A new economic impact report released today quantifies the important role Michigan’s insurance industry continues to play in the state’s economic growth. The Insuring More for Michigan report found in 2017 the state’s insurance industry employed nearly 140,000 people, put more than $38 billion back into the state’s economy and contributed nearly $60 million to charities across the state.
“The Insurance Alliance of Michigan is proud to partner with other insurance groups and companies from across the state on this important report that quantifies how valuable the state’s insurance sector is to Michigan’s economy,” said Tricia Kinley, executive director of the Insurance Alliance of Michigan (IAM). “Our member companies and their agents are highly regarded in their communities, provide good jobs and pump billions of dollars back into the economy.”
According to the report, property and casualty insurance companies represented by IAM employ some 17,000 people across the state while working with tens of thousands of independent agents throughout Michigan. The result is an economic impact of more than $16.5 billion.
“We are proud to support our member companies as they protect our families, homes and businesses and make our roads safer,” Kinley said. “Insurance companies are there when you need them most, providing an important safety net including 24/7 service, roadside assistance and accident protection.”
According to the report, in 2017 the average salary for employees working in the state’s insurance industry was $68,400. The average income in Michigan is $61,172. Within the insurance industry, insurance agencies employed the most people in 2017 followed by property and casualty insurance companies.