The insurance industry job market continues to shrink, new analysis from the Insurance Information Institute (III) finds.
The pain appears to be evenly spread with all subsectors of the insurance market—with the exception of reinsurance—employing fewer people in Sep. 2010 than in Sep. 2009 according to numbers from U.S. Labor Department’s Bureau of Labor Statistics.
While the III attributes the job losses to familiar factors such as the soft market, difficult economy, outsourcing, productivity enhancements and consolidation, the scale of the decline is remarkable.
For example, while the property/casualty sector employed approximately 515,000 people at the start of the decade, the sector now employs 462,000. This stands in contrast to the medical/health insurance sector, which while down year over year, employs substantially more people than it did a decade ago.
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Corrected November 15, 2010 at 11:59AM: yes