December 16, 2014

2014 Connecticut Insurance Market Brief Released

The Hartford Courant reports on the 2014 Insurance Market Forecast, which the Connecticut Insurance and Financial Services Cluster (CT IFS) hosted on November 20 in Hartford. The day brought together more than 350 insurance professionals at this annual insurance convention. This year’s gathering featured the release of the 2014 Connecticut Insurance Market Brief, the latest installment in a series of reports on the insurance industry in Connecticut. The CT IFS collaborated with PwC on the brief, a report that includes executive perspectives and a summary of information and trends on the sector, including Connecticut’s 200-year insurance history.

According to the brief, Connecticut’s insurance industry is one of the world’s largest. There are 110 domestic insurance and 1,288 non-domestic insurance entities doing business in the state. “Insurance continues to be a keystone in Connecticut’s economy, representing 2.8% of the workforce, 5.6% of the payroll, and 5.7% of the gross state product.” Also, “according to the Connecticut Economic Resource Center, one new job in the insurance industry adds an additional 1.73 jobs to the Connecticut economy.”