I don’t know what is going on with the insurance industry in New Brunswick. There is certainly a Frank McKenna factor but there is much more going on here than just TD Insurance.
The industry added another more than 600 jobs in 2010 and total insurance industry employment is up by 49% in just five years (2006-2010). Nationally, the growth rate in insurance industry employment is under 6% over the five years. In total, the industry has added over 1,600 jobs and that equates to close to $75 million in new payroll each year in the province.
In 2006, there were 19% less people employed in the insurance sector here compared to Canada as a whole. Now it is 14% above the national level.
This is one of the few industries where New Brunswick is beating most other provinces in terms of employment intensity.
Much of the work is customer service but there is a growing amount of regional office activity.
Might not be a bad idea for the Liberals to keep this in mind when they are slamming the insurance industry. As I said before, insurance is a regulated product and governments have a responsibility to regulate in a fair and responsible way. But hammering one of the growth sectors to get some Twitter titillation is not a good idea.