CONNECTICUT’S BUSINESS PARTNER
Nearly 68,000 people work for insurance companies. More than 91,000 others are employed in jobs servicing the insurance industry. Many companies in Connecticut do business with insurance companies, agents and brokers, so if you work at a printing shop, accounting firm, restaurant, doctors’ office, architecture firm – or any other business-to-business or personal service company – it’s a good bet that insurance companies and their employees buy your products and services.
We also contribute more than $20 million each year to local nonprofit organizations – 25% of all corporate giving in Connecticut. We help sustain the schools your children attend, the hospitals your family needs, the museums and cultural attractions you visit and more. For most non-profit health, human service and cultural organizations in Connecticut, insurance companies are a major source of funding. And our employees generously contribute thousands of hours of time every year in their local communities, for almost every imaginable cause.
Our companies and employees make up one of the largest sources of state and local tax revenue in Connecticut, and that has an impact both statewide and in the communities where our facilities are based or our employees live.
Statewide, the business taxes the companies pay, and the income taxes our employees pay, mostly go into the state’s General Fund, touching everyone in Connecticut, particularly through Municipal Aid funding.
These funds improve local roads, repair flood damage, upgrade the airports, expand libraries, support museums and entertainment attractions, help local departments of health protect communities, improve school technology, provide property tax relief to veterans and the elderly, and so much more.
Our insurance premium taxes alone total nearly half of what all other private industries pay in corporate taxes combined.
We live here, too, so we’re proud and happy to be a major contributor to maintaining and improving Connecticut’s quality of life.
