By Rob Starr, Content Manager, Big4.com
According to a new report from the Connecticut Insurance and Financial Services (IFS) Cluster and PwC US, The Connecticut insurance sector plays a vital role in the global insurance landscape and the state’s economy.
“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.
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).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.