Bureau of Labor Statistics (BLS)
Definition - What does Bureau of Labor Statistics (BLS) mean?
The Bureau of Labor Statistics (BLS) is a Federal agency under the U.S. Department of Labor that reports and measures labor activities, price changes, and working status of different industries. In the context of insurance, BLS is responsible for giving reports and analysis about the status of the insurance industry, including insurance carriers, and other related activities.
Insuranceopedia explains Bureau of Labor Statistics (BLS)
The Bureau of Labor Statistics (BLS) is important in the insurance industry because it is the agency that gives information and updates about insurance carriers and other activities of insurance businesses. These reports include information about insurance industry’s workforce status, their earnings and working hours, casualties and injuries, changes in prices, and workplace trends.
BLS also reports about the sub-sector groups of insurance industry like institutions involved in underwriting annuities and policies, selling insurance policies, and providing services related to benefits and insurance of employees.