The US insurance industry recorded an increase of 13,300 jobs in December, according to preliminary data released by the Bureau of Labor Statistics (BLS) under the US Department of Labor.
Employment in insurance carriers and related sectors rose to over 3.049 million in December, up by 59,000 compared to the 2.99 million reported in December 2023. This also marks a notable increase from November, which saw 5,100 jobs added, and a reversal from the decline of 1,400 jobs recorded in October, according to an AM Best report.
Nationwide, total nonfarm payroll increased by 256,000 in December, while the unemployment rate held steady at 4.1%. According to the BLS, unemployment has remained within the 4.1% to 4.2% range over the past seven months. Health care, government, and social assistance sectors contributed the most to December’s job growth, while durable goods manufacturing experienced the largest job cuts.
Stephen Cooper, executive director and senior economist at the National Council on Compensation Insurance, noted that the two consecutive months of job growth might indicate a potential recovery in the labor market.
“After worry of a slowdown in the labor market over the summer, the final four months of the year saw a solid recovery in employment growth,” Cooper said. “Employment grew by an average of 190,000 per month to end the year, compared to just 110,000 per month in the June through August period.”
However, Cooper cautioned against drawing firm conclusions from short-term data but noted the importance of monitoring this trend in the coming months.
For the insurance sector, monthly payroll data are reported on a seasonally adjusted basis, while more detailed employment data by industry segment—such as specific insurance carriers or noncarrier roles—are available only on an unadjusted basis for the prior month.
In November, most insurance categories tracked by the BLS showed employment gains, except for pharmacy benefit managers and other third-party administrators, which reported no change from October. Agencies and brokerages led hiring activity in November, adding 5,000 jobs. Direct life, health, and medical carriers followed, adding 2,600 positions. Claims adjusters also saw an increase, with 1,700 jobs added during the same period.
