This report estimates the economic contributions of the insurance industry to Michigan’s economy. The estimate includes the contribution that insurers and insurance agencies make in terms of employment, economic input, and taxes paid across the state for life, health, property and casualty, insurance agencies and brokerages, and other insurance-related activity (reinsurance carriers, other direct insurances, claims adjusting, third-party administration of insurance and pension funds, and all other insurance-related activities). This study allows for both a broad look at the overall insurance industry, as well as an investigation of the contribution of each sector of the insurance industry.
Regional reports were created to visually demonstrate the impact of the insurance industry in targeted areas of the state as well as an overall Michigan impact.
Discover key facts for 2017 on the life insurance industry in Michigan including these facts about life insurance related jobs in michigan.
- The life insurance industry generates approximately 43,800 jobs in Michigan, including 18,700 direct employees and 25,100 non-insurance jobs.
- 448 life insurers are licensed to do business in Michigan and 19 are domiciled in the state.
Get the facts on the American Council of Life Insurers infographic of the life insurance industry across the U.S. The information is based on data provided by the National Association of Insurance Commissioners.
The National Association of Insurance Commissioners (NAIC) released two sets of data on March 1, 2017 on life/fraternal and property/casualty insurers. The reports provide market share information indicating the degree of market concentration in lines of business and identify leading insurance writers.