A new analysis has shown that employment recovery has been occurring nationally, but is declining in the state.
The results of a recent analysis making insurance news have shown that while the industry is showing employment improvements across the country, Connecticut’s own share has been on its way down.
Jobs within the life insurance sector of the industry have been plummeting in the state for 5 years.
Traditionally in Connecticut employment market, the financial and insurance sectors have played very important roles. In fact, Hartford is often the center of a great deal of insurance news, as the city refers to itself as the capital of the industry across the country. It has been estimated that approximately 115,000 people are employed within the two sectors. However, other locations in the United States are now threatening the state’s dominance by recovering far more rapidly from the recession, while the decline continues in Connecticut.
With the latest insurance news including the employment trends within the industry, Connecticut’s share could change.
The Insurance Information Institute (I.I.I.) has now released its latest employment trends analysis for the United States. It indicated that over the last year, the sector’s total employment in the U.S. increased by 2 percent. This was greatly supported by a powerful performance in health insurance, which was certainly bolstered by the health care reform, but that was already on a national growth trend for nearly a decade.
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While health insurance in Connecticut had been declining until last year, only a modest recovery was witnessed at that time. According to a state Department of Labor economist, Patrick Flaherty, “We are seeing some hopeful signs that some of the worst of the recession is over, and that we’ve seen a turnaround in some of the sectors, but that’s just regaining ground that was lost during the recession.”
With even more historical significance than the health plan sector has been the insurance news in life policies in the state. The reason is that employment there has been freefalling since 2009. Flaherty hopes that individuals with backgrounds in that industry will still be able to find “many opportunities” in the state.