LANSING – Does it seem like everyone you know is selling insurance these days. You could be right. A new report published Monday contends the insurance industry as a whole provides an annual $37.1 billion in spending, 114,000 jobs and $6.3 billion in earnings throughout Michigan.
Multiple large insurance providers are headquartered in Michigan, and in particular, the sector is employing a growing number of high-tech, IT jobs in Michigan, the report by the Anderson Economic Group indicated, with more than 7,000 such professional in the sector across the state.
The Economic Footprint of Michigan’s Insurance Industry was commissioned by the Michigan Chamber of Commerce and other like organizations, a statement on the report noted, as well as the Michigan Economic Development Corporation, the Life Insurance Association of Michigan, the Insurance Institute of Michigan and the Michigan Insurance Coalition, among others.
“In the most basic sense, insurance companies help Michigan residents and businesses manage their risk and prepare for retirement,” Alex Rosaen, director of Anderson Economic Group and author of the report, said in a statement. “What is often less evident is the substantial impact the sector plays in Michigan’s overall economic development. To say it simply, the industry’s economic footprint in Michigan is significant and important.”
The report also showed that the insurance industry invests more than $1 billion in Michigan companies, local government bonds and real estate, as well as more than $44 million in 2014 to charitable organizations in Michigan.
And the report also indicated a need for new talent, a point which Department of Insurance and Financial Services Director Pat McPharlin has emphasized as a goal for 2016 (See Gongwer Michigan Report, January 7, 2016).
“One of the issues becoming very significant to the industry is the development of a talent pipeline to provide candidates for new insurance jobs,” Lt. Governor Brian Calley said. “As many skilled professionals retire and insurance company positions become available, it is essential that Michigan get in front of the line, working to prepare and recruit fresh talent.”
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