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New report highlights insurance industry’s impact on Michigan’s economy

A new report released by the Insurance Information Institute (III) highlights the insurance industry’s impact on Michigan’s economy and reinforces the positive role insurance companies play in communities across Michigan.

A Firm Foundation: How Insurance Supports the Economy found insurance companies in Michigan employed more than 83,000 people and paid more than $6 billion in wages in 2018. The insurance industry as a whole donates more than $500 million to charity every year, according to the report.

“This report shows 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,” said Tricia Kinley, executive director of the Insurance Alliance of Michigan (IAM). “Our members are leaders in charitable giving, donating over $44 million to local charities and providing free cars seats and car seat inspections to ensure the safety of our most vulnerable passengers.”

Michigan is home to 65 property/casualty insurance companies. According to Insurance Information Institute data, some of the top writers of auto insurance, homeowners insurance and business insurance are among IAM’s members. The list includes State Farm, AAA, Auto-Owners, Allstate, Hanover and many more.

“The Insurance Alliance of Michigan is proud to support our member companies as they protect our families, homes and businesses and make our roads safer,” Kinley said. “Insurance companies and their agents are there to answer the call — day or night — to tackle everything from routine claims to disasters.”

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