Friends of NEI,
As we continue to execute our 2024 Action Plan, our focus sharpens on strategic initiatives designed to elevate and expand industry clusters where Northeast Indiana boasts a competitive advantage. Following our recent highlight on the MedTech sector, this communication turns the spotlight on our burgeoning Specialty Insurance industry.
In 2023, the global insurance industry, a cornerstone of the world economy, reached an impressive milestone with over $6.8 trillion in global premiums, spanning health, life, property, casualty, and various specialty insurance markets. Our mission to establish NEI as a premier hub within this expansive market is more than a commitment to growth—it’s a charge to lead in an industry on the brink of significant evolution.
The specialty insurance market is amidst a transformative phase, propelled by emerging risks such as cyber threats, climate change, the advent of technologies like AI, blockchain, and IoT, and evolving consumer demands—from healthcare coverage reevaluation to the need for insurance-tailored to the gig economy. These evolving dynamics present unparalleled opportunities for innovation, technological advancement and growth. Northeast Indiana is strategically positioned at the vanguard of these trends, seeking to cultivate and attract pioneering technologies and innovators, thus reinforcing our status as a pivotal player in this expanding niche.
Our region’s fertile landscape for specialty insurance enterprises is evidenced by nearly 4,000 professionals and 53% of Indiana’s insurance and finance jobs are situated in Northeast Indiana —surpassing the national average of 39%. Esteemed organizations such as MedPro Group, Brotherhood Mutual Insurance Co., Ash Brokerage Corporation, Swiss Re, K&K, America Specialty and Lincoln Financial enhance Northeast Indiana’s stature as an indispensable node in the specialty insurance network.
Northeast Indiana’s dedication to growth is mirrored in significant investments in infrastructure and talent development. Bolstered by Indiana’s top-10 national ranking for its competitive tax environment, with a corporate income tax rate of just 4.9%. Our business-friendly policies and cost-effectiveness amplify our allure as an investment destination. This favorable fiscal climate, paired with our region’s deep talent reservoir—fortified by pioneering educational initiatives like Indiana Tech’s InsurTech certificate and the University of Saint Francis’ risk management and insurance bachelor’s degree—positions us at the forefront of industry innovation.
The Insurance Alliance of Northeast Indiana exemplifies our collaborative ethos, bridging industry leaders to foster growth and ensure a continuous pipeline of elite talent. This alliance is instrumental in solidifying our reputation as a bastion of specialty insurance excellence.
Looking ahead, Northeast Indiana is not merely participating in the specialty insurance sector; we are actively sculpting its future. The foresight of our regional business leaders, allied with an unwavering commitment to innovation and talent cultivation, promises a thriving Northeast Indiana, poised to broaden its impact within the specialty insurance landscape. Together, we are laying the groundwork for a future where our region continues to hold its strong position as a leading hub of specialty insurance, catalyzing growth and innovation in a sector vital to our economic fabric.
Thank you for your steadfast support and collaboration as we continue this exciting trajectory.
Warm regards,
Stephane Frijia
