04 Mar, 2024
2 mins read

The insurance industry is hiring

In Friday’s national jobs report, you’ll see the number of people employed at insurance carriers and related activities went up last month, with 15,000 new jobs. There are now just under 3 million people employed in that industryabout 3% more than during the Before Times, in February 2020.

There are a few reasons for this growth. One is that, as the pandemic moves into a new phase, Americans are more worried than they used to be that things will go badly. Another is, when it comes to weather in particular, things have been going badly.

How badly? Well, forget April showers. this year, there was April hail, March tornadoes and February flooding. All of which caused massive damage.

“We’re seeing in response to that, companies are looking to add employees, particularly around staffing their claims,” said Jeff Rieder, who leads Ward Benchmarking, an insurance consulting practice that’s part of the company Aon.

For example, insurers might need to hire more adjusters to go out into the field to look at the damage caused by all that weather. Meanwhile, Rieder pointed out that there have been a lot of increases in insurance pricing.

“Many companies are experiencing revenue growth that’s supporting their staffing,” he said.

The pandemic has also made people more attuned to the likelihood of bad events happening, which can make them more inclined to buy insurance.

“It just grows the need, or the perception of the need, for the product,” said Matthew Palazola, an analyst with Bloomberg Intelligence.

That demand for insurance products is driving the need for more underwriters, the people who assess risk and determine how much to charge for policies, along with agents and brokers to sell those policies.

There are also potential jobs in the industry for people who understand

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