Connecticut officials are again re-examining how they can dissuade companies like General Electric and now possibly insurance giant Aetna from relocating to places considered more innovative.
A string of state budget deficits, state and local tax policies, as well as hefty state debt obligations are all being blamed for why Aetna and others may be looking to places like Boston to move their headquarters and attract talent. But many also are looking at the condition of Connecticut’s cities and how they measure up against the competition in other states.
“Our inactivity, our unwillingness to come up with an overall goal for our urban centers in the state of Connecticut is yet again costing us dearly,” said Democratic Speaker of the House Joe Aresimowicz in a statement on Thursday. He said major employers “want to know what our plan is” for Connecticut’s cities, adding how lawmakers may pass legislation this session that could lead to more state aid and stronger oversight of city spending.
Aetna’s possible move comes despite Gov. Dannel P. Malloy offering the company financial incentives to stay in Connecticut. Aetna has not responded to the offer.
Susan Winkler, executive director of the Connecticut Insurance and Financial Services Cluster, an association of 32 insurance and financial services industry leaders, said in a statement that even if Aetna moves its headquarters, Connecticut will remain the insurance capital of the world.
“Connecticut has a rich history of insurance practice,” she continued. “Our workforce is really second to none. We have the most insurance jobs, the most actuaries. We write the most premiums. We are the insurance capital and that’s not going away.”
The state also has a healthy pipeline of labor into the insurance and financial services industries from colleges and other sources, Winkler said in a statement. At 2.7 percent, Connecticut ranks first nationally in insurance carrier employment as a percentage of total employment. The average wage for nearly 59,000 insurance carrier jobs is more than $83,936, according to 2016 state industry report.
