Insurance Sector Holds Prominent Place In Conn. Economy
November 14, 2013 by Luther Turmelle, New Haven Register, Conn
| By Luther Turmelle, New Haven Register, Conn. | |
| McClatchy-Tribune Information Services |
Nov. 14–HARTFORD — A new report released this week by an industry trade group shows thatConnecticut’s insurance industry retains a prominent place in the state’s economy.
The report — which was released this week by theConnecticut Insurance and Financial Services (IFS) Cluster, the state’sEconomic Resource Center (CERC) and professional services firm PwC — found that insurance-related businesses account for 9 percent of the gross state product and 3 percent of its total work force.
Viewed from a national perspective,Connecticut ranks first in insurance employment as a percentage of total jobs in a state and insurance payrolls as a percent of total state payrolls.
“The second annual Insurance Market Forecast demonstrates thatHartford, with its 200-year history of insurance leadership, plays a key role in the national and global insurance marketplace,”Susan Winkler, executive director of Insurance & Financial Services Cluster, said in a statement.
Connecticut has roughly 110 domestic insurance entities and 1,279 that are non-domestic doing business here. The state’s insurance industry ranks first in the nation in written life insurance premiums and is second in the country in terms of total direct written premiums.
One new insurance job adds an additional 1.46 positions to the state’s employment levels, according to CERC research. In addition, the insurance industry purchases an average of$2 billion in goods and services from other industries inConnecticut annually.
CallLuther Turmelle at 203-789-5706.
___
(c)2013 the New Haven Register (New Haven, Conn.)
Visit the New Haven Register (New Haven, Conn.) at www.nhregister.com
Distributed by MCT Information Services
