For Immediate Release
Sen. Tony Hwang, Ranking Senator on the Insurance and Real Estate Committee, issued the following statement regarding the 37% increase in the state’s captive insurance sector in 2023.
“Connecticut is ‘The Insurance Capital’, and we must continue to do all we can to cultivate and grow good insurance industry jobs in our state. These positive results show us that we need to further step up our efforts to enhance this sector’s steady growth. I commend Commissioner Mais and his team on this news and I will continue to pursue policies which catalyze future success stories. Let’s be aggressive and innovative. Let’s keep building upon this good news. The sky is the limit.”
Captives predominantly issue policies to cover risks retained by businesses due to the unavailability or high cost of commercial coverage. Examples of risks include commercial auto liability, general liability, workers’ compensation, contractual liability, climate risk, business interruption, mechanical breakdown, employment practices liability, reputation risk, cyber-attacks, and other risks.
In 2023, Sen. Hwang co-sponsored a bipartisan amendment to legislation which aimed to help create additional captive insurance industry jobs in Connecticut. The bill passed unanimously and was signed into law.
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