlimited

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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James Moore

Raleigh, NC, United States

About The Author...

James founded a Workers’ Compensation consulting firm, J&L Risk Mgmt Consultants, Inc. in 1996. J&L’s mission is to reduce our clients’ Workers Compensation premiums by using time-tested techniques. J&L’s claims, premium, reserve and Experience Mod reviews have saved employers over $9.8 million in earned premiums over the last three years. J&L has saved numerous companies from bankruptcy proceedings as a result of insurance overpayments.

James has over 27 years of experience in insurance claims, audit, and underwriting, specializing in Workers’ Compensation. He has supervised, and managed the administration of Workers’ Compensation claims, and underwriting in over 45 states. His professional experience includes being the Director of Risk Management for the North Carolina School Boards Association. He created a very successful Workers’ Compensation Injury Rehabilitation Unit for school personnel.

James’s educational background, which centered on computer technology, culminated in earning a Masters of Business Administration (MBA); an Associate in Claims designation (AIC); and an Associate in Risk Management designation (ARM). He is a Chartered Financial Consultant (ChFC) and a licensed financial advisor. The NC Department of Insurance has certified him as an insurance instructor. He also possesses a Bachelors’ Degree in Actuarial Science.

LexisNexis has twice recognized his blog as one of the Top 25 Blogs on Workers’ Compensation. J&L has been listed in AM Best’s Preferred Providers Directory for Insurance Experts – Workers Compensation for over eight years. He recently won the prestigious Baucom Shine Lifetime Achievement Award for his volunteer contributions to the area of risk management and safety. James was recently named as an instructor for the prestigious Insurance Academy.

James is on the Board of Directors and Treasurer of the North Carolina Mid-State Safety Council. He has published two manuals on Workers’ Compensation and three different claims processing manuals. He has also written and has been quoted in numerous articles on reducing Workers’ Compensation costs for public and private employers. James publishes a weekly newsletter with 7,000 readers.

He currently possess press credentials and am invited to various national Workers Compensation conferences as a reporter.

James’s articles or interviews on Workers’ Compensation have appeared in the following publications or websites:

  • Risk and Insurance Management Society (RIMS)
  • Entrepreneur Magazine
  • Bloomberg Business News
  • WorkCompCentral.com
  • Claims Magazine
  • Risk & Insurance Magazine
  • Insurance Journal
  • Workers Compensation.com
  • LinkedIn, Twitter, Facebook and other social media sites
  • Various trade publications

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