Insurance employment has dropped in Connecticut with job cuts felt hardest in  administrative and clerical positions. Employment dropped 6.1 percent from 2013 to 2014, according to the 2015 Connecticut Insurance Market Brief released yesterday.
The brief says Connecticut insurance carrier full-time employment decreased by 2,857 people, or 6.1 percent, falling from 47,149 employees in 2013 to 44,292 in 2014. Connecticut insurance carrier and related (carriers and others) employment also had a decline of 2,258 people, or 2.3 percent, from 2013 to 2014, falling from 59,992 to 57,734. Office and administrative support jobs declined the most, by 440 employees or 3 percent.
PwC US and the Connecticut Insurance and Financial Services Cluster released the brief, which focuses on the various disruptive forces that face the insurance sector and how Connecticut insurance companies are leveraging talent, experience and innovation to identify opportunities for growth. Despite the job losses, the report paints, not surprisingly, a strong picture of the state’s insurance industry.
In addition, the brief reported, the number of domestic insurance entities remained constant in 2014 at 110, while the number of non-domestic insurance entities increased slightly by 1.3 percent to a total of 1,305. There are 57,734 insurance carrier and related full-time employees in Connecticut.The study says Connecticut is both a major consumer and exporter of insurance products and services, and all players, large and small, are competing on a global scale. As an example, it pointed to the increase in Connecticut’s direct written premiums of approximately $1.8 billion or 5.9 percent, from $30.6 billion in 2012 to $32.4 billion in 2013, resulting from a $1.4 billion increase in domestic written premiums and a $410 million increase in non-domestic written premiums.
The complete report is available for download.