Insurance & Financial Services
Hartford's insurance and financial services sector thrives on innovation and excellence, supported by a highly educated and experienced workforce.
The Insurance Capital of the World
Join Connecticut’s dynamic insurance and financial services sector, renowned globally for its innovation and excellence. Benefit from the highest per capita income, exceptional quality of life, and a highly educated workforce. Hartford, the Insurance Capital of the World, offers unmatched productivity and talent in a vibrant culture of insurance innovation.
2024 Connecticut Insurance Capital Insights
Developed in Partnership Between
Summary
Full Report
The Insurance Capital of the World
Insurance has been a vital part of Connecticut’s economy for over 225 years. Today, it remains a significant economic driver, both locally and nationally, as highlighted by these impressive rankings.
Key Facts
#3 in Managerial, Professional and Technical Jobs
Source: Information Technology & Innovation Foundation#1 Digital Economy
Information Technology & Innovation Foundation#4 in High wage traded services (higher than service industry jobs)
Source: Information Technology & Innovation Foundation#3 for Advanced Degrees
Source: U.S. Census Bureau, ACS 1Y, 2021#4 in Workforce Productivity (Defined by GDP per capita)
Source: U.S. Bureau of Economic Analysis 201938 World-class Colleges & Universities, including Yale & UConn
Key Rankings
Economic Impact
Actuarial Expertise
#1 in Insurance Jobs: Connecticut leads the nation in insurance jobs as a percentage of total employment.
#1 in Actuaries: The state has the highest concentration of actuaries, with nearly one actuary per 1,000 employees.
#1 in Gross State Product Contribution: Insurance is the top contributor to Connecticut’s GSP, accounting for 6.1% or $21.1 billion.
#1 in Life Insurance Direct Written Premium (DWP).
Top Contributor to GSP: The insurance industry contributes 6.1% to Connecticut’s gross state product, valued at $21.1 billion.
Leading in Employment: Connecticut ranks #1 nationally in insurance carrier employment, with 3.4% of the state's total employment—approximately 59,000 full-time insurance and related jobs.
Highest Insurance Payroll: At 6.1%, Connecticut also leads in insurance payroll as a percentage of total payroll.
Connecticut boasts approximately 1,300 actuaries, giving it the highest concentration of actuaries in the United States, with almost one actuary per 1,000 employees.
Insurance Companies in Hartford
The Hartford
Travelers
HSB
Nassau Financial Group
United Health Care
Optum
Voya Financial
XL
ConnectiCare
Cigna
Aetna
Chubb
Empower
Lincoln Financial
Covr
Global Atlantic
SunLife
Talcott Financial Group
Mass Mutual
Munich Re
Vantis Life
Prudential
Middle Oak
Symetra
Hartford: A Financial Powerhouse
Hartford stands out as a powerhouse in financial services, generating over $10.7 billion in GDP and providing more than 16,300 jobs in the industry. Connecticut's reputation as a financial hub is evident through its impressive national rankings, including #1 for the concentration of finance talent and #1 in finance worker productivity. With 45,000 finance-related jobs across 5,400 establishments contributing $30.6 billion to the state’s GDP, the financial sector remains a cornerstone of the state's economy.
Financial Services Industry
Financial Services Companies in Hartford
The Hartford
Travelers
HSB
Nassau Financial Group
United Health Care
Optum
Voya Financial
XL
ConnectiCare
Cigna
Aetna
Chubb
Empower
Lincoln Financial
Covr
Global Atlantic
SunLife
Talcott Financial Group
Mass Mutual
Munich Re
Vantis Life
Prudential
Middle Oak
Symetra
InsurTech/FinTech Companies in Hartford
InsurTech Corridor
UConn MS in InsurTech/Fintech
Actuarial Boot Camp
An Initiative of the MetroHartford Alliance
Connecticut Insurance and Financial Services (CT IFS), formed in 2003, is a statewide initiative of the MetroHartford Alliance comprised of 32 member companies in Connecticut’s insurance and financial services sector. For the last seventeen years and with a collective focus on the future, the Connecticut Insurance and Financial Services (CT IFS) mission is to strengthen and advance the insurance and financial services industry in Connecticut.
Interested in Hartford?
Fill out this form or use the information below to contact Gene Goddard, Chief Business Investment Officer at the MetroHartford Alliance.
Gene Goddard
Chief Business Investment Officer
ggoddard@metrohartford.com
860.525.4451 ext. 281