About the Insurance Brokers & Agencies in Michigan Market Research Report
What’s Included in the Insurance Brokers & Agencies in Michigan Market Research Report
Definition of the Insurance Brokers & Agencies in Michigan?
Providers are individuals or businesses that act as agents or brokers, selling insurance policies and annuities. They earn commission income, mostly as a percentage of the insurance policy premium. Brokers and agencies also earn income from fees for risk management consulting and other value-added services.
What’s included in the Insurance Brokers & Agencies in Michigan?
The Insurance Brokers & Agencies in Michigan includes property and casualty insurance policy brokerage, health and medical insurance brokerage, life and accident insurance brokerage, title insurance brokerage, annuity brokerage, risk management consulting and insurance administration services. Related terms covered in the Insurance Brokers & Agencies in Michigan industry report includes an independent agent who represents the buyer during an insurance transaction by trying to find the best policy in regard to coverage and pricing; insurance brokers do not represent the insurer, an individual licensed by a state to sell insurance products and services for one or more specific insurance carriers or companies, an arrangement in which the insurer pays an insurance broker for business placement. these arrangements have been deemed inappropriate because of the conflict of interest that they cause, a market in which insurance prices are increasing. insurance markets harden when demand for insurance surpasses supply. the supply of insurance depends on insurers' capital positions and a market in which insurance prices are falling. insurance markets soften when strong balance sheets cause the supply of insurance to exceed demand.
Industry Performance of the Insurance Brokers & Agencies industry in Michigan
Benchmark the Insurance Brokers & Agencies in Michigan industry performance with all MI county and national performance.
Insurance Brokers & Agencies in Michigan
#10 in Highest Revenue 2.7% of state's GDPRevenue (2025)
Annual Growth (2020-25)
Annual Growth (2025-30)
Insurance Brokers & Agencies in the US
Revenue (2025)
Annual Growth (2020-25)
Annual Growth (2025-30)
For the full list of industry drivers, see report purchase options.
Key Drivers of the Insurance Brokers & Agencies industry in Michigan
See how key industry drivers, such as are impacting Insurance Brokers & Agencies in Michigan
Michigan Economic Indicators
Population
Unemployment Rate
View more economic information in MI State Economic profile
US Key External Drivers
Homeownership rate
Number of people with private health insurance
Per capita disposable income
For the full list of industry drivers, see report purchase options.
County Data of the Insurance Brokers & Agencies industry in Michigan
Access proprietary data on county in the Insurance Brokers & Agencies in Michigan, such as Oakland County, Wayne County and Kent County. Data includes figures on revenue, establishments, employees and wages by counties.
Key Statistics of the Insurance Brokers & Agencies industry in Michigan
Download 18 years of historical data and 5 years of projected performance.
