Insurance Jobs: The turning point

10-11-2009

The outlook for insurance jobs is getting brighter.

Having shaken off the bad news that insurance jobs were lost for the 12th consecutive month in October, looking into the indicators we see the following three points:

  • Insurance job losses have slowed – 3,400 insurance jobs were lost in October, the lowest rate yet – we predict that November’s stats will show a plateau, or the first rise in over a year
  • Unemployment has breached 10% – the all important 10% unemployment water mark has been reached, we think this milestone will be a perceived low point and will kick employers into gear into readdressing their employment policies
  • US is out of recession - now that the worst is behind us with the 3rd quarter showing the economy growing at 3.5% annualized, although employment growth always lags behind economic growth, we think that the insurance & finance industries will pick up the pace quicker than other sectors

Insurance Jobs to Return

Based on the points above and looking at our own traffic, we believe that employers will accelerate their hiring pattens for the rest of November, before pausing in mid-December until the holiday season is over. January 2010 will see a positive return to growth in the insurance job industry.

Its been a long, dark journey but the green shoots are here (just before spring). Why not take advantage of our Buy One Get One Free offer running until the end of November. Use the coupon code GREEN.

Your forecast

As always you, the insurance job employer, have your finger on the pulse in terms of the hiring environment. Are you seeing a return to growth? Or will you be waiting a little longer? Let us know in the comments

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Is it time to start recruiting again?

21-09-2009

After 10 consecutive months of insurance job losses, with 12,800 jobs being further deducted from the pool, there has been a lack of positive news for the insurance industry as a whole. The industry’s payroll sits now at 2.24 million as of the end of August, with the only sector of growth being health insurance (up 3% annually from 2008)

Insurance Jobs vs the economy

With the overall unemployment rate in the United States rising to 9.7%, many experts are saying that the 10% watermark could be the low point in the recession in terms of job losses.

Insurance jobs will lag behind an economic upturn, just us with every other indudstry, but with signs now of 5 straight months of growth, technically the economic recession will be over in 3 more.

Time for insurance jobs?

So is it time to start hiring for insurance jobs again? Insuranceworkforce.com has started to see more activity in September, with the post-summer push to start looking at talent again, however overall activity still remains low, as compared to 2008 and 2007.

Unless there are employers with specific talent needs, we think the best time to snare the top skillsets will be early October, once we are settled after the summer lull – good talent will wait for the right job.

What is your situation for insurance job recruiting? Will you be looking this quarter, or waiting until early 2010?

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State of the insurance job industry – mid year update

09-09-2009

Jobseekers must be agile and adaptive in this environment, with some insurance job sectors performing much better than others – are you aligning your career goals with the insurance job sector with the lowest declines?

Back in March we showed the winners and losers in the insurance job industry, comparing figures from Jan 2008 to Jan 2009.

With updated statistics from mid-2008 to mid-2009, the state of the industry is as follows:

 

Sector Change Previous # Current # Difference
Title insurance jobs -15.20% down-arrow 79,810 69,400 -10,410
Claims adjuster jobs -13.20% down-arrow 53,544 47,300 -6,244
3rd party administration jobs -6.30% down-arrow 131,174 123,400 -7,774
Agents & brokers jobs -3.70% down-arrow 676,954 652,800 -24,154
Life insurance jobs -3% down-arrow 356,380 346,000 -10,380
Property/casualty jobs -2.60% down-arrow 491,762 479,300 -12,462
Reinsurance jobs -0.35% down-arrow 28,900 28,800 -100

Insurance Job Trends

The early wins in health insurance jobs, reinsurance jobs and life insurance jobs, which were up in January’s 2008 comparison all suffered overall losses. Title insurance jobs continued to be the worst affected, and life insurance has declined the most since January flipping from a 0.30% increase to a 3% decrease.

Salaries

The good news is that In terms of insurance job salaries, across every sector they rose from June 2008 to June 2009, except for third party administrators with a 3% decline in weekly earnings.

Futher Reading

Government employment figures available at Bureau of Labor statistics

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Look to risk management insurance jobs

18-07-2009

A recent survey from KPMG has shown optimism for upturns in risk management insurance jobs, so why not consider tailoring your CV around this, or looking at getting some qualifications around risk management?

Growth in Risk Management

The survey found that 53% of insurance industry executives believe that they will increase resources and hiring around risk management during 2009/2010.

This has come about as the business world during the recession has become riskier and with added complexity – risk management is what middle management are turning to.

What type of insurance jobs will stand to gain?

So what kind of insurance jobs will be created?

  • Actuarial – calculating insurance reserves and premiums
  • Underwriting – creating deals for clients under a demanding environment
  • Accounting
  • Auditing
  • Legal Compliance
  • Administrative

If you have the kind of analytical skills required, can understand the need for insurance companies to manage their risks and willing to take on a challenge, then things will be looking up for you.

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