Connecticut’s insurance employment has dropped by 6.1% from 2013 to 2014, according to data published on the recently released 2015 Connecticut Insurance Market Brief.
According to the brief, state insurance carrier full-time employment dropped by 2,857 jobs (6.1%), from 47,149 employees in 2013 to 44,292 in 2014.
Total insurance employment also dropped by 2,258 people (2%), from 2013’s 59,992 to 2014’s 57,734.
Office and administrative support jobs took a 3% decline, losing 440 employees.
Despite the reported job losses, the brief had a strong assessment of the current state of Connecticut’s insurance industry.
The brief additionally reported that the number of domestic insurance entities remained in 2014 at 110, while the number of non-domestic insurance entities increased marginally by 1.3% to 1,305.
The study noted that the state is a major consumer and exporter of insurance products and services, and its players both large and small are competing globally. It cited Connecticut’s increase in direct written premiums worth approximately $1.8 billion (5.9%), from $30.6 billion in 2012 to $32.4 billion in 2013. It was the result of a $1.4 billion hike in domestic written premiums and a $410 million increase in non-domestic written premiums.
