[US] Insurers account for half the financial sector's January job losses

In the US, the insurance industry reduced its payroll by 11,300 positions in January, Insurance Business reports.

The 0.38 per cent monthly decline outpaced cuts across the broader financial services sector as automation and cost pressures reshaped workforce strategies.

According to preliminary data from the Bureau of Labor Statistics, insurance employment totalled 2.98 million, down 40,000 positions, or 1.3 per cent, from 3.02 million a year before.

The January decline reportedly followed a 9,200-position reduction in November. December data was unavailable due to the federal government shutdown.

These insurance losses accounted for approximately half of the 22,000 jobs eliminated across financial activities in January, the BLS said. The broader financial sector shed 49,000 positions since a peak in May 2025, reflecting industry-wide pressures.

Source: Insurance Business

In the US, the insurance industry reduced its payroll by 11,300 positions in January, Insurance Business reports.

The 0.38 per cent monthly decline outpaced cuts across the broader financial services sector as automation and cost pressures reshaped workforce strategies.

According to preliminary data from the Bureau of Labor Statistics, insurance employment totalled 2.98 million, down 40,000 positions, or 1.3 per cent, from 3.02 million a year before.

The January decline reportedly followed a 9,200-position reduction in November. December data was unavailable due to the federal government shutdown.

These insurance losses accounted for approximately half of the 22,000 jobs eliminated across financial activities in January, the BLS said. The broader financial sector shed 49,000 positions since a peak in May 2025, reflecting industry-wide pressures.

Source: Insurance Business