Connecticut’s Insurance Industry - HartfordInfohartfordinfo.org/issues/wsd/economicdevelopment/IFS... · 2007-01-16 · Connecticut’s Insurance Industry: Economic Impacts & Contributions

Connecticut’s Insurance Industry:Economic Impacts & Contributions

Prepared by:Connecticut Economic Resource Center, Inc.

December 2006

© 2006 Insure Connecticut’s Future, Connecticut Insurance and Financial Services Cluster

2

Introduction

Insure Connecticut's Future and the Connecticut Insurance and Financial Services Cluster present this study as part of an ongoing effort to quantify the impact of the insurance industry on the economy and, ultimately, on the quality of life in the state of Connecticut.

For more information, please visit www.bestpolicy4CT.com.

3

Table of contents

Industry definition and size

Employment and occupations

Wages and salaries

Gross state product/Value added

State economic sectors

National competitiveness

4

10

20

25

37

42

4

Insurance carrier industry definition

Industry NameNAICS Code

Re-insurance524130

Property/Casualty Ins.524126

Health Insurance524114

Life Insurance524113

5

Number of insurance carrier headquarters in CT

17 Life insurance

11 Accident and health insurance

5 Hospital and medical service plans

26 Fire, marine, and casualty insurance

5 Surety insurance

8 Reinsurance

Source: D&B Sales & Marketing Solutions, 2006; Connecticut Insurance Department, 2006

6

Connecticut Magazine's list of the 100 largest companies headquartered in the state

Source: http://www2.connecticutmag.com/site/ct100.asp. Ranked according to annual sales, 2005.

$223,000Stamford Independence Holding Co.8686

$850,000New Haven Knights of Columbus Corp. --48

$2,656,000StamfordOdyssey Re Holdings Corp.--19

$2,732,000HartfordPhoenix Companies Inc.2018

$4,513,000GreenwichW.R. Berkley Corp1713

$19,904,000Hartford Aetna Inc. 55

$22,693,000HartfordThe Hartford Financial Services

Group44

SALES (000s)TOWN COMPANY 20052006

7

8

9

10

There were more than 67,000 insurance carrier jobsin Connecticut in 2004

Source: U.S. Census Bureau, County Business Patterns

Re-insurance,2,922

Life,29,134

Health,22,096

Property/Casualty,13,288

11

Insurance employment by county: 1994 and 2004

Region GrowthTotal Percent Total Percent

Connecticut 66,921 67,667 1.1% Fairfield 6,187 9% 8,528 13% 37.8% Hartford 49,067 73% 49,370 73% 0.6% New Haven 5,421 8% 3,926 6% -27.6% Other 6,246 9% 5,843 9% -6.5%Source: US Census Bureau, County Business Patterns

1994 (SIC) 2004(NAICS)

12

CT has triple the U.S. average of insurance carrier jobs

Source: Moody’s Economy.com, BLS

Insurance carrier jobs, percent of total state employment – 1995-2005

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

4.0%

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005

CTUS

13

CT has the highest concentration of insurance carrier jobs in the U.S.

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

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Source: Moody’s Economy.com

Employment: Insurance carriers (SA) as a percent of state total – 2006 est.

14

CT’s share of total U.S. employment is just 1.2 percent


Total state employment (SA) as a percent of total U.S. employment – 2006 est.

0%1%2%3%4%5%6%7%8%9%

10%11%12%

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15

CT’s share of total U.S. insurance carrier employment is 3.9 percent


State insurance carrier employment (SA) as a percent of total U.S. insurance carrier employment – 2006 est.

0%

1%

2%

3%

4%

5%

6%

7%

8%

9%

10%

Wyo

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16

2004 2014 Net PercentFinance and Insurance 120,550 131,130 10,580 8.8%Credit Intermediation and Related Activities 31,660 33,320 1,660 5.2%Securities, Commodity Contracts, Other Financial 18,400 23,850 5,450 29.6%Insurance Carriers and Related Activities 65,640 68,310 2,670 4.1%Funds, Trusts, and Other Financial Vehicles 4,750 5,550 800 16.8%

Industry Employment 10-Year Change

Source: Connecticut Department of Labor

The insurance carrier industry has the slowest projected growth rate in the IFS sector

17

Insurance carrier employment has grown 2.4% in CT since 1995

-28.3%

-24.8%

-23.6%

-18.0%

-16.9%

-15.9%

-15.5%

-10.9%

-10.2%

-9.1%

-8.3%

-4.5%

-1.5%

-0.7%

-0.1%

0.8%

0.9%

2.4%

-35.0% -30.0% -25.0% -20.0% -15.0% -10.0% -5.0% 0.0% 5.0%

Louisiana

District Of Columbia

Mississippi

Vermont

Illinois

Arkansas

Delaware

Indiana

Pennsylvania

Maryland

New York

Alabama

Massachusetts

Texas

Hawaii

Tennessee

Kansas

Connecticut

U.S. +4.6% 1995-2005


Percent gain/loss in insurance carrier jobs by state, 1995 - 2005 (est.) – Bottom 18 States

18

CT has lagged the U.S. and the Northeast in total employment growth

0.7

0.75

0.8

0.85

0.9

0.95

1

1.05

1.1

1.15

1.2

1.25

1990 1992 1994 1996 1998 2000 2002 2004

Inde

x: 1

990=

1.00

Connecticut Northeast US


Total non-farm employment (SA) growth – 1990-2005

19

Since 1995, CT’s relianceon insurance carrier jobs has not changed

0.00%

0.50%

1.00%

1.50%

2.00%

2.50%

3.00%

3.50%

4.00%

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005

New Hampshire Wisconsin Iowa Nebraska Connecticut


Insurance carrier jobs as a percent of total state employment – 1995-2005 – Top 5 States

20

Occupational employment and wages in the Connecticut insurance carrier industry: 2005

Occupations Estimated Employment

Average Wage

All Occupations in Insurance Carrier Industry 65,200 $61,846 Management Occupations 6,230 $118,275 Business And Financial Operations Occupations 15,960 $62,135 Computer And Mathematical Occupations 9,840 $73,710 Architecture And Engineering Occupations 90 $78,325 Life, Physical, And Social Science Occupations 560 $72,750 Community And Social Services Occupations 140 $49,120 Legal Occupations 1,050 $100,730 Education, Training, And Library Occupations 20 $67,705 Arts, Design, Entertainment, Sports, And Media Occupations 420 $57,665 Healthcare Practitioners And Technical Occupations 1,170 $62,130 Protective Service Occupations 90 $33,305 Sales And Related Occupations 6,300 $68,295 Office And Administrative Support Occupations 23,170 $37,960 Installation, Maintenance, And Repair Occupations 80 $44,670 Production Occupations 60 $40,520 Transportation And Material Moving Occupations 20 $51,990Source: Connecticut Department of Labor

21

Employment & average wage by occupational group in the insurance carrier industry

0

5,000

10,000

15,000

20,000

25,000

Offic

e & A

dministr

ative

Support

Busin

ess &

Financia

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Computer

& M

athem

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Leg

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$0

$20

$40

$60

$80

$100

$120

$140Estimated EmploymentAverage Wage

Employment Average Wage ($1,000)

Source: Connecticut Department of Labor, 2005

22

Wages and salaries

$6,169,919Total

$559,826Re-insurance$1,037,769Property/Casualty Ins.$2,281,558Health Insurance$2,290,766Life Insurance

Payroll (000)IndustryAnnual

Source: U.S. Census, County Business Patterns, 2004

23

CT’s share of total U.S. wages is just 1.6 percent

Source: Moody’s Economy.com, BEA

Total state wage and salary disbursements as a percent of U.S. total – 2006 (est.)

0%1%2%3%4%5%6%7%8%9%

10%11%12%13%14%

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24

CT’s insurance carrier wages represent 6.1 percent of state total, the highest in the U.S.

0%

1%

2%

3%

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5%

6%

7%

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U.S. Average = 1.5%


Insurance carrier wage and salary disbursements as a percent of total state wages – 2006 est.

25

CT’s Gross State Product represents just 1.6 percent of total U.S. Gross Domestic Product


Total real GSP as a percent of total U.S. GDP – 2006 est.

0%1%2%3%4%5%6%7%8%9%

10%11%12%13%14%15%

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26

CT’s share of total U.S. insurance carrier GDP is 6.7 percent


State insurance carrier GSP as a percent of total U.S. insurance carrier GDP – 2006 est.

0%

1%

2%

3%

4%

5%

6%

7%

8%

9%

10%

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27

CT ranks first in GSP generated by insurance carriers

1.70%

1.80%

1.80%

1.80%

2.40%

2.60%

2.90%

4.10%

4.20%

5.50%

0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0%

New Hampshire

Ohio

Massachusetts

Illinois

Wisconsin

Minnesota

Nebraska

Delaware

Iowa

Connecticut


Percent share of total state GSP from insurance carrier employment (SA) – 2006 est. Top 10 states

28

CT insurance workers produce more GSP per worker than both the region and the nation

$0

$50,000

$100,000

$150,000

$200,000

$250,000

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005

US GSP per Worker Insurance Northeast GSP per Worker Insurance Connecticut GSP per Worker Insurance


Real GSP per insurance worker - Connecticut, Northeast and the U.S. - 1995-2005

29

GSP per worker: CT and the U.S. for insurance carriers and all other industries, 1994-2005

$0

$50,000

$100,000

$150,000

$200,000

$250,000

1977 79 81 83 85 87 89 91 93 95 97 99 1 3 5

Source: Economy.com (BLS)

CT Insurance Carriers

CT Other Industries

U.S. Other Industries

U.S. Insurance Carriers

30

CT has lagged other states in GSP growth since 1995


Percentage change in total GSP, 1995 – 2005 est.

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

Loui

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Dis

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U.S. average grow th rate = 43%

31

CT has lagged most states in insurance carrier GSP growth since 1995


Percentage change in insurance carrier GSP, 1995 – 2005 est.

-20%

0%

20%

40%

60%

80%

100%

120%

140%

160%

180%

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Neva

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U.S. average grow th rate = 35%%

32

Gross product originating from insurance carriers (Value Added)

In 2004, the total value added by the insurance carrier industry in Connecticut was about $12.2 billion, which represented about 6.7 percent of total GSP in that year.Value added is an industry’s gross output (sales, receipts, other operating income, commodity taxes, inventory change) minus its intermediate inputs (consumption of goods and services imported or purchased from other U.S. industries).

Source: Bureau of Economic Analysis, 2004

33

Insurance industry purchases

Every year insurance carriers purchase, on average, just under $1 billion in goods and services from other industries in Connecticut.

Source: IMPLAN, 2002

34

Industry multipliers

One new job in the insurance industry results in an additional 1.35 jobs in the Connecticut economy.

An increase of $1 in labor income in the insurance carrier industry results in an additional $0.76 in Connecticut’s economy.

Increasing sales by $1 in Connecticut’s insurance carrier industry results in an additional increase of $0.77 in other industries in Connecticut.

Source: IMPLAN, 2003

35

Taxes paid by the insurance carrier industry

Personal wage taxes: $210 million(2004 estimate)

Premiums taxes: $244 million(2004-2005)

Local property taxes: significantAt least 18 towns have insurance companies as top five taxpayers (2004)

Source: Connecticut Department of Revenue Services

36

The insurance carrier industry by the numbers

Sources: U.S. Census, County Business Patterns; Moody’s Economy.com; IMPLAN, 2003

5.0%$14.7 billionTotal sales

6.4%$13 billionGSP

8.5%$6,169,919 Wages & salaries

4.4%67,000Employment

% CT#

37

Finance and insurance is the 4th largest industry sector in CT

Source: U.S. Dept. of Commerce, Bureau of Census and Bureau of Economic Analysis, 2002

8.1%124,603Accommodation & food services

8.9%137,330Finance & insurance

12.3%188,418Manufacturing

12.8%197,028Retail trade

15.5%237,579Health care and social assistance

%#Industry Sector

E M P L O Y M E N T

38

39

Finance and insurance is the largest industry in terms of salary and wages


3.1%$2,284,618Accommodation & food services

20.5%$14,967,480Finance & insurance

13.1%$9,578,888Manufacturing

6.9%$5,024,940Retail trade

12.3%$8,967,008Health care and social assistance

%#Industry Sector

A N N U A L P A Y R O L L

40

Finance and insurance is the largest sector in terms of GSP


2.0%$3,338Accommodation & food services

17.5%$29,107Finance & insurance

12.6%$20,958Manufacturing

6.7%$11,146Retail trade

8.3%$13,710Health care and social assistance

%#Industry Sector

G S P

41

The finance and insurance sector is a significant part of the CT economy

Source: U.S. Dept. of Commerce, Bureau of Census and Bureau of Economic Analysis, 2002, 2004

17.5%$29,107GSP

20.5%$14,967,480Annual Payroll

8.9%137,330Employment

%#

FINANCE & INSURANCE

42

The insurance carrier industry is a vital part of CT’s economic base – 1 of 2

LifeConnecticut: 5.85Iowa: 4.02Wisconsin: 2.87Maine: 2.64New Hampshire: 2.19

Top 5 states by industry segment; 1.0 is U.S. average

Source: U.S. Census, County Business Patterns 2004; Note: Some states not included in analysis due to suppressions.

Health and MedicalConnecticut: 3.88Nebraska: 2.59Pennsylvania: 2.00Minnesota: 1.72Maryland: 1.64

1.0 is U.S. average. This means, for example, that the life insurance carrier industry is nearly six (6) times as important to Connecticut’s economy as it is to the U.S. economy as a whole.

43

The insurance carrier industry is a vital part of CT’s economic base – 2 of 2

Property/CasualtyIllinois: 1.97Connecticut: 1.70Nebraska: 1.67Ohio: 1.62New Hampshire: 1.60

Source: U.S. Census, County Business Patterns 2004; Note: Some states not included in analysis due to suppressions.

Re-insuranceConnecticut: 9.67New Jersey: 2.92Missouri: 2.67Pennsylvania: 2.26Maryland: 2.02

Top 5 states by industry segment; 1.0 is U.S. average

1.0 is U.S. average. This means, for example, that the re-insurance industry is more than nine (9) times as important to Connecticut’s economy as it is to the U.S. economy as a whole.

44

CT and Iowa have the same total employment growth trends


Total employment (SA) jobs, CT vs. Iowa (Thousands - SA) – 1995-2005

1,200

1,300

1,400

1,500

1,600

1,700

1,800

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005

ConnecticutIowa

45

CT and Iowa insurance carrier employment


Insurance carrier jobs, CT vs. Iowa (Thousands – SA) – 1995-2005

20

25

30

35

40

45

50

55

60

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005

ConnecticutIowa

46

Insurance carrier job growth

8.8%Iowa

2.4%Connecticut

Percent ChangeState

Percent change in insurance carrier jobs – 1995-2005

Source: Moody’s Economy.com, Bureau of Labor Statistics

47

Overall, CT workers are more productive than Iowa workers


GSP per worker, CT vs. Iowa (Thousands – SA) – 1995-2005

$40

$50

$60

$70

$80

$90

$100

$110

$120

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005

Connecticut Iowa

48

Iowa has nearly caught up to CT in terms of GSP per insurance carrier worker


GSP per insurance carrier worker, CT vs. Iowa (Thousands – SA) – 1995-2005

$75

$95

$115

$135

$155

$175

$195

$215

$235

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005

Connecticut Iowa

Documents

Connecticut’s Insurance Industry - HartfordInfohartfordinfo.org/issues/wsd/economicdevelopment/IFS... · 2007-01-16 · Connecticut’s Insurance Industry: Economic Impacts & Contributions