CT Insurance Department reports 37% growth in captive insurance sector
Hartford Business Journal
The state’s captive insurance sector grew 37% in 2023, including the addition of 10 new captive insurers, Insurance Commissioner Andrew Mais announced Tuesday.
In 2023, the state saw a net gain of 78 captive entities, marking the fourth consecutive year of net growth.
“With recent pro-captive legislation, increased staffing, internal support and collaborations across the state, Connecticut continues to attract global captive insurers and service providers, further establishing itself as a premier domicile and solidifying our title as the insurance capital of the world,” Mais said.
Recently, Sen. Tony Hwang (R-Fairfield) co-sponsored legislation that helped create additional captive insurance industry jobs in Connecticut. The bill passed unanimously and was signed into law 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,” Hwang said. “These positive results show us that we need to further step up our efforts to enhance this sector’s steady growth.”
The term “captive” refers to a licensed insurance company that is owned and operated by those it insures.
Captive insurers typically issue policies to cover risks retained by businesses due to the unavailability or high cost of commercial coverage, according to the announcement.
Captives insure against risks including commercial auto liability, general liability, workers’ compensation, contractual liability, climate risk, business interruption, mechanical breakdown, employment practices liability, reputation risk and cyber attacks.
The trade publication Captive Review bestowed Connecticut with the Captive Domicile of the Year award for 2022 and 2023 in the category of written premiums under $5 billion. Connecticut also won the publication’s distinction of “fastest-growing captive domicile” for 2020, 2021 and 2022.
The post Sen. Hwang touts growth in CT captive insurance sector appeared first on Connecticut Senate Republicans.
