The Life Insurance Association of Michigan (LIAM) is a statewide trade association representing both “domestic” and “foreign” life insurance companies. Domestic companies are incorporated in Michigan; foreign companies are domiciled in another state.
LIAM represents Michigan’s life insurance industry through focused legislative, regulatory, and public affairs activities while adhering to high ethical and professional standards for the benefit of Michigan’s insurance buying consumers.
The insurance industry is critical to Michigan’s economy as demonstrated by the Economic Impact of Michigan’s Insurance Industry report commissioned by a coalition of economic and industry partners.
- The insurance industry spending in Michigan equates to $37.1 billion, which includes direct and indirect economic output, jobs and earnings.
- The industry provides the creation of 114,000 jobs, leading to $6.3 billion in earnings throughout Michigan. In particular, the sector is employing a growing number of high-tech, IT jobs in Michigan with more than 7,000 IT professionals in the sector across the state.
- The insurance sector pays more than $500 million in state and local taxes. These taxes include income and property assessments, as well as a special tax on all premiums written in Michigan. In addition, some companies reported paying another $13 million in other state taxes.
- The insurance industry invests more than $1 billion in Michigan companies, local government bonds, and real estate. These investments help pay for critical infrastructure and development across the state.
- The industry contributed more than $44 million to Michigan charitable organizations in 2014. What’s more, company employees volunteered more than 63,000 hours at company-sponsored charity activities.