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Study: Economic Footprint of Michigan’s Insurance Industry

Jillian Otten - Thursday, February 18, 2016

In Michigan, the insurance industry is making significant contributions to both Michigan's economy and people.

The Michigan insurance industry offers a multitude of employment opportunities, investments in local communities and of course, provides coverage so that Michigan organizations and residents will have peace of mind when they face unforeseen events. 

To measure the impact, Anderson Economic Group recently released a study to highlight some of the positive contributions, and its direct influence on Michigan's economy. 

Highlights from the report:

  1. The insurance industry helps support $37.1 billion in spending, 114,000 jobs and $6.3 billion in earnings throughout Michigan. 

  2. The insurance industry employs over 41,000 people in Michigan.

  3. The insurance industry invests more than $1 billion in Michigan companies, local governments bonds and real estate.

  4. The insurance industry contributed over $44 million in charitable contributions to Michigan charitable organizations in 2014.

  5. The insurance industry pays over $500 million in taxes to the State of Michigan and its local governments.

The Economic Footprint of Michigan’s Insurance Industry was prepared by Anderson Economic Group and commissioned by the Michigan Chamber of Commerce, the Lansing Regional Chamber of Commerce, the Lansing Economic Area Partnership, the Michigan Economic Development Corporation, the Life Insurance Association of Michigan, the Insurance Institute of Michigan, the Michigan Insurance Coalition, the Michigan Association of Insurance Agents, and the National Association of Insurance and Financial Advisors – Michigan.

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