HARTFORD, Conn., Nov. 20, 2014 /PRNewswire/ -- The Connecticut insurance sector continues to play a key role in the state's economy and the global insurance landscape, according to the third installment in a series of insurance industry reports from PwC US and the Connecticut Insurance and Financial Services Cluster (CT IFS).
The 2014 Connecticut Insurance Market Brief focuses on the pace of change in the state's insurance industry and how innovation, science and technology are playing a key role in its future. The report provides a summary of events over the past year that continue to shape the Connecticut insurance landscape, emerging trends and executive perspectives, with analysis and findings from CT IFS, PwC and the Connecticut Economic Resource Center (CERC).
"There are transformational changes, in progress and on the horizon, that are putting traditional insurance business models at risk," said Paul Veronneau, PwC Hartford advisory services leader. "However, these changes also present incredible opportunities. In collaboration with insurance and government leaders and CT IFS, PwC is pleased to address these important topics head-on in this year's brief."
With perspectives from Catherine Smith, commissioner of the Connecticut Department of Economic and Community Development, and Thomas Leonardi, commissioner of the Connecticut Insurance Department, along with eight executives from leading Connecticut insurance companies, the report sheds light on how insurers can better meet the needs of their customers, build their analytical capability and create a superior capacity for innovation and reinvention.
According to the report, Connecticut ranks first nationally in insurance employment as a percentage of total state employment (2.8 percent) and insurance payroll as a percent of total state payroll (5.6 percent) as well as second in insurance gross state product as a percent of total gross state product (5.7 percent).
These findings were released today at the 2014 Insurance Market Forecast event in Hartford. The program included presentations by industry leaders on the future of forecasting, cyber risks and the intersection of science and insurance. Remarks were delivered by Connecticut Governor Dannel P. Malloy. The agenda also featured panel discussions with executives across the spectrum of property casualty; life, retirement and annuity; and health.
"It's hard to dispute that Connecticut is the Insurance Capital of the World," said Susan Winkler, Executive Director, CT IFS. "The data within the Brief authenticates our global position. The Forecast highlights innovation and insurance leadership in one venue. It's a powerful combination."
"Industry leaders and state officials are strongly committed to making Connecticut's insurance industry one of the most competitive in the country," said Jim Bedard, Chair, CT IFS, and Chief Financial Officer/Chief Operating Officer for UnitedHealthcare's Northeast Region. "The annual Insurance Market Forecast is the showcase effort of that collaboration and continues to serve as a valuable guide as we enhance our efforts to attract businesses and talent to our state."
According to the CERC, one new job in the insurance industry adds an additional 1.73 jobs to the Connecticut economy. Connecticut insurers continue to play a large role 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 many players, large and small, are competing on a global scale.
For more information and to download an electronic copy of the 2014 Connecticut Insurance Market Brief, visit: http://www.pwc.com/us/ctinsurancemkt
About Connecticut IFS Cluster (CT IFS)
The Connecticut Insurance and Financial Services 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