Insurance Industry Employment Numbers Still Not Great Figures
In late 2012, Workers Compensation insurance industry employment was stable. The numbers for Workers Comp actually were mixed in with property and casualty. A few insurance industry employment areas have actually reduced greatly over time. Some of the reduction was due to the Bureau of Labor Statistics reclassifying certain lines of employment in the insurance industry.
The actual numbers of insurance employment has actually stayed the same for the last 15 years. The total number of insurance workers has totaled between 2.3 – 2.4 million during that time.
Third Party Administrator (TPA) employment has been a bright spot as the numbers have grown over the last twenty years steadily. Self insurance and other market drivers have caused this steady growth.
Two other bright post in the insurance employment numbers was the increase for brokers and the health carrier segment – up 2.7% and 4.8% respectively. One has to assume the Affordable Healthcare Act was partially responsible for the growth in the health carrier segment.
The one area of concern may possibly be the life insurance segment. According to the Insurance Information Institute, the segment has declined a large amount over the years and has declined once again.
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