Report: Connecticut’s insurance jobs, salaries up in 2018

Nov. 29--Connecticut's insurance industry, a major player in the state's economy since the 18th century, posted more jobs and higher salaries this year over 2017, according to a report released Thursday.

The number of insurance jobs rose 2.6 percent since 2017, to 60,233, according to the 2018 Connecticut insurance market brief released at an industry conference.

Technology may have an effect on reducing employment in the insurance industry, but a continued expansion in the market, particularly internationally, could be increasing demand for insurance services, said Alissa DeJonge, vice president of research at the Connecticut Economic Resource Center.

Insurance jobs paid an average annual wage this year of about $90,294, up from $85,466 last year, an increase of about 5.5 percent.

Insurance executives cited improvements across the board, from health insurance that benefits from a greater focus on financial wellness to the Internet of Things relied on by property and casualty insurers.

In addition, an influx of venture capital and private equity is changing distribution business that will lead to further consolidation of independent agencies.

At 2.7 percent, Connecticut ranks first in the U.S. in employment in insurance carriers as a percentage of total employment.

"We were happy that Connecticut still ranks first," DeJonge said. "We're still the leader. It still shows insurance is a big part of the economy."

In February, MassMutual announced it was closing its Enfield office that employed 1,500, and would expand in Springfield and Boston.

This week, CVS Health Corp. closed on its $69 billion of Aetna Inc., absorbing the health insurer into the pharmacy giant.

Connecticut Insurance and Financial Services, an initiative of the MetroHartford Alliance, was a co-author of the report. The association comprises 32 companies in Connecticut's insurance and financial services sector.

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