IFS Industry Growth
In this Section- It's a Fact
- Connecticut's IFS Industry Outlook
- IFS Occupational Outlook
- Connecticut’s Gross State Product
- Key Statistics for the IFS Industry
- Connecticut’s Insurance, Finance, and Real Estate Jobs
- State Comparison: Number of Domestic Insurers in 2001
It's a Fact...
Connecticut's Insurance and Financial Services Industry is Critical to the State
The industry contributes 29.5% to Connecticut's Gross State Product.
Total employment in the IFS industry accounts for approximately 8% of Connecticut's total state employment.
Connecticut has the highest concentration of financial analysts, actuaries and underwriters in the nation.
Connecticut has the greatest concentration of insurance jobs among the states, with 3.9% of total employment found in this sector.
Over 5,500 companies, firms and/or establishments are classified in this sector in the state.
Connecticut ranks fourth in absolute size of insurance output.
Source: Connecticut Department of Labor, A.M. Best
Employment figures reflect 2002 data - Growth projections relate to period 2000-2010
Connecticut's IFS Industry Outlook...
Significant Workforce Growth Projected for the Future
| Industry Segment | Employment
in 2002 |
Employment
in 2012 |
Net
Change |
Percent Change |
| Credit Intermediation & Related Activities | 32,000 | 32,670 | 670 | 2.1% |
| Securities, Commodity Contracts & Other Financial Investments and Related Activities |
17,330 |
24,060 |
6,730 | 38.8% |
| Insurance Carriers and Related Activities | 67,890 | 70,170 | 2,280 | 3.4% |
| Funds, Trusts & Other Financial Vehicles | 5,220 | 5,490 | 270 | 5.2% |
| Finance and Insurance Industry Totals | 122,430 | 132,390 | 9,960 | 8.1% |
IFS Occupational Outlook...
It Pays to Work in Connecticut's IFS Industry
| Occupation | Jobs in 2002 | Jobs in 2012 | Percent Change | Annual Openings | Average Annual Salary * |
| Personal Financial Advisors | 2,490 | 3,690 | 48.5% | 153 | $107,078 |
| Securities, Commodities & Financial Services Agents | 6,790 | 9,050 | 33.2% | 303 | $129,667 |
| Sales Managers | 4,400 | 5,400 | 22.8% | 182 | $114,899 |
| Business Operations Specialists, All Other | 10,230 | 12,150 | 18.9% | 367 | $58,261 |
| Loan Officers | 2,440 | 2,880 | 17.9% | 83 | $73,029 |
| Management Analysts | 11,470 | 13,500 | 17.7% | 360 | $80,184 |
| Credit Analysts | 1,420 | 1,660 | 16.8% | 46 | $68,224 |
| Financial Analysts | 5,660 | 6,560 | 15.8% | 173 | $103,022 |
| Tax Preparers | 870 | 1,000 | 15.7% | 28 | $38,043 |
| Accountants & Auditors | 20,050 | 22,640 | 12.9% | 637 | $65,541 |
| Customer Service Representatives | 29,910 | 33,660 | 12.5% | 820 | $32,864 |
| Financial Managers | 10,120 | 11,250 | 11.1% | 258 | $111,946 |
| Human Resources Managers | 2,770 | 3,080 | 11.1% | 78 | $93,725 |
| Marketing Managers | 2,830 | 3,130 | 10.6% | 82 | $110,906 |
| Human Resources Assistants, Except Payroll | 2,070 | 2,290 | 10.4% | 66 | $36,733 |
| Budget Analysts | 990 | 1,080 | 8.8% | 25 | $63,315 |
| Claims Adjusters, Examiners & Investigators | 5,520 | 5,990 | 8.5% | 115 | $50,274 |
| Insurance Underwriters | 3,120 | 3,330 | 6.8% | 77 | $64,002 |
| Actuaries | 880 | 930 | 6.4% | 43 | $99,091 |
| Tax Examiners, Collectors & Revenue Agents | 1,420 | 1,460 | 2.2% | 36 | $60,216 |
| Operations Research Analysts | 1,050 | 1,070 | 1.2% | 24 | $65,166 |
| Executive & Administrative Assistants | 22,140 | 22,390 | 1.1% | 449 | $41,122 |
| Tellers | 5,890 | 5,940 | 0.9% | 296 | $25,022 |
| Brokerage Clerks | 1,460 | 1,460 | 0% | 20 | $42,702 |
| Insurance Sales Agents | 7,910 | 7,880 | -0.4% | 189 | $65,354 |
| Insurance Claims and Policy Processing Clerks | 6,380 | 6,220 | -2.6% | 103 | $35,131 |
* Average Annual Salary information is derived from the 2003 Occupational Employment Statistics biannual mail survey of public and private businesses in the state of Connecticut.
Source: Connecticut Department of Labor
Occupational Outlook for Connecticut - Connecticut’s Industries & Occupations, January 2005
 Source: Connecticut Department of Labor |
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