Report: Insurance Industry Contributes $38B-Plus to Michigan’s Economy

A new report shows that in 2017, Michigan’s insurance industry made an economic contribution of more than $38 billion to the state’s economy.

The report released by Insuring More for Michigan also shows that more than 80,000 individuals were directly employed by the industry last year. The insurance industry also contributed nearly $60 million to charities across the state.

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

The Insuring More for Michigan report was assembled by Public Sector Consultants, an independent, nonpartisan company based in Lansing, Mich.

The report is available at: https://publicsectorconsultants.com/2019/04/10/insuring-more-for-michigan/.

Topics Michigan Market