HARTFORD, Conn., Nov. 12, 2013 /PRNewswire/ -- The Connecticut insurance sector continues to play a key role in Connecticut's economy and the global insurance landscape, according to a new report from PwC US and the Connecticut Insurance and Financial Services (IFS) Cluster. The 2013 Connecticut Insurance Market Brief provides a summary of events that have shaped the Connecticut insurance landscape, emerging trends and issues and executive perspectives, with analysis and findings from the Connecticut IFS Cluster, PwC and the Connecticut Economic Resource Center (CERC).
According to the report, Connecticut continues to rank first nationally in insurance employment as a percentage of total state employment, insurance payroll as a percent of total state payroll and insurance gross state product as a percent of total gross state product. Connecticut also has the highest concentration of actuaries in the US. In addition, the Connecticut insurance sector contributes 9 percent of the state's gross product and represents approximately 3 percent of the state's workforce and 5.9 percent of the state's payroll.
These findings were released today at the 2013 Insurance Market Forecast event in Hartford. Opening remarks were delivered by Connecticut Governor Dannel P. Malloy. The Honorable E. Benjamin Nelson, Chief Executive Officer of the National Association of Insurance Commissioners, gave the keynote address followed by a panel discussion on national and international regulation.
Insurance executives across the spectrum of property casualty, life, retirement and annuity, and health participated in a panel discussion around competitive advances in technology and rapidly changing business models affecting the insurance industry regionally, nationally and globally, moderated by Catherine Smith, Commissioner, Connecticut Department of Economic Development.
"The second annual Insurance Market Forecast demonstrates that Hartford, with its 200-year history of insurance leadership, plays a key role in the national and global insurance marketplace," said Susan Winkler, executive director, Insurance & Financial Services Cluster.
IFS Chairman James Bedard added, "Efforts like this ensure that industry thought leaders and state officials in Connecticut are aligned so the state's insurance industry is one of the most competitive and innovative in the world. The Insurance Market Forecast serves as the centerpiece of that collaboration, as we continue our efforts to attract businesses and talent to our state."
The report found that approximately 110 domestic and 1,279 non-domestic insurance entities are doing business in the state. Furthermore, Connecticut's insurance industry ranks No. 1 in the US for written life insurance premiums and No. 2 in the US for total direct written premiums.
Connecticut insurers are part of a complex ecosystem that includes financial services, government, educators and suppliers all playing a vital role from both a business and community perspective. Connecticut is both a major consumer and exporter of insurance products and services, and all players, large and small, are competing on a global scale. Additionally, according to the Connecticut Economic Resource Center (CERC), one new job in the insurance industry adds an additional 1.46 jobs to the Connecticut economy.
The state's insurers are also committed to being responsible and respected citizens in the communities in which they live and work. Whether it's through grants and scholarships, volunteerism, community service and development, or programs in environment, health care, education, arts and culture, mentoring and employment, they are passionate about giving back to the community in meaningful ways.
"The 2013 Connecticut Insurance Market Brief clearly highlights the continued importance of this sector to Connecticut's economy as well as the challenges and opportunities the industry faces," 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."
About Connecticut IFS Cluster
The Connecticut Insurance and Financial Services (CT IFS) Cluster, formed in 2003, is a strategic initiative of the MetroHartford Alliance that is designed to create a stronger IFS industry that is critical to sustain economic and employment growth in Connecticut. Leaders from business, state government and academia collaborate to foster growth among all of the industry's segments. The CT IFS Cluster is 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. For more information, visit www.connecticutifs.com.
About PwC US
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SOURCE PwC US