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?
Leave a Reply