Connecticut Well-Positioned to Remain Insurance Capital: Report

The Connecticut insurance sector plays a vital role in the global insurance landscape and the state’s economy, according to a new report from the Connecticut Insurance and Financial Services (IFS) Cluster and PwC US.

The 2012 Connecticut Insurance Market Report was released at the 2012 Insurance Market Forecast event in Hartford.

According to the report, Connecticut ranks first nationally in insurance employment as a percentage of total state employment and the industry represents approximately 3 percent of the state’s workforce, 6 percent of the state’s payroll and 9 percent of the gross state product.

Insurance also impacts other sectors of the state’s economy. The report says that one new job in the insurance industry adds an additional 1.46 jobs to the Connecticut economy; an increase of $1 in insurance labor income puts an additional $0.78 into state commerce; and every year the insurance industry purchases an average of $2 billion in goods and services from other industries in Connecticut.

Looking forward, the report emphasizes that competing globally, investing in education, retaining and developing human capital, and government-led economic development initiatives are essential to maintaining the state’s leadership position in the industry and growing its economy.

To drive that future growth, the report identifies the five key megatrends – social, technological, environmental, economic and political – that will influence the world’s insurance industry, explaining their implications, and offering ideas and actions for embracing them.

For more information and to download an electronic copy of the 2012 Connecticut Insurance Market Report, visit http://www.connecticutifs.com.

Source: Connecticut IFS Cluster/PwC Network