The insurance industry has shed nearly 59,000 jobs since the end of 2024, according to new data from the Bureau of Labor Statistics.
Three notes:
1. Insurance carriers and related activities employed approximately 2.96 million workers as of April, down from about 3.02 million at the end of 2024. The sector has lost positions in each of the first four months of 2026, shedding roughly 9,100 jobs in both March and April alone. Both figures are preliminary, and the insurance employment category covers life, health and property insurers.
2. The 2025 decline of about 22,600 jobs was the first annual drop since 2020, when insurers cut about 21,000 jobs. The sector’s employment peaked in February 2025 at approximately 3.03 million. When measured from that high, the industry has now shed roughly 69,000 positions.
3. Average hourly earnings for all employees in the sector continued to climb, reaching $48.86 in March, up from $48.29 in December 2025, suggesting cuts may be disproportionately concentrated among lower-wage positions.
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