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Michigan’s insurance industry among “Hot 50” for jobs, wage growth

Michigan’s insurance industry made the Michigan Department of Technology, Management and Budget’s “Hot 50” list of industries that show positive projected long-term job growth.

According to data compiled by the state, Michigan’s insurance industry is expected to add more than 1,300 jobs between now and 2028 with an average salary between $37,000 and $81,000 annually.

“Thanks to this list, working in a rewarding career in Michigan’s insurance industry is no longer the state’s best kept secret,” said Erin McDonough, executive director of the Insurance Alliance of Michigan. “Michigan’s insurance companies and their agents have a real opportunity to impact the lives of Michiganders every day as they protect our families, homes and businesses and make our roads safer.”

According to a report released earlier this year, insurance companies in Michigan employed more than 83,000 people and paid more than $6 billion in wages in 2018. A Firm Foundation: How Insurance Supports the Economy also found nationally the insurance industry donates more than $500 million to charity every year.

“The fact that Michigan’s insurance industry is included in a list of industries on the rise isn’t a surprise,” McDonough said “It simply validates what we’ve known for years: Insurance Alliance of Michigan member companies and their agents are highly regarded in their communities, provide good jobs and pump billions of dollars back into the economy.”

Michigan is home to 65 property/casualty insurance companies.

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