For the Property-Casualty Industry
HR Practices and Employee Benefits Study - 2010
| Date: | MAY 2010 |
| Status: | Complete |
| Cost: |
$1500
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| Detail: |
Table of ContentsAppendix: Benchmark Results
OverviewWard 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 2010 and contained 2009 results and 2010 projections. This report represents the findings, analysis, and trends resulting from this study. The objectives of the study were as follows: - Employee benefits - Base salary - Incentive compensation - Non-monetary benefit offerings Quantify the staffing needs and expenses related to the Human Resources function Evaluate the employee benefit plan design and trends related to redesign, including the following elements:
- Health insurance programs - Retirement plans - Other employee benefits Benchmark GroupsWe collected an extensive amount of information from study participants focusing on current human resources practices. This report presents the findings from a diverse group of 117 property-casualty companies ranging in size 10 to 20,000 full-time equivalents (FTEs). 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. To further analyze the survey responses, we developed various benchmark groups. The following briefly summarizes the primary benchmark groups used for the study: Overall Benchmark: Comprised of 117 insurance companies. The average size for this benchmark was 1,149 FTEs per company. Ward’s 50 Benchmark: Comprised of 22 insurance companies who earned the Ward’s 50 designation in 2009. The average size for this benchmark was 2,190 FTEs per company.
Location Benchmark GroupsMetro Benchmark: Comprised of 76 insurance companies with primary operations located within 50 miles of a top 50 metropolitan statistical area. The average size for this benchmark is 1,383 FTEs per company. Non-Metro Benchmark: Comprised of 41 insurance companies with primary operations not located within 50 miles of a top 50 metropolitan statistical area. The average size for this benchmark is 788 FTEs per company.
Size Benchmark GroupsSmall Company Benchmark: Comprised of 55 insurance companies with fewer than 300 employees. The average size for this benchmark was 139 FTEs per company. Medium Company Benchmark: Comprised of 36 insurance companies with more than 300 employees and fewer than 1,000 employees. The average size for this benchmark was 596 FTEs per company. Large Company Benchmark: Comprised of 25 insurance companies with more than 1,000 employees. The average size for this benchmark was 3,552 FTEs per company.
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