7 biggest areas for insurance industry job growth

A few sectors within the insurance industry experienced consistent job creation in recent years, while others saw fewer people doing more work, according to a new report from the New York City-based Insurance Information Institute.

The III’s presentation is based on year-over-year employment data from the U.S. Bureau of Labor Statistics. That data dates back to 1990. Overall, the research indicates that in roughly five years, and despite some employment volatility within specific sectors, the insurance industry has added more than 100,000 new jobs.

Speaking by telephone from his New York City office on Wednesday, Steve Weisbart, the III’s senior vice president and chief economist, said the data provides a solid view of where new employees coming into the insurance industry are likely to find work.

“The central question is long-term,” said Weisbart, who linked historical insurance industry vitality to the country’s overall economic health. “Is this an industry that young people would be attracted to? The industry obviously needs to be able to attract new people” in order to continue to advance and innovate.

Many companies are beginning to heed the contemporary workplace mores that appeal to millennials. Research indicates that today’s young workers want jobs that give them purpose, that enable them to grow professionally, and where managers are invested in their success.

But there’s also the question of whether there will be opportunities for skilled insurance agents and producers who choose to devote their careers to this business. According to Weisbart, “You get a different kind of answer depending on what part of the industry you’re looking at.”

Weisbart said technology is likely the reason that some insurance industry sectors are seeing fewer new jobs.

Keep reading to find out the top 7 areas within the insurance industry that have experienced the strongest recent growth in job creation, and are therefore well-poised to attract new talent:

7. Independent claims-adjusting firms

Employment increase between April 2015 and April 2016: 0.5 percent.

Number of new employees during that time: 300.

Total sector employment as of April 2016: 56,000. 

6. Property and casualty carriers

Employment increase between April 2015 and April 2016: 0.6 percent.

Number of new employees during that time: 3,000.

Total sector employment as of April 2016: 519,000.

5. Third-party insurance administrators

Employment increase between April 2015 and April 2016: 0.7 percent.

Number of new employees during that time: 1,300.

Total sector employment as of April 2016: 175,000.

4. Agents and brokers

Employment increase between April 2015 and April 2016: 2.2 percent.