Financial and Insurance Services industry snapshot 2018

The workforce

This industry grouping covers a wide range of activities, separated into nine groups

  • Central banking
  • Depository financial intermediation
  • Auxiliary finance and investment services
  • Health and general insurance
  • Auxiliary insurance services
  • Superannuation funds
  • Non-depository financing
  • Financial asset investing
  • Life insurance

2% of the total Tasmanian workforce

79% work full time

Depository Financial Intermediation is the largest employing group

61% workers are aged 25-44, higher than the state average of 40%

The injuries

43 injuries across the industry in 2018

37% of injuries in the last ten years resulted in at least one week off work

2.2 serious injuries per million hours worked, 75% lower than the state average of 8.7

10% increase in serious injury frequency rate in the last ten years, while state average decreased 16%

The people

45-54 year olds have the highest serious injury frequency rate

Auxiliary insurance services have the highest serious injury frequency rate at 3.3 serious injuries per million hours worked

Depository financial intermediation reported over half of all serious injuries

54% of serious injuries were reported by Financial and insurance clerks

The causes

The most common causes of injury across the industry

  • Body stressing
  • Falls, slips and trips
  • Mental stress

Action areas

Priority conditions and causes identified in the WorkSafe Strategic Plan 2018-2023 relevant to the industry:

  • Mental health conditions
  • Musculoskeletal disorders
  • Hazardous manual tasks
  • Slips, trips and falls
Updated: 16th June 2020