Conn. celebrates insurance industry

Connecticut’s venerable insurance industry was celebrated at the state Capitol this month, though its lackluster job growth also was noted.

“The industry is as significant a part of Connecticut as it has been in earlier years,” Ronald A. Williams, chief executive and chairman of Aetna, said at a forum on May 2.

However, Williams said the industry must compete for business not just in the United States, but also globally.

“What are we doing to make Connecticut competitive?” he asked. “There’s a huge opportunity for the state to focus on that opportunity.”

Connecticut has the highest concentration of insurance carrier jobs in the U.S. But other states are gaining, according to a recent study. Iowa, for example, has increased insurance carrier jobs by 8.8 percent over the last 10 years, while Connecticut’s rate was just 2.4 percent.

“We do have a growth problem here,” said Jeff Blodgett, vice president of research for the Connecticut Economic Resource Center.