Report: Insurance Industry Contributed $38.3B to Michigan Economy in 2017

Michigan’s insurance industry employed more than 80,000 people, made an economic contribution of more than $38.3 billion, and paid a total of $9.1 billion in earnings and compensation directly and indirectly in 2017, according to a new report released by Insuring More for Michigan.
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insurance policy
Michigan’s insurance industry contributed more than $38.3 billion to the state’s economy. // Stock photo

Michigan’s insurance industry employed more than 80,000 people, made an economic contribution of more than $38.3 billion, and paid a total of $9.1 billion in earnings and compensation directly and indirectly in 2017, according to a new report released by Insuring More for Michigan.

“Michigan insurers can be proud of the tremendous impact they are having toward continued job growth, community development, and philanthropy across our state,” says Tricia Kinley, executive director of the Insurance Alliance of Michigan in Lansing. “It is an industry that truly cares about the lives and livelihood of all residents in Michigan.”

Property and casualty insurance companies employ 17,000 people across the state while working with tens of thousands of independent agents throughout Michigan, according to the report. The same companies have also contributed more than $16.5 billion to Michigan’s economy.

In 2017, there were 1,679 regulated insurance entities in the state, and the industry directly employed thousands of Michiganders. The industry offers life, health, property and

casualty, and other insurance, generated by insurance carriers and distributed across the state by insurance agents, financial advisors, and independent agencies and brokerages.

Michigan insurers serve outside of the state as well, reaching all 49 remaining states and Washington, D.C. The insurance industry’s economic activity generates over a billion dollars in taxes for Michigan governments, including cities, villages, townships, and schools.

Employed people in fields such as office and administrative support (31.2 percent of the total employed by the insurance industry); business and financial operations (28.5 percent); management (13.3 percent); and information technology, e.g., programmer and database administrators (12.3 percent).

The full report is available here.

The report was put together by Public Sector Consultants in Lansing.

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