The U.S. insurance sector reported a decrease of 100 positions in April compared to March, ending a six-month period of job growth, according to the U.S. Labor Department’s Bureau of Labor Statistics (BLS).
The decline contrasts sharply with the addition of 6,400 jobs in March and similar increases recorded in January and February.
Total employment across insurance and related fields stood at 3.03 mn in April. Compared to the same month in 2024, the industry added 41,800 positions.
Nationwide, nonfarm payrolls rose by 177,000 in April, while the unemployment rate held steady at 4.2%. Employment gains were highest in health care, transportation and warehousing, financial activities, and social assistance. Federal jobs declined.
The BLS reports overall insurance payroll figures each month using seasonally adjusted data. In contrast, segment-level employment data—covering direct carriers and third-party administrators—are published on an unadjusted basis for the previous month.
Between February and March, three of the seven insurance segments showed employment growth. Pharmacy benefit managers and third-party administrators added 1,600 jobs, reinsurers gained 100 positions, and direct life and health carriers increased by 90.
Meanwhile, direct property/casualty carriers lost 200 jobs, title insurers and other direct carriers saw a reduction of 400 positions, agencies and brokers cut 2,400 jobs, and claims adjusting firms reduced headcount by 700.
Stephen Cooper, executive director and senior economist at the National Council on Compensation Insurance, noted ongoing uncertainty despite a steady labor market through early April.
He emphasized that employment trends often lag broader economic conditions. While the April data was strong, Cooper expressed caution regarding the general economic outlook.
The May employment report alleviated fears that the economy was already in recession in April, showing solid employment growth of 177,000 overall and 167,000 in the private sector
Stephen Cooper, executive director and senior economist at the National Council on Compensation Insurance
He also pointed out that revisions to previous reports subtracted 58,000 jobs from earlier estimates. Still, the average job growth over the past three months suggested stable labor market conditions as of early April.
