Report: Michigan's insurance industry makes major contributions to state

Insurance Business America | April 16, 2019

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.

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64% of people say they haven't bought life insurance because it's too expensive, yet they overestimate its true cost by more than double. The sooner you buy life insurance, the less it may cost over time. Having life insurance may make sense for these individuals.

Spotlight

64% of people say they haven't bought life insurance because it's too expensive, yet they overestimate its true cost by more than double. The sooner you buy life insurance, the less it may cost over time. Having life insurance may make sense for these individuals.

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