Nova Scotia insurers want industry’s employment to increase by 25% over the next three years

The insurance industry in Nova Scotia directly contributed $468.8 million to the province’s real gross domestic product in 2008 and supports an estimated 6,900 jobs, according to a Conference Board of Canada study.
But there is still considerable potential for future growth, the study adds.
More than 360 insurance companies in Nova Scotia directly employ almost 4,500 people in the province, paying an average of 38% higher than the overall average across the province, according to Insureconomy: an economic impact and future growth study of Nova Scotia’s high-value insurance sector.
The Conference Board of Canada consulted and surveyed more than 50 property and casualty companies and insurance brokers for its report.
In the past five years, employment in the industry increased by 20%, the survey found. Property and casualty insurance firms and brokers consulted for the report indicated a desire to increase employment by 25% over the next three years.
The bulk of the growth opportunity lies with attracting more national and international insurance industry activity to the province, the report said.
There are four broad categories of growth potential for the industry in Nova Scotia, according to the report:
• Organic growth: existing firms add employment in the province.
• Expanding the carbon national footprint: At least half of the firms in Halifax said they had identified areas in which more national activity might be facilitated out of their Halifax operations.
• Attracting international firms: three large international insurance firms have set up in the province to serve global markets.
• Expanding the scope of the industry (building the cluster): the bulk of current property and casualty activity is related to claims management, business development, customer service and back office functions.