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 2012 and contained 2011 results and 2012 projections. This report represents the findings, analysis, and trends resulting from this study.
The objectives of the study were as follows:
- Analyze staffing conditions and total employee compensation within the property-casualty insurance industry including:
- 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
- Compare incentive compensation practices for executives, middle management and staff
Table of Contents
- Benchmark Group
- Profile of Participants
- Key Findings
- 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
- Incentive Plans
- Retirement Plans
- Tuition Reimbursement
- Appendix: Detailed Study Results
Overall Benchmark: Comprised of 97 insurance companies. The average size for this benchmark was 1,391 FTEs per company.
Ward’s 50 Benchmark: Comprised of 11 insurance companies who earned the Ward’s 50 designation in 2011. The average size for this benchmark was 5,497 FTEs per company.
Location Benchmark Groups
Metro Benchmark: Comprised of 62 insurance companies with primary operations located within 50 miles of a top 50 metropolitan statistical area. The average size for this benchmark is 1,731 FTEs per company.
Non-Metro Benchmark: Comprised of 35 insurance companies with primary operations not located within 50 miles of a top 50 metropolitan statistical area. The average size for this benchmark is 846 FTEs per company.
Size Benchmark Groups
Small Company Benchmark: Comprised of 51 insurance companies with fewer than 300 employees. The average size for this benchmark was 145 FTEs per company.
Medium Company Benchmark: Comprised of 26 insurance companies with more than 300 employees and fewer than 1,000 employees. The average size for this benchmark was 709 FTEs per company.
Large Company Benchmark: Comprised of 21 insurance companies with more than 1,000 employees. The average size for this benchmark was 5,141 FTEs per company.