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November 21, 2014

Report: CT insurance industry has fewer employees

HBJ File Photo Insurance company Travelers owns more downtown Hartford real estate than any other company.

Connecticut’s insurance industry shed 2.9 percent of its employees between 2012 and 2013, though it continues to have the highest concentration of insurance workers in the nation, according to a report by PricewaterhouseCoopers and the Connecticut Insurance & Financial Services Cluster.

The industry cut 1,392 jobs last year, leaving a total of 47,149 employed.

Last year, the industry represented 2.8 percent of the state’s workforce, 5.7 percent of its gross state product, and 5.6 percent of its payroll, down from 5.8 percent, the report said.

The job cuts — mainly in office support and business and finance operations — came after the cluster increased direct written premiums by 4.8 percent in 2012, or $1.4 billion. At more than $18 billion in written premiums, life insurance is the biggest insurance category in the state, outranking health and property insurance combined.

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