Economic Contributions of the Captive Insurance Industry in Vermont (Feb. 2020)
At the January 22, 2020, Vermont Captive Insurance Association Legislative Day, Jeff Carr presented selected findings on the Economic Contributions of the Captive Insurance Industry in Vermont. The study was produced as part of a cooperative effort between EPR, the Vermont Agency of Commerce and Community Development, the Vermont Department of Financial Regulations, and the Vermont Captive Insurance Association, and was conducted in order to provide a baseline of statistics to inform policy making efforts. The presentation (linked below) highlighted the study’s significant findings on the amount and type of economic activity which occurred due to the operations of the Vermont Captive Insurance Industry within the state during calendar year 2018. The study served as an update to the previous economic impact study conducted by EPR in the mid-2000’s.
Based on data collected from Vermont firms which operate with the industry, Captive Insurance in Vermont contributes a total of 936 full-time and part-time jobs, $66.93 million in labor income, $158.43 million to State GDP, and $26.13 million of total Captive Insurance Premium Tax and License and Exam Fee revenues. This accounting includes the economic contribution from the 2,679 overnight visitors and 1,784 day visitors travelling to and within the State in order to conduct Captive Insurance-related business.
For more information on the study itself and its findings, please contact Ian Davis, Director of Financial Services at the Vermont Department 0f Economic Development.