The latest data from the Labour Force Survey conducted by Statistics Canada discovered that while the labour market in B.C. in general continues to improve, in November the services sector (of which insurance is a part of) took a serious hit in terms of employment.
Employment in finance, insurance, and real estate collectively fell by 6.8% (8,700 jobs) over the course of the month, the biggest drop in any of the tracked sectors.
There was only a marginal decline in British Columbia’s overall employment, which fell by 0.1% from October. The same data also found that nationally, employment dropped by 0.2%.
While several industries in the goods-producing sector enjoyed significant monthly growth in employment, the gains were heavily offset by losses in service-sector jobs.
Employment in the agriculture and manufacturing industries rose by 25% (approximately 5,300 jobs) and 3.7% (6,500 jobs), respectively. The gains more than offset the 4.2% (2,100 jobs) drop the resource extraction industry suffered. But while the management support services, transportation, and warehousing industries have provided some offset to overall drops, the large decline for the finance, insurance, and real estate industries is still a glaring point.
Despite the losses, however, British Columbia‘s year-over-year employment growth of 2.6% is still leading among other provinces. Metro Vancouver is the region’s primary job engine, having experienced year-over-year employment growth by 4.2% and contributing to a 1.5% year-to-date regional gain for the province.
However, like many other industries, the insurance sector has seen disruption due to technological advances, automation, and other factors, leading to concerns about the potential loss of jobs.
While it is true that some traditional roles in the insurance industry may be disappearing, new roles are also emerging, requiring new skills and expertise. For example, the rise of digital channels has created a demand for professionals with skills in areas such as digital marketing, data analytics, and cyber security.
In addition, insurance products and services remain in demand, with new products emerging to meet changing customer needs. This means that there will continue to be opportunities for skilled professionals in the insurance industry.
For those seeking insurance jobs in Canada, there are several websites available that provide access to job listings in the insurance sector. These include Indeed, Monster, Glassdoor, and LinkedIn. These websites allow job seekers to search for jobs by location, job title, and other criteria, and provide resources such as resume builders and career advice.
