Insurance Institute of Michigan
September 18, 2018

Economic Impact

Employees

There are over 1,500 insurance companies helping to protect citizens in Michigan. It is estimated that over 56,000 persons are employed by the Michigan insurance industry.

And that doesn’t include the thousands more jobs in the businesses that work with insurance companies, including everything from printers and accounting firms to shipping haulers and caterers. It also doesn’t include the jobs created by businesses patronized by those 56,000 employees. That number is estimated to be nearly 100,000.

Insurance companies also pay billions of dollars each year in claims and benefits to policyholders. These dollars are used to pay for medical care of those injured, rebuild and repair houses, repair automobiles and replace personal property, all of which create more jobs — and stimulate additional economic development.

Employment in the Insurance Industry Chart

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