U.S. insurance job numbers up, what about Canada?

American insurance jobs are growing, but slumping oil prices have the loonie at a five-and-a-half-year low versus the U.S. greenback, and the latest jobs report out of Canada showed a loss of 4,300 positions in December.

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American insurance jobs are growing, but slumping oil prices have the loonie at a five-and-a-half-year low versus the U.S. greenback, and the latest jobs report out of Canada showed a loss of 4,300 positions in December.

The U.S. insurance industry added 4,200 jobs in December, continuing the steady growth the industry has seen over the past year, according to figures released by the U.S. Bureau of Labor Statistics.

“December's job growth was the strongest since 1999,” said Jason Furman, chairman of the Council of Economic Advisers, “while the unemployment rate fell at the fastest pace in three decades.”

Canada’s slumping December numbers (on top of a loss of another 10,700 in November, according to Royal Bank of Canada numbers published on seekingalpha.com), are running contrary to the U.S., which recently posted payroll growth of 252,000 last month.

Numbers in specific current job for Canada’s insurance sector are not available, but the numbers for the finance, insurance, real estate and leasing sector are as follows:
2014    1,121.2
2013    1,122.3
2012    1,093.2
2011    1,083.4
2010    1,095.7
(All numbers are in the thousands, and have been updated on January 9, 2015 by Statistics Canada. For example, 2014 is 1.121 million.)

For the U.S., the November numbers are a 10-year high for the industry, with total numbers now standing at 2.47 million employed in insurance – an increase of 70,000 since December 2013. (continued.)
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Between October and November, all industry sectors added jobs. Employment rose in life (up 0.35 per cent to 345,400 jobs); health (up 1.14 per cent to 506,700 jobs); property/casualty (up 0.54 per cent to 537,700 jobs); title insurance (up 0.82 per cent to 73,700 jobs); reinsurance (up 0.36 per cent to 27,600 jobs); agents/brokers (up 0.36 per cent to 697,800 jobs); claims adjusting (up 0.81 per cent to 50,000 jobs); and third-party administration of insurance funds (up 0.78 per cent to 168,500 jobs).

On a year-to-year basis, only title insurance and claims adjusting saw employment decrease since November 2013. Title insurance was down 2.25 per cent from 75,400 jobs, and claims adjusting was down 1.77 per cent from 50,900 jobs.

Over the same time period, employment rose in life (up 2.16 per cent from 338,100 jobs); health (up 5.56 per cent from 480,000 jobs); property/casualty (up 2.36 per cent from 525,300 jobs); agents/brokers (up 3.55 per cent from 673,900 jobs); and third-party administration of insurance funds (up 3.69 per cent from 162,500 jobs).

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Reinsurance was flat at 27,600 jobs.

In terms of wages, all industry sectors but claims adjusting saw average weekly earnings increase since November 2013. Claims adjusting wages dropped 8.63 per cent to $1,196.09.

Over the same period, wages increased in life/health (up 3.11 per cent to $1,383.69); property/casualty (up 4.51 per cent to $1,369.15); agents/brokers (up 5.39 per cent to $1,161.90); and third-party administration of insurance funds.

Two sectors saw double-digit increases. Claims adjusting wages jumped 20.34 per cent to $1,353.66. Reinsurance wages climbed 15.39 per cent to $2,446.08.

All numbers are in U.S. funds.

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