A Michigan Insurance Coalition-commissioned study, "Insuring the Future: The Economic Importance of the Insurance Industry in Michigan," shows big growth in the coming decade for the Michigan insurance industry.
Pittsburgh-based GSP Consulting looked at the evolution of the industry in terms of the state's changing economy and predicted a 10% growth in direct jobs by 2014, adding 6,000 jobs. They are also calculating 10,000 additional spin-off jobs and nearly $125 million in tax revenue.
In a statement, MIC President James Miller says, "Most people don't realize the impact Michigan's insurance industry has on the overall state economy. The purpose of this study is to show that, despite Michigan's lagging economy, there are bright spots where industries are growing and creating jobs, and insurance is one of those bright spots."
The study also found that 40% of insurance industry employees enjoyed wages between $40,000 and $60,000.
MIC prepared the report to demonstrate its growth potential as lawmakers consider replacements for the Single Business Tax.
Source: Michigan Insurance Coalition
Writer: Kelli B. Kavanaugh
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