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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%
Ala
ska
Wyo
min
gLo
uisi
ana
Ark
ansa
sM
issi
ssip
piM
onta
naN
evad
aW
est V
irgin
iaD
istri
ct O
f Col
umbi
aN
ew M
exic
oU
tah
Sout
h D
akot
aVe
rmon
tVi
rgin
iaK
entu
cky
Haw
aii
Ariz
ona
Nor
th C
arol
ina
Mar
ylan
dTe
nnes
see
Geo
rgia
Was
hing
ton
Kan
sas
Cal
iforn
iaA
laba
ma
Okl
ahom
aM
ichi
gan
Indi
ana
Ore
gon
Texa
sFl
orid
aId
aho
Del
awar
eM
isso
uri
Sout
h C
arol
ina
New
Yor
kC
olor
ado
Illin
ois
Mai
neR
hode
Isla
ndPe
nnsy
lvan
iaM
assa
chus
etts
Nor
th D
akot
aO
hio
New
Jer
sey
Min
neso
taN
ew H
amps
hire
Wis
cons
inIo
wa
Neb
rask
aC
onne
ctic
ut
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
Source: Moody’s Economy.com, BLS
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%
Wyo
min
gV
erm
ont
Ala
ska
Nor
th D
akot
aS
outh
Dak
ota
Mon
tana
Del
awar
eR
hode
Isla
ndM
aine
Haw
aii
Idah
oN
ew H
amps
hire
Dis
trict
Of C
olum
bia
Wes
t Virg
inia
New
Mex
ico
Neb
rask
aM
issi
ssip
piU
tah
Ark
ansa
sN
evad
aK
ansa
sIo
wa
Okl
ahom
aC
onne
ctic
utO
rego
nLo
uisi
ana
Ken
tuck
yS
outh
Car
olin
aA
laba
ma
Col
orad
oM
aryl
and
Ariz
ona
Min
neso
taM
isso
uri
Tenn
esse
eW
ashi
ngto
nW
isco
nsin
Indi
ana
Mas
sach
uset
tsV
irgin
iaN
orth
Car
olin
aG
eorg
iaN
ew J
erse
yM
ichi
gan
Ohi
oP
enns
ylva
nia
Illin
ois
Flor
ida
New
Yor
kTe
xas
Cal
iforn
ia
15
CT’s share of total U.S. insurance carrier employment is 3.9 percent
Source: Moody’s Economy.com, BLS
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
min
gA
lask
aM
onta
naV
erm
ont
Sou
th D
akot
aD
istri
ct O
fW
est V
irgin
iaD
elaw
are
Haw
aii
New
Mex
ico
Nor
th D
akot
aA
rkan
sas
Mis
siss
ippi
Idah
oN
evad
aR
hode
Isla
ndLo
uisi
ana
Uta
hM
aine
New
Kan
sas
Ken
tuck
yO
klah
oma
Ore
gon
Ala
bam
aA
rizon
aS
outh
Car
olin
aM
aryl
and
Neb
rask
aTe
nnes
see
Was
hing
ton
Virg
inia
Col
orad
oIn
dian
aM
isso
uri
Iow
aN
orth
Car
olin
aG
eorg
iaM
ichi
gan
Min
neso
taM
assa
chus
etts
Wis
cons
inC
onne
ctic
utN
ew J
erse
yIll
inoi
sP
enns
ylva
nia
Ohi
oFl
orid
aN
ew Y
ork
Texa
sC
alifo
rnia
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
Source: Moody’s Economy.com, BLS
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
Source: Moody’s Economy.com
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
Source: Moody’s Economy.com, BLS
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
l Opera
tions
Computer
& M
athem
atica
l S
ales &
Rela
ted M
anag
emen
t
Hea
lthca
re &
Techn
ical
Leg
al A
ll others
$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%
Wyo
min
gV
erm
ont
Nor
th D
akot
aS
outh
Dak
ota
Mon
tana
Alas
kaD
elaw
are
Rhod
e Is
land
Mai
neId
aho
Wes
t Vir
gini
aH
awai
iN
ew H
amps
hire
New
Mex
ico
Neb
rask
aM
issi
ssip
piA
rkan
sas
Uta
hD
istr
ict O
f Col
umbi
aK
ansa
sNe
vada
Iow
aO
klah
oma
Kent
ucky
Ore
gon
Sou
th C
arol
ina
Loui
sian
aA
laba
ma
Con
nect
icut
Colo
rado
Wis
cons
inM
isso
uri
Tenn
esse
eA
rizo
naIn
dian
aM
inne
sota
Mar
ylan
dW
ashi
ngto
nN
orth
Car
olin
aG
eorg
iaM
assa
chus
etts
Vir
gini
aM
ichi
gan
New
Jer
sey
Ohi
oP
enns
ylva
nia
Illin
ois
Flor
ida
Texa
sN
ew Y
ork
Cal
iforn
ia
24
CT’s insurance carrier wages represent 6.1 percent of state total, the highest in the U.S.
0%
1%
2%
3%
4%
5%
6%
7%
Ala
ska
Wyo
min
gD
istri
ct O
f Col
umbi
aW
est V
irgin
iaLo
uisi
ana
Ark
ansa
sM
issi
ssip
piM
onta
naN
ew M
exic
oN
evad
aU
tah
Haw
aii
Sou
th D
akot
aO
klah
oma
Virg
inia
Nor
th C
arol
ina
Idah
oA
rizon
aM
ichi
gan
Ver
mon
tK
entu
cky
Was
hing
ton
Tenn
esse
eK
ansa
sG
eorg
iaM
aryl
and
Texa
sO
rego
nIn
dian
aS
outh
Car
olin
aC
alifo
rnia
Del
awar
eM
isso
uri
Ala
bam
aFl
orid
aR
hode
Isla
ndC
olor
ado
Nor
th D
akot
aN
ew Y
ork
Illin
ois
Ohi
oM
aine
Pen
nsyl
vani
aN
ew J
erse
yM
assa
chus
etts
New
Ham
pshi
reW
isco
nsin
Min
neso
taN
ebra
ska
Iow
aC
onne
ctic
ut
U.S. Average = 1.5%
Source: Moody’s Economy.com
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
Source: Moody’s Economy.com, BEA
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%
Nor
th D
akot
aV
erm
ont
Wyo
min
gM
onta
naS
outh
Dak
ota
Alas
kaRh
ode
Isla
ndM
aine
Idah
oW
est V
irgi
nia
Haw
aii
Del
awar
eN
ew H
amps
hire
New
Mex
ico
Neb
rask
aM
issi
ssip
piD
istr
ict O
f Col
umbi
aA
rkan
sas
Uta
hK
ansa
sO
klah
oma
Neva
daIo
wa
Loui
sian
aKe
ntuc
kyS
outh
Car
olin
aO
rego
nA
laba
ma
Con
nect
icut
Mis
sour
iCo
lora
doW
isco
nsin
Ari
zona
Tenn
esse
eM
inne
sota
Indi
ana
Mar
ylan
dW
ashi
ngto
nM
assa
chus
etts
Vir
gini
aN
orth
Car
olin
aG
eorg
iaM
ichi
gan
Ohi
oNe
w J
erse
yP
enns
ylva
nia
Illin
ois
Flor
ida
Texa
sN
ew Y
ork
Cal
iforn
ia
26
CT’s share of total U.S. insurance carrier GDP is 6.7 percent
Source: Moody’s Economy.com, BEA
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%
Wyo
min
gM
onta
naA
lask
aS
outh
Wes
t Virg
inia
Ver
mon
tN
orth
Dak
ota
New
Mex
ico
Idah
oD
istri
ct O
fA
rkan
sas
Haw
aii
Mis
siss
ippi
Loui
sian
aU
tah
Rho
de Is
land
Mai
neN
evad
aO
klah
oma
New
Kan
sas
Ken
tuck
yO
rego
nS
outh
Ala
bam
aN
ebra
ska
Tenn
esse
eD
elaw
are
Ariz
ona
Was
hing
ton
Col
orad
oM
isso
uri
Mar
ylan
dV
irgin
iaG
eorg
iaN
orth
Indi
ana
Mic
higa
nIo
wa
Wis
cons
inM
inne
sota
Mas
sach
uset
Flor
ida
New
Jer
sey
Ohi
oP
enns
ylva
nia
Texa
sIll
inoi
sC
onne
ctic
utN
ew Y
ork
Cal
iforn
ia
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
Source: Moody’s Economy.com
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
Source: Moody’s Economy.com, BEA
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
Source: Moody’s Economy.com, BEA
Percentage change in total GSP, 1995 – 2005 est.
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
Loui
sian
aAl
aska
Wes
t Vir
gini
aH
awai
iM
ichi
gan
Mis
siss
ippi
Ohi
oM
isso
uri
Illin
ois
Kent
ucky
Dis
tric
t Of C
olum
bia
Pen
nsyl
vani
aM
aine
Neb
rask
aN
orth
Dak
ota
Ala
bam
aO
klah
oma
Indi
ana
Ark
ansa
sM
onta
naS
outh
Car
olin
aK
ansa
sW
isco
nsin
Con
nect
icut
New
Jer
sey
Tenn
esse
eRh
ode
Isla
ndIo
wa
Wyo
min
gD
elaw
are
Mar
ylan
dN
ew Y
ork
Was
hing
ton
New
Mex
ico
Sou
th D
akot
aG
eorg
iaV
erm
ont
Min
neso
taU
tah
Nor
th C
arol
ina
Mas
sach
uset
tsV
irgi
nia
Flor
ida
Texa
sN
ew H
amps
hire
Cal
iforn
iaO
rego
nCo
lora
doId
aho
Neva
daA
rizo
na
U.S. average grow th rate = 43%
31
CT has lagged most states in insurance carrier GSP growth since 1995
Source: Moody’s Economy.com, BEA
Percentage change in insurance carrier GSP, 1995 – 2005 est.
-20%
0%
20%
40%
60%
80%
100%
120%
140%
160%
180%
Loui
sian
aM
issi
ssip
piD
elaw
are
Illin
ois
Ver
mon
tA
rkan
sas
Indi
ana
Neb
rask
aC
onne
ctic
utK
ansa
sM
assa
chus
etts
Mis
sour
iP
enns
ylva
nia
Rhod
e Is
land
Wes
t Virg
inia
Ari
zona
Ohi
oM
aryl
and
Mic
higa
nN
ewU
tah
Tenn
esse
eW
isco
nsin
Haw
aii
Was
hing
ton
Texa
sG
eorg
iaD
istr
ict O
fNe
w J
erse
yA
laba
ma
New
Yor
kV
irgi
nia
Sou
th D
akot
aO
rego
nM
onta
naN
orth
Okl
ahom
aSo
uth
Flor
ida
Wyo
min
gC
alifo
rnia
Mai
neId
aho
Colo
rado
Alas
kaM
inne
sota
Nor
th D
akot
aIo
wa
New
Mex
ico
Kent
ucky
Neva
da
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
Source: U.S. Dept. of Commerce, Bureau of Census and Bureau of Economic Analysis, 2002
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
Source: U.S. Dept. of Commerce, Bureau of Census and Bureau of Economic Analysis, 2004
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
Source: Moody’s Economy.com, BLS
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
Source: Moody’s Economy.com, BLS
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
Source: Moody’s Economy.com, BEA
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
Source: Moody’s Economy.com, BEA
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