Competing globally with industry and government-led strategic initiatives a priority to maintain leadership and advance state economy
HARTFORD, CT, November 9, 2012 – 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 highlights the sector’s rich history, current challenges and opportunities with analysis and findings from Connecticut IFS Cluster, PwC, and the Connecticut Economic Resource Center (CERC).
The report was released today at the 2012 Insurance Market Forecast event in Hartford. Opening remarks were delivered by Connecticut Governor Dannel P. Malloy and Connecticut Insurance Department Commissioner Thomas Leonardi. Insurance executives across the spectrum of Property Casualty; Life, Retirement & Annuity; and Health participated in panel discussions around the industry’s strategic drivers, issues, and opportunities.
“Today marks the day when Connecticut puts a stake in the ground to resurrect the state’s title as Insurance Capital of the U.S. It’s time to promote our rich history, extensive workforce, and global brands that drive future growth of insurance in our own backyard and the world,” said Susan Winkler, executive director, Insurance & Financial Services Cluster.
“This is an important effort in Connecticut, and industry leaders and state government are aligned to make the state's insurance industry one of the most competitive and advanced in the world,” said James Bedard, IFS Chairman and Chief Financial Officer/Chief Operating Officer for UnitedHealthcare's Northeast Region. "The inaugural Insurance Market Forecast is the showcase effort of that collaboration and will serve as a valuable guidepost as we expand our efforts to attract businesses and talent to our state."
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.
“The 2012 Connecticut Insurance Market Report clearly highlights the importance of this sector to Connecticut's economy and encourages collaboration among industry, government and academic stakeholders to ensure it continues to grow,” said Paul Veronneau, principal and advisory leader for PwC’s Hartford office. “PwC is deeply committed to the Connecticut business community and its insurance sector. We believe that through continued teamwork and investment in the industry, the state will maintain its global insurance leadership role well into the future.”
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.
About Connecticut IFS Cluster
With the understanding that strong insurance and financial services sectors are critical to sustaining economic and employment growth in Connecticut, the MetroHartford Alliance developed The Connecticut IFS cluster in 2003. The Connecticut IFS cluster is a strategic initiative comprised of 30 corporate sponsors whose shared vision is to create competitive advantages in business attraction and retention, to assist with recruitment and education of a trained workforce, and to increase public awareness through advocacy. Leaders from business, state government and academia collaborate to foster growth among all of the industry segments. For more information, visit http://www.connecticutifs.com.
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Connecticut IFS Cluster
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