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September 04, 2019 at 11:01 AM
Interest rates may be low, regulators may be tough, sales of many of life, health and annuity products are flat — but life, health and annuity issuers say they’re hungry for workers, and much hungrier than issuers of property and casualty insurance.
Life, health and annuity issuers expect to increase employment about 2.3% in the coming 12 months, according to the Jacobson Group and Aon PLC’s Ward unit.
The Jacobson Group is a Chicago-based recruiter, and Ward is a benchmarking survey firm.
(Related: Here’s What Life and Health Insurers Plan to Do to Their Sales and Marketing Teams)
A year ago, life, health and annuity issuers told the companies that they were expecting to increase staffing 1.3% in the coming 12 months.
The issuers turned out to be more likely to increase staffing than they had predicted: About 61% had predicted that they’d expand staffing. In reality, 69% expanded their staff.
Life, health and annuity issuer hiring appears to be stronger than P&C issuer hiring.
P&C issuers are predicting they’ll increasing staffing 1.2% over the coming 12 months. A year ago, P&C issuers were predicting they’d expand staffing 0.5%.
About 63% of the issuers were predicting a year ago that they’d add staff; 67% ended up increasing their staff size.
