Where’s The Talent? Finding Claims Professionals In A Candidate-Driven Market

 Tuesday, November 26, 2019

 CLM Magazine

The insurance industry is continuing to face a candidate-driven labor market. The overall U.S. unemployment rate reached a near half-century low this year, holding steady at around 3.7 percent. Unemployment in the insurance industry is virtually nonexistent, at 1.6 percent in July.

However, insurers continue to add jobs. According to data from the Bureau of Labor Statistics, finance and insurance has seen an average of nearly 284,000 job openings throughout the past 12 months.

The recent “2019 Q3 U.S. Insurance Labor Outlook Study,” conducted by The Jacobson Group and Aon plc, also highlights continued employment growth.

According to the study, 62 percent of insurers and 57 percent of property and casualty insurers plan to increase their staff sizes in the next 12 months.

This is comparable to the 63 percent of both total insurers and property and casualty insurers who indicated plans to increase staff in the July 2018 iteration of the study.
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