The insurance industry in Michigan is known for helping residents and businesses protect themselves from catastrophic losses, health crises, and financial losses. The industry provides insurance for homes, buildings, automobiles, health, individual and group life, and retirement products. But the insurance industry is not just there when something goes wrong; they are there every day in our lives, donating to local charities, volunteering in our communities, paying taxes to support our state and local governments, and employing family and neighbors. Michigan’s insurance industry creates tens of thousands of jobs and billions of dollars of income for Michigan residents.
The insurance industry’s economic activity generates over a billion dollars in taxes for Michigan governments, including cities, villages, townships, and schools. The insurance industry employs office and administrative support professionals, people skilled in business and financial operations, and those with computer-based skills, such as programmers and database administrators. They employ direct and contract labor across the state to design, manage, and sell insurance policies and provide advice on retirement products to Michigan residents, as well as to provide services to other states. Insurance industry employees, in turn, generate economic activity through the purchases they make in an induced effect on the economy. In addition, participants within the insurance industry purchase goods and services from other industries to support their operation, contributing in both an indirect and an induced effect, all supporting Michigan’s economic activity.
View our report to learn the total economic contribution of the insurance industry in Michigan.