May 18, 2007 |
2007-R-0374 | |
LAYOFFS IN THE STATE INSURANCE INDUSTRY | ||
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By: John Moran, Principal Analyst | ||
You asked how many insurance industry employees were laid off in Connecticut in the last 10 years and to highlight any layoffs of more than 100 people.
The Department of Labor (DOL) calculates there were 3,679 layoffs in the insurance industry from 1996 to 2006. This is based on layoff notices that large employers are required to file with the state under the federal Worker Adjustment and Retraining Notification (WARN) Act.
The layoffs of 100 or more workers included under the WARN requirements from 1996 to 2006 are shown in Table 1.
Table 1: Insurance Layoffs of More Than 100, 1996-2006
Year |
Company and Location of Layoff |
Number Affected |
1998 |
Travelers Property Casualty Corp. (Hartford) |
308 |
1999 |
Oxford Health Plans (Milford, Trumbull, Norwalk) |
159 |
1999 |
Yale New Haven Health-MSO and CHC Physicians |
169 |
2001 |
Aetna (Hartford, Middletown, Windsor) |
186 |
2002 |
Aetna (Hartford, Middletown, Windsor) |
436 |
2003 |
The Hartford (Hartford and five other towns) |
556 |
2006 |
Connecticut General Life Insurance, Bristol |
256 |
Source: CT Dept. of Labor | ||
For context, we provide the total Connecticut insurance industry employment for the same time period. Overall, insurance employment has grown despite the layoffs.
Table 2. Connecticut Insurance Industry Employment
Year |
Employment |
1996 |
61,800 |
1997 |
62,500 |
1998 |
64,900 |
1999 |
66,900 |
2000 |
66,700 |
2001 |
67,300 |
2002 |
67,900 |
2003 |
67,800 |
2004 |
65,600 |
2005 |
65,300 |
2006 |
65,500 |
Source: CT DOL | |
WARN
WARN is a federal law requiring employers of 100 or more full-time workers to give 60-days advance notice of closing or major layoffs. It applies to employers in Connecticut. For more information see the DOL website: www. ctdol. state. ct. us/progsupt/bussrvce/rrwarn. htm.
JM: dw