Employment in the insurance industry – additional information
Employment within the insurance industry has shown significant growth since 1960. Each decade, between 1960 and 2000, there was an increase in the number of employees which were employed in the industry – increasing by around 300,000 employees each decade. However, between 2000 and 2010, the number of employees declined from 2.35 million to 2.34 million. Some recovery and growth within employment can be seen to have occurred in 2014. This growth is likely the result of increasing numbers of agents, brokers and service employees in the insurance industry, which has been positive since 2010.
The number of health insurance employees has also seen growth, but the number of employees in life insurance saw a significant decrease between 2000 and 2005 and stagnation ever since. Stagnation within industry employment is believed to be the result of many health insurance professionals entering retirement and these positions being left vacant or being replaced by increasing automation within the industry. The number of employees in the U.S. reinsurance industry can also be seen to be on the decline, and overall, a lack of job growth within the industry is also seen as a threat to the business model of insurance companies.