NEW SURVEY: CONNECTICUT VOTERS
VALUE INSURANCE INDUSTY
Keeping and Attracting Insurance Companies Important to Quality of Life
Contacts: Tom Bradley or Lauren Kyle, Cronin and Company, 860-659-0514
HARTFORD, CONN. (June 1, 2007) - Connecticut voters are making the connection between the economic impact of the insurance industry and the state's quality of life, a recent online survey shows. The survey interviewed 800 Connecticut residents.
An overwhelming 93 percent of Connecticut voters said the insurance industry is important to the health of the state's economy. About 75 percent of the 800 respondents said that keeping and attracting insurance businesses to the state is critical to maintaining Connecticut's high quality of life.
Connecticut ranks at or near the top in everything from personal and family income to the quality of its schools and health care. The state's recreational offerings include Tony Award-winning theater companies, a natural shoreline and national championship basketball teams. Cities and towns in Connecticut regularly rank among the best places to live in America.
Insurers and their employees contribute to the state's quality of life through jobs, taxes and charitable giving. The 67,000 insurance jobs in the state create another 90,000 in supporting industries. Companies pay more than $240 million annually in premium taxes, while employees pay about $210 million in income taxes. Employees volunteer countless hours to charitable causes, while their employers give more than $25 million to the state's nonprofit organizations each year.
More than 85 percent of those surveyed believe Connecticut's economy suffers when insurers relocate. Yet just 58 percent think the industry is here to stay in Connecticut.
Studies show that states like Iowa and high-population growth areas like the Southwest are also growing their insurance businesses at a much faster rate than in Connecticut.
The most pressing issue for Connecticut insurers, however, may be finding enough people to fill open positions. A recent CPTV special looked at the increasingly complex jobs in the industry and the skill difference between what the industry needs and what employees currently possess.
The Connecticut Insurance and Financial Services Cluster has established partnerships and obtained federal funding to create the IFS Center for Educational Excellence, a model for curriculum development and training, which addresses high-growth occupations in the insurance and financial services industry. The first class of 140 current IFS employees have enrolled to upgrade their technical skills, and more advanced training will be offered to additional IFS employees in Fall 2007. Other plans include creating the first associate's degree in Insurance and Financial Services and reaching out to college students to increase their knowledge of the types of positions available and the skills required to land those jobs.
Insure Connecticut's Future is a nonprofit 501(c)(6) coalition of insurance companies whose mission is to increase public awareness of Connecticut's leadership in the insurance industry and to educate people about the positive impact of the industry on the state's quality of life.
Members of the coalition are Aetna, Anthem Blue Cross and Blue Shield, ConnectiCare, Genworth Financial, The Hartford Financial Services Group, Inc., The Hartford Steam Boiler Inspection and Insurance Company, Lincoln Financial Services, The Phoenix Companies, Prudential Financial and Travelers. For more information, please visit www.bestpolicy4CT.com.
