Insurance industry payrolls in the United States increased by 1,500 in the month of October, to a new high of 2.367 million, reports A.M. Best Company.
Citing research from the U.S. Bureau of Labour Statistics, A.M. Best reported that average weekly earnings for the industry’s non-supervisory positions rose from US$799.62 to US$850.39 during the period between September 2006 and September 2007.
Insurance carriers’ weekly earnings jumped from $864.49 last year to $902.87 in 2007, but the brokerages and agencies showed the biggest gain, increasing from US$677.93 to U.S. $757.02, A.M. Best reported.
Claims adjusters’ average weekly earnings also saw a significant rise from US$807.75 to US$869.22. At the same time, this sector saw a loss of 1,500 jobs over the time frame.
Reinsurance payrolls, on the other hand, rose by 1,400 jobs (to 30,600) over the year. Over the same period, the reinsurance profession reported a drop in average weekly earnings from US$789.35 to US$768.41.
Property/casualty remained the most highly compensated segment of the industry, with a rise in average earnings from US$906.40 in September 2006 to US$956.81 this September.