Labor Market Indicates Sustainable Growth in Insurance Industry
CHICAGO – It seems that industry hiring plans are on track and insurers are putting uncertainty to rest. According to the Mid-Year Insurance Labor Market Study conducted by The Jacobson Group and Ward Group, 54.5 percent of companies polled intend to increase staff while an encouraging 77.4 percent expect to grow revenue.
“Participants of the study are reporting moderate but sustainable growth,” says Gregory P. Jacobson, chief executive officer of Jacobson. “The optimism that has been apparent in previous iterations of the study has materialized into greater revenue and hiring.”
Some key findings include:
- 54.5 percent of all companies plan to increase staff during the next 12 months, which is 3.3 points higher than the January survey. This is the greatest percentage of companies anticipating to increase staff in the history of the study.
- Optimism to grow revenue is at the highest level it is has been since the survey began in 2009.
- For the third straight survey, the primary reason to increase staff during the next 12 months continues to be an increase in business volume.
- Technology, underwriting and claim roles are expected to grow the greatest during the next 12 months.
- If the industry follows through on its plans, we will see a one percent increase in industry employment during the next 12 months, creating new jobs.
To view the full slide deck, click here.
The Semi-Annual Insurance Labor Market Study has been conducted twice yearly since July 2009. Collecting revenue and hiring projections from organizations across all sectors of the industry, the survey provides the industry with a valuable look at labor market trends and hiring outlook.
The study’s next iteration will occur in January 2013. For more details on how to participate, contact Vince Albers of Ward Group at firstname.lastname@example.org.
The Jacobson Group
Nicole M. St.Martin, Vice President and Marketing Communications Director
Vince Albers, Senior Consultant