Ward Group and the Property Casualty Insurers Association of America (PCI) conducted a study to benchmark human resource practices and employee benefits among property-casualty insurance companies in the United States. The data for the study was collected in the first quarter of 2014 and contained 2013 results and 2014 projections. This report represents the findings, analysis, and trends resulting from this study.
Table of Contents
- Benchmark Groups
- Profile of Participants
- Human Resources Department Staffing and Expenses
- Employee Turnover
- Work Week and Time Off
- Employee Total Compensation
- Medical Plan Design and Expense
- Life Insurance and Disability
- Retirement Plans
- Tuition Reimbursement
Appendix: Detailed Study Results
Profile of Participants
A diverse group of 129 property-casualty companies ranging in size from 3 to 10,000 full-time equivalents (FTEs) participated in the study. In order to maintain the confidentiality of the data, the names of the participants have not been disclosed. Results are calculated using the total number of participant responses to each study topic.
The following primary benchmark groups were used in the analysis:
Overall Benchmark: Comprised of 129 insurance companies. The average size for this benchmark was 767 FTEs per company.
Ward’s 50 Benchmark: Comprised of 16 insurance companies who earned the Ward’s 50 designation in 2013. The average size for this benchmark was 835 FTEs per company.
Small Company Benchmark: Comprised of 67 insurance companies with fewer than 300 employees. The average size for this benchmark was 140 FTEs per company.
Medium Company Benchmark: Comprised of 37 insurance companies with more than 300 employees and fewer than 1,000 employees. The average size for this benchmark was 610 FTEs per company.
Large Company Benchmark: Comprised of 25 insurance companies with more than 1,000 employees. The average size for this benchmark was 2,766 FTEs per company.