Business Insurance summarizes Insurance Information Institute’s grim findings:
Based on seasonally unadjusted numbers, property/casualty insurer employment declined 0.2% in October compared with September, dropping the industry’s employment to 461,500, which the III said was the lowest property/casualty employment in at least 20 years.
In September, the insurance industry shed about 6,000 jobs. In October, the U.S. insurance industry had 2.17 million jobs, according to the III analysis.
Not hard to see why:
Since 2006, property/casualty premiums have dropped by about 7% and property/casualty insurer employment has declined about 5.75%, the III said.