A new study reveals how instrumental the insurance industry has become for the state of Michigan.
According to the “Insuring More for Michigan” report by Public Sector Consultants, Michigan’s insurance industry directly employed over 80,000 in 2017. That same year, the insurance industry also contributed more than $38 billion to the state’s economy.
In addition to helping Michigan’s economy, the study also noted that insurers contributed almost $60 million to charities across the state that same year.
“Michigan insurers can be proud of the tremendous impact they are having toward continued job growth, community development and philanthropy across our state,” commented Insurance Alliance of Michigan executive director Tricia Kinley.
Kinley added that the insurance industry is one that “truly cares about the lives and livelihood of all residents in Michigan.”
The report also went into specifics, noting that P&C insurance companies employ 17,000 individuals in Michigan, and work with tens of thousands of local independent agents. The P&C industry has contributed over $16.5 billion to Michigan’s economy.
Insurance agencies and brokerages in Michigan directly employed some 30,000 people statewide, the report said. This helped drive a total employment of nearly 47,000 in 2017. Agencies and brokerages also generated almost $6.2 billion in economic output that year.
Some insurers operating in the state have responded favorably to the report.
“The Insuring More for Michigan report helps quantify the amazing work done by insurance companies across the state to grow the economy, provide good paying jobs and give back to our communities,” commented AF Group government affairs manager Arthur J. Miller III.
“We’re proud to play a role in the continued growth and success of Michigan’s insurance sector.”