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Media Releases 2010March 23, 2010
Insurance industry in Nova Scotia contributes over $750 million to province’s GDP according to Conference Board of Canada reportINSURECONOMY commissioned by Greater Halifax Partnership and Nova Scotia Business Inc. highlights insurance industry’s presence as a significant economic driver Halifax, March 23, 2010 – With wages 38 per cent above the provincial average, a $757.4 million direct and supporting share of the province’s GDP and a presence in urban and rural communities across the province, the insurance sector is one of the largest industries in Nova Scotia – and has the potential to grow even stronger through cooperation of industry stakeholders and government. These were the findings of INSURECONOMY, a report commissioned by the Greater Halifax Partnership and Nova Scotia Business Inc. released today in Halifax. The report is based on a Conference Board of Canada economic footprint assessment and a study of Nova Scotia’s property and casualty insurance firms and insurance brokerages conducted by Jupia Consultants Inc. “By taking a deeper look at the insurance industry’s impact on both Halifax and the province, we learned of its substantial economic footprint,” says Paul Kent, President and CEO, Greater Halifax Partnership. “From executive level presence and head offices located in Halifax – our economic hub – to smaller offices in communities across Nova Scotia, close to 4,500 Nova Scotians are employed by the insurance sector, making it a significant economic asset.” The report indicates that Nova Scotia’s vital mix of people, opportunity, infrastructure and attitude will continue to drive its growth in the future. “Nova Scotia is well-positioned for growth in this exciting sector,” says Pat Ryan, Vice President and Chief Operating Officer, Nova Scotia Business Inc. “Our success in financial services and insurance to date is proof positive that we can compete and win locally and internationally.” The results also show that the insurance sector has the potential to become an even larger economic driver in Nova Scotia. “Halifax has become a hub for the insurance industry – with one of the highest concentrations of insurance industry firms and employment among metropolitan areas in Canada,” says Greater Halifax Partnership Executive Vice President and Chief Economist, Fred Morley. “Already the firms consulted for this report are looking to grow their collective employment by 25 percent over the next three years,” says Morley. “But this growth will rely on cooperation between government, academic, institutional and private sectors – something that we’ve shown can happen in Nova Scotia.” “The report quantifies what industry has long known: that it has a substantial economic footprint in the province, one with significant growth potential built on well-paying jobs suited to the skills of the region’s highly educated workforce,” says Bill Adams, Vice President, Atlantic, Insurance Bureau of Canada. “We look forward to working with government and other key stakeholders in realizing the industry’s growth potential, to the benefit of all Nova Scotians." Some other key findings include:
This was the first study to consider the insurance industry’s impact on the province’s economy. The study included interviews with members of the property and casualty insurance industry across Nova Scotia, an online survey of property and casualty insurance firms and insurance brokerages and consideration of a Conference Board of Canada economic footprint analysis. To download a copy of the report, please visit www.insureconomy.ca Created in 1996, the Greater Halifax Partnership is a unique private-public model of investment now copied throughout North America. More than 130 of Greater Halifax’s most influential businesses and all three levels of government invest in the Partnership. With their support, we leverage every municipal economic tax dollar three times to build business confidence, secure business stability and growth, research and report economic trends, and remove roadblocks on behalf of business. The Partnership is the catalyst for economic growth and confidence in Greater Halifax, the economic hub of Atlantic Canada. Nova Scotia Business Inc. is Nova Scotia's private-sector-led business development agency. NSBI is the investment attraction arm of the province and helps businesses meet growth potential through advisory services, trade development, financing and venture capital. For more information, visit www.novascotiabusiness.com. Insurance Bureau of Canada is the national industry association representing Canada’s private home, car and business insurers. Its member companies represent 90 per cent of the property and casualty insurance market in Canada. The P&C insurance industry employs over 110,000 Canadians, pays more than $6 billion in taxes to the federal, provincial and municipal governments, and has a total premium base of $39 billion. -30- Contact: Amanda Dean Jonathan Wilkie |
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