Connecticut: The Insurance Capital of the World

Connecticut is the #1 location for the insurance industry in North America, with Hartford holding the title of Insurance Capital of the World. Insurance is one of Connecticut’s longest standing industries and largest employers. There is no market in the world that has an insurance industry cluster like Connecticut. We have a workforce with unparalleled depth and expertise in the industry and a business and regulatory environment that caters specifically to this industry.

Over 60,200 skilled insurance employees1, unparalleled in their field, work at the more than 2,7000 insurance establishments2 that have made Connecticut their home. The insurance industry has a massive economic impact on the state, which is why Connecticut has ensured that insurers have the regulations and resources they need to continue to grow and thrive. Connecticut-based carriers generate more than $21.7 billion in GSP each year3 with over $123 billion in direct written premiums4 written annually, including the #1 most direct written health insurance premiums in the country5. 

 

“Number one was a very pro-business attitude exemplified by those in the state government. Second was easy access to intellectual capital, great people with a strong work ethic. Third was access to transportation. We’re only a hop, skip and a jump to major airports and Manhattan.”

— Navigators Group former CEO Stan Galanski on relocating their headquarters from New York to Stamford

 

Connecticut’s insurance clusters extends beyond Hartford, with the Stamford and New Haven areas growing rapidly as hotbeds for insurtech companies in particular. In fact, Stamford and Hartford rank as the 1st and 2nd most productive metropolitan areas in the country for insurance workers6 while remaining significantly lower cost than other major metropolitan centers. From Fortune 100 companies to insurtech startups that are revolutionizing the industry, Connecticut offers the skilled workforce and industry ecosystem that is essential for these companies to grow and thrive.

 

Key Facts

 

highest concentration of insurance jobs in the U.S.7

 

in the U.S. for direct written premiums9

 

highest concentration of actuaries in the country8

 

domicile in number of captives growth10

 

Support for Connecticut’s Insurance Industry

Connecticut offers a wide range of technical support and business development services for insurance and financial services companies.

Targeted Resources

  • Connecticut Insurance + Financial Services (CT IFS) — a statewide initiative of the MetroHartford Alliance comprised of 32 member companies in Connecticut’s insurance and financial services sector, the mission of CT IFS is to strengthen and advance the insurance and financial services industry in Connecticut
  • Insurtech Hartford — major driver of industry innovation and a thriving insurtech ecosystem through community activation
  • Connecticut Center for Entrepreneurship and Innovation Insurtech Initiative — joint venture between UConn and the University of Hartford designed to grow the next generation of entrepreneurs and innovators in the insurance industry and the insurtech space through opportunities to assist both startups and established companies test and implement new technologies that will fuel growth through innovation
  • Connecticut Captive Insurance Association — promotes the interests of the captive industry in Connecticut by establishing policy positions on major issues that affect the captive insurance industry and CTCIA members, advocating for the interests of the captive insurance industry on the federal, state, and local level, and facilitating the differentiation and growth of captive insurance programs
  • Connecticut Insurance Department — offers guidance, support, and education and regulate the industry in a way that promotes fair competition and makes sure insurance is available to everyone
  • Connecticut Innovations (CI) — Connecticut’s strategic venture capital arm and the leading source of financing and ongoing support for innovative, growing companies
  • CONNSTEP — a business consulting firm focused on identifying opportunities for growth, improving productivity, and ensuring competitiveness

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Insurance Sector Snapshot


◄ Get an in-depth look at Connecticut’s insurance industry cluster.

  • industry trends and dynamics
  • concentrations of talent and workforce pipelines in Connecticut
  • Connecticut's regulatory environment
  • logistical and infrastructure considerations
  • the state’s strengths for companies in the state
  • data and resources for companies seeking market entry into Connecticut

 

Learn more about Connecticut's key industries in our detailed snapshots.

1Lightcast, 2022; 2Lightcast, 2022; 3Lightcast, 2022; 4PwC, 2022; 5PwC, 2022; 6GRP per worker, Lightcast, 2022; 7Lightcast, 2022; 8U.S. Bureau of Labor Statistics, OEWS, 2023, AdvanceCT calculations; 9PwC, Connecticut Insurance Department, 2022; 10Captive Review, 2023