Final answer:
Hartford, Connecticut is the capital known as the Insurance Capital due to its substantial history with the insurance industry and a large percentage of its workforce employed in insurance. While it boasts a high GDP per Capita, Hartford also has a notable wealth gap.
Step-by-step explanation:
The capital of Connecticut, known as the Insurance Capital of the world, is Hartford. This city earned its nickname due to its significant history and role within the insurance industry, which saw its inception from local efforts to protect the value of goods shipped across the Atlantic.
Later, Hartford continued to grow as a hub for insurance due to the concentrated pool of expert insurance workers and the number of successful insurance companies that call Hartford home.
As an epicenter for the insurance industry, nearly one-tenth of Hartford's population is employed in this sector. However, despite being wealthy in terms of Gross Domestic Product per Capita, Hartford also faces challenges with a high poverty rate and a clear divide between its richest and poorest citizens.
This socioeconomic aspect is a part of Hartford's more complex narrative as a key city in the Financial, Insurance, and Real Estate (FIRE) industries.