Independent insurance agents in Massachusetts contributed a total of $1.2 billion to the state's economy, according to a study commissioned by the Massachusetts Association of Insurance Agents to measure the impact of independent insurance agencies on the state's economy.
The Framingham, Mass.-based association said the study, performed by Tillinghast, the insurance consulting business of Towers Perrin, surveyed 399 independent insurance agencies across the state. It found that the financial contribution of MAIA property-casualty member agencies was $1.194 billion in 2007.
Agencies were found to employ 11,452 employees, with the average independent agency employing 7.3 employees, and approximately 85 percent of the agencies having five or fewer employees.
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