Michigan’s Insurance Industry:

A Key Part of the State’s Economic Transformation

The property and casualty insurance industry - including auto, home and business insurers - is one of the cornerstones of growth for any economy. It allows families and businesses to manage risk by using insurance products to cover potential losses. It’s also a strong, stable industry in Michigan that has weathered the state’s decade-long downturn better than most.

Michigan insurers provide more than 53,000 stable, well-paying jobs in the “knowledge-based” sector that is so crucial to rebuilding Michigan’s economy and that represents a growing proportion of the state’s labor market.

Seeing the value in those jobs and the opportunities for business growth, other states, such as Ohio, Indiana and Iowa, have launched major initiatives to woo Michigan insurers to their states. Meanwhile, in Michigan, some lawmakers are attacking the industry, pushing proposals that not only will make it harder for insurers to do business and add jobs in Michigan, but are also likely to raise insurance rates for consumers.

See how Michigan insurers contribute to the state’s economy.

Expanding Operations and Job Opportunities

Michigan insurance companies want to continue operating successfully, expanding operations and providing quality job opportunities for Michigan citizens.

In fact, many insurers are growing and adding jobs across the state. In Lansing, Auto-Owners Insurance Company is building a $105 million office expansion to accommodate an expected 800 new full-time jobs over 10 years. In Caledonia, near Grand Rapids, Farmers Insurance is planning on adding 1,600 new jobs, expanding its offices to the tune of $84.4 million. And Jackson National Life Insurance Company is building a $26 million data center, retaining 24 jobs in the area with an average annual salary of $65,000.

These are just some of the jobs and economic opportunities being created by Michigan’s insurance industry.