As the US economy continues its slow recovery, so does the demand for qualified insurance professionals. According to recent statistics from the Bureau of Labor Statistics, employment of independent agents and brokers is expected to grow about 10% by 2022—roughly as fast as the average for all occupations.
And while that growth seems fairly balanced across the country, there are a few areas of the country where job prospects for producers are especially bright.
Insurance Business America took a look at the most recent BLS numbers to determine the top 10 states for producer job growth, and then asked economist Steven Weisbart of the Insurance Information Institute to weigh in.
1. Arizona—37% growth with 600 new jobs
2. North Carolina—27% growth with 570 new jobs
3. Utah—27% growth with 170 new jobs
4. Florida—25% growth with 2,100 new jobs
5. Iowa—24% growth with 290 new jobs
6. Colorado—21% growth with 460 new jobs
7. Texas—17% growth with 2,050 new jobs
8. Delaware—17% growth with 50 new jobs
9. Wyoming—17% growth with 30 new jobs
10. Illinois—14% growth with 830 new jobs
Weisbart noted that in North Carolina and Florida, the increase in the producer workforce could be largely attributed to the successful growth of both state economies.
Iowa he labled a “different animal,” thanks to recent efforts by the state to attract insurance companies and become a hub for the industry.
“I think they’ve done a pretty good job of that—Des Moines in particular,” Weisbart said. “I think that might be raising awareness in the area of the value of a career in insurance, and may be leading more people into the agent and broker market as well.”
As for the top-rated Arizona, with an impressive 37% rate of job growth?
“The bursting of the housing bubble hit Arizona pretty hard and put a lot of people out of work,” he said. “Their recovery from that burst would put them in a faster growth margin than other state that didn’t suffer as badly.”
The increase in jobs could also have something to do with the mass quantities of Americans moving to the Southwest for the warmer, dryer climate, Weisbart said. This would account for the high levels of growth in Texas and Utah as well.
