24 | HARTFORD BUSINESS JOURNAL • OCTOBER 2, 2017
Insurance & Financial Services Employment in Connecticut
Year (as of July) Total Employment
2017 133,100
2007 144,800
1997 129,200
1992 143,300
Source: CT Dept. of Labor
market collapse. Its parent company, AIG, which
had accepted a $150-billion government bailout,
sold HSB to Munich Re for $742 million in 2009.
While the strain of the Great Recession was acute
in 2008, the local industry has righted itself. And
Wade notes that there were a number of lessons
learned from the financial crisis, "including
greater oversight of corporate governance and
risk management along with the enhancement of
financial analysis tools."
"These regulatory advancements allow greater
insight into both credit and market risk, asset
liability matching as well as analyzing group
liquidity at the holding company," Wade said.
President Donald Trump acted earlier this year to
roll back the Dodd-Frank reforms, but how those
changes will impact local insurers is still yet to be
determined.
Likewise, there's great uncertainty for health
insurers including Aetna and Bloomfield-based
Cigna as the fate of the ACA hangs in the balance.
Both companies sought mergers earlier in 2017,
hoping great size would allow them to be more
competitive in the post-ACA world, but both
mergers were abandoned.
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cbia.com/insurance | 860.244.1900
Savings, Simplicity,
and Service
Katharine L. Wade, Insurance Commissioner, Connecticut
