News

New Study Demonstrates the Significant Impact of Insurance on Michigan’s Economy

April 15, 2019

A new report released this week by Insuring More for Michigan shows the growing, positive impact of the insurance industry on the state of Michigan. The report found that in 2017, Michigan’s insurance industry directly employed more than 80,000 individuals, made an economic contribution of more than $38 billion to the state’s economy and contributed nearly $60 million to charities across the state.

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

According to the report, property and casualty insurance companies employ 17,000 individuals across the state while working with tens of thousands of independent agents throughout Michigan. Additionally, the property and casualty insurance sector has contributed more than $16.5 billion to Michigan’s economy.

“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,” said Arthur J. Miller III, manager of Government Affairs at AF Group. “We’re proud to play a role in the continued growth and success of Michigan’s insurance sector.”

To view the full report, click here.