Digital Media & Film
52 Doing Business in Connecticut | 2014
With a storied history of innovation, Connecticut's IFS
industry looks ahead with optimism
&
Insurance
Financial Services
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Industry sPOtLIGHt
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Insurance companies help define the city skyline in Hartford. Above are some of the most notable insurance buildings in Connecticut. 1. The Hartford Financial Services Group
Headquarters, built in 1921. 2. Aetna Corporate Headquarters, built in 1931. 3. Travelers Tower, built in 1919. 4. The Boat Building (Phoenix Wealth Management), built in 1963.
By Carol Latter
H
ome to a significant cluster of
large and small companies of-
fering everything from health
insurance to property and
casualty coverage, Hartford has
long been known as the insurance capital of the
world. It was here that e Hartford founded
one of the nation's first formally organized fire
insurance companies in 1810, building the
foundation for a broader industry that today
employs some 60,000 people in Connecticut.
And while the nation's dramatic economic
meltdown and lingering recovery have certainly
caused its share of challenges for the industry,
insurance continues to be a significant economic
driver for the state, as does another related
sector — finance. In 2012, these two, known col-
lectively as the Insurance and Financial Services
(IFS) sector, accounted for a combined 19.42
percent of Connecticut's gross state product, or
GSP, and employed close to 200,000 people.
Deep roots
In an economic environment that seems to
encourage migration — companies pulling up
stakes to escape high taxes or take advantage of
incentives elsewhere — one thing seems clear:
Connecticut's IFS sector isn't going anywhere.
Insurance & Financial Services
Travelers Insurance is once again sponsoring the
Travelers Champtionship, a Connecticut stop on the
PGA tour.
PHOTOS/COURTESY
PHOTO/COURTESY
