Middle market insurance expansion report: 2026 edition
October 17, 2026
Insurance jobs fell 2.5% in the year to September 2026, and Charlotte grew 4.1%. See 2026 pay data, search timelines and fees for middle market insurers.
Key findings
- US middle market companies grew revenue 11.0% and employment 7.2% in the year to June 2026. 70% expect revenue growth over the next 12 months (NCMM, all industries).
- Insurance carriers and related activities employed 2,930,400 people in September 2026, down 76,000, or 2.5%, from a year earlier (BLS).
- Charlotte is the only one of the 3 metros in this report where insurance employment grew: +4.1% to 25,400 in August 2026. Tampa fell 1.8%. Chicago fell 5.9%.
- Smaller carriers are doing the hiring. 62% of small carriers plan to add staff over the next 12 months, against about 28% of large carriers .
- Executive roles rank among the 3 hardest insurance roles to fill, with actuarial and technology (Q3 2026).
- Global CFO appointments reached 316 in 2025, a 7-year high, and 60% of departures were retirements.
Are middle market companies still growing in 2026?
Yes. US middle market companies reported 11.0% average revenue growth and 7.2% employment growth in the year to June 2026, according to the National Center for the Middle Market's Mid-Year 2026 Middle Market Indicator.
Year-end 2025 came in at 11.7% and 7.8%. Mid-year 2025 was 10.7% and 7.3%.
- 82% of companies grew revenue, down from 84%.
- 49% grew revenue at double digits, the first reading under 50% since Q2 2021.
- 70% expect revenue growth over the next 12 months, and 59% expect to add headcount.
- 9 in 10 use AI, and 83% have concerns about it.
NCMM surveys 1,000 C-suite executives at US companies with $10M to $1B in annual revenue, across every industry. The report doesn't publish an insurance breakout.
Is the insurance industry adding jobs in 2026?
No. BLS counted 2,930,400 jobs at insurance carriers and related activities (NAICS 524) in September 2026, down 76,000, or 2.5%, from September 2025. The count fell every month from November 2025 through September 2026 (BLS via FRED).
The market for experienced insurance people is still tight. The industry's unemployment rate was 2.1% in September 2026 (BLS Industry at a Glance).
Carriers plan to hire more than they do. Insurers grew headcount 0.21% from July 2025 to July 2026, against the 1.03% they had planned (Jacobson Group and Aon, Q3 2026 US Insurance Labor Market Study).
- 49% of carriers plan to add staff over the next 12 months, and 11% plan cuts.
- 62% of small carriers plan to add staff, against about 28% of large carriers.
- Voluntary turnover was 7.6% over 12 months, down 1.6 points.
Fewer people are leaving on their own. I read that as a warning for any middle market carrier hiring a CFO or chief actuary: the people it wants are mostly staying put and won't see a job post. Lyneer tracks what that does to a search in its
monthly Executive Talent Intelligence Brief.
Which insurance markets are growing: Charlotte, Tampa or Chicago?
Charlotte. It's the only one of the 3 where insurance employment grew in 2025 and again in 2026.
| Metro | 2025 vs 2024 (annual avg) | Jobs, August 2026 | Change vs August 2025 |
|---|---|---|---|
| Charlotte-Concord-Gastonia | +4.1% | 25,400 | +4.1% |
| Tampa-St. Petersburg-Clearwater | −0.6% | 55,400 | −1.8% |
| Chicago-Naperville-Schaumburg | −0.5% | 84,100 | −5.9% |
Source: BLS Current Employment Statistics, insurance carriers and related activities (NAICS 524), not seasonally adjusted. Chicago is the BLS metro division.
Charlotte. Pacific Life picked Charlotte for an East Coast hub: 301 jobs and a $12.3M investment, with total annual compensation of $176,250 for the new positions and full occupancy planned for 2028 (NC Governor's Office). Finance and insurance overall averaged 103,000 jobs in the metro in 2025, up 3.3% (BLS via FRED).
Tampa. GEICO opened a 190,000 sq ft Tampa campus in May 2026 and plans 1,500 jobs there, with more than 500 already filled (GEICO). The metro's insurance count still fell.
Florida's carrier base keeps widening. 20 new property and casualty insurers have entered since Florida's legislative reforms, bringing more than $850M in new capital, and Florida domestic property insurers ran an 83% combined ratio in 2025 (Carrier Management, citing FLOIR). Each new carrier needs its own statutory finance and actuarial leadership. Here's how Lyneer placed a group controller at a startup P&C carrier in 43 days.
Chicago. Insurance employment in the Chicago metro division fell 5.9% to 84,100. Zurich North America is moving its downtown office to Willis Tower, and its North American headquarters stays in Schaumburg (Zurich).
For the Northeast, see Lyneer's New York and New Jersey insurance market brief.
| Role | Median pay | Scope | Source |
|---|---|---|---|
| Chief executives (includes CFOs) | $213,990 (top 10%: over $507,730) | All industries | BLS, May 2025 |
| Financial managers (includes controllers) | $169,980 | Finance and insurance | BLS, May 2025 |
| Actuaries | $131,450 (top 10% of all actuaries: over $215,100) | Finance and insurance | BLS, May 2025 |
| Insurance underwriters | $81,370 ($80,210 at direct non-life insurance carriers) | All industries | BLS, May 2025 |
| CFO | $273,250 midpoint ($215,000 to $326,250) | All industries | Talent industry salary guide |
| Corporate controller | $187,500 midpoint ($154,500 to $216,250) | All industries | Talent industry salary guide |
By metro (BLS, May 2025, all industries, median annual wage; Chicago is the full metro area here):
| Role | Charlotte | Chicago | Tampa |
|---|---|---|---|
| Financial managers | $172,760 | $168,810 | $157,480 |
| Actuaries | $128,730 | $113,730 | $106,490 |
| Chief executives | $329,030 | $344,960 | ------- |
Charlotte pays financial managers and actuaries more than Chicago and Tampa. Chicago leads for chief executives.
Pay increases. Mercer projects a 3.6% merit budget for insurance and reinsurance in 2027, against 3.2% for all US employers (Mercer). People who change jobs still get more: 4.8% median base pay growth for job changers in September 2026, against 3.0% for people who stayed (ADP Pay Insights).
BLS wage figures include commissions and production bonuses. They exclude other bonuses, stock awards and benefits, and Robert Half's figures are base salary. For role-level pay by line of business, see the Lyneer 2026 insurance salary guide and insurance salary trends for 2026.
How does the soft market change insurance leadership hiring?
It shifts demand toward underwriting, pricing and reserving leaders who can hold margin while rates fall.
- Global commercial rates fell 6% in Q2 2026, the 8th straight quarterly decline. US rates fell 2%: property −13%, casualty +7% (Marsh Global Insurance Market Index).
- The average US commercial premium fell 2% in Q2 2026. Umbrella rose 5.3% and commercial auto 4.5% (CIAB via Insurance Journal).
- Swiss Re forecasts US P&C premium growth of −0.5% for 2026, and global P&C return on equity falling from about 14% in 2025 to 11.4% (Swiss Re sigma via Carrier Management).
- AM Best holds a stable outlook on US commercial lines and negative outlooks on general liability, commercial auto and D&O (AM Best).
Property is softening and casualty still needs rate. Carriers with heavy general liability or commercial auto books will need underwriting and actuarial leaders who can defend price as competitors cut it.
How long does an insurance executive search take, and what does it cost?
About 4 months. Retained searches took 117 days on average from start to placement across more than 100,000 projects from 2020 to 2023, and board searches took 155 days (Executive Search Performance Benchmark Report). No public benchmark isolates insurance.
Industry standard retained fees run about 33% of first-year cash compensation.
Insurance searches run longer when the role needs statutory accounting (SAP) depth, NAIC reporting experience or full confidentiality from an incumbent. Lyneer's guide to hiring a statutory accounting leader in 2026 covers that search in detail.
Which insurance executive roles are hardest to fill?
Actuarial, technology and executive roles topped the list in the Q3 2026 study. The Q1 2026 study ranked actuarial, executive and analytics.
- CFOs. Global CFO appointments hit 316 in 2025, up 10% and a 7-year high. 57% were first-time CFOs, and 60% of departures were retirements (CFO Turnover Index).
- CEOs. Global CEO departures fell to 101 in H1 2026 from 118 a year earlier, and 88% of incoming S&P 500 CEOs were internal promotions ( CEO Turnover Index).
- Interim leaders. Interim CFO demand rose 14% year over year, and interim C-suite requests are up 151% since 2021 (CFO Dive). See Lyneer interim solutions.
Lyneer's insurance CFO FAQ and actuarial FAQ answer the most common questions about both searches.
What should a middle market insurer do about it?
- Start CFO and chief actuary searches before the seat is empty. Retirements drove 60% of CFO departures in 2025, and a search takes about 4 months.
- Price the role from current data. Use the BLS above as the pay reference, and budget annual bonus and long-term incentives on top.
- Recruit in Charlotte knowing what you're up against. It pays financial managers and actuaries more than Tampa and Chicago, and a Life Insurer is adding 301 jobs there.
- Staff casualty lines for discipline. General liability, commercial auto and D&O carry negative AM Best outlooks.
- Line up interim cover. An interim CFO can hold the close while the permanent search runs.
How fast are US middle market companies growing in 2026?
11.0% average revenue growth and 7.2% employment growth in the year to June 2026, across all industries (NCMM Mid-Year 2026).
Is US insurance employment growing in 2026?
It's shrinking. Insurance carriers and related activities employed 2,930,400 people in September 2026, down 2.5% from a year earlier (BLS).
What is the median salary for an actuary in insurance?
$131,450 median annual wage for actuaries in finance and insurance (BLS, May 2025). Annual bonus and stock awards come on top.
How much does a retained executive search cost?
How long does an executive search take? 117 days on average across retained searches
About Lyneer Search Group
Lyneer Search Group is a retained executive search firm for the insurance and wealth management industries, placing finance, accounting, underwriting and actuarial leaders at P&C carriers, MGAs, reinsurers, life insurers, RIAs and family offices. Every retained search Lyneer has accepted since 1993 has resulted in a completed placement, and 90% of its placements earn promotions within their organizations. HuntScanlon named Lyneer to its 2026 America's Top 250 Executive Search Firms.
The Lyneer Executive Search Strategy™ evaluates every candidate against the specific role on 4 dimensions: technical skill, leadership capability, cultural alignment and long-term growth potential.
Planning a CFO, chief actuary or chief underwriting officer search for 2027? Email hello@lyneersearch.com or call 908-379-0863. See how the Lyneer Executive Search Strategy works for insurance.
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