Northeast Indiana is a place where successful insurance companies thrive, fueled by diversified product lines. From the beginning, our region has been home to an expanding specialty insurance industry. Northeast Indiana is home to industry leaders such as Lincoln Financial Group, Brotherhood Mutual Insurance Co. and MedPro Group. Indiana’s positive regulatory environment serves as a magnet for attracting businesses and top insurance talent.
Top Facts about the Specialty Insurance Industry in Northeast Indiana
- The tech sector contributes $15.6 billion to Indiana’s economy.
- More than 3,950 people are employed in the insurance industry in Northeast Indiana with an average wage of $89,222.
- Jobs in the insurance field account for 53% of all jobs in the finance and insurance industry in Northeast Indiana, compared to 39% for the United States.
- Indiana’s corporate income tax rate will be reduced to 4.9% by July 2021, making Indiana home to the fourth lowest corporate tax rate of any state levying the tax.
Specialty Insurance Talent
- The University of Saint Francis in Fort Wayne, in collaboration with specialty insurance industry leaders, launched the region’s first bachelor-level degree in the field of risk management and insurance.
- Indiana Tech created the region’s first InsurTech undergraduate certificate program designed to bridge the knowledge gap between technology, risk management and cyber liability.
- There are more than 200,000 graduates from Tier 1 and Tier 2 universities within 200 miles of the region.
- Annually, more than 1,700 regional students receive degrees in business or MBAs in Northeast Indiana.
“We’ve called Northeast Indiana home for almost 100 years, and we stay here because it’s an excellent place to live and work. We are able to recruit and maintain a talented workforce, and our employees enjoy living in this affordable, family-friendly area where people still believe in putting others first.” — Mark Robison, chairman and president at Brotherhood Mutual
To learn more about the strength of the Specialty Insurance industry in Northeast Indiana, download a PDF with top industry data.Download PDF
Source: Development Counsellors International (DCI), 2021
Source: Emsi 2021
Meet our industry leaders:
Are you ready to land your business in a historically tried-and-true insurance sector? There’s a place for your business among the juggernauts.
- Lincoln National Life Insurance Company provides advice and solutions that help empower Americans to take charge of their financial lives with confidence and optimism. More than 17 million customers trust Lincoln Financial’s retirement, insurance and wealth protection expertise to help address their lifestyle, savings and income goals, as well as to guard against long-term care expenses.
- MedPro Group (“MedPro”) is the nation’s leading provider of healthcare liability (“HCL”) insurance. MedPro provides customized HCL insurance, claims, patient safety and risk solutions to physicians, surgeons, dentists and other healthcare professionals, as well as hospitals, senior care and other healthcare facilities. Additionally, MedPro provides HCL insurance solutions to international markets, delivers liability insurance to other professionals, and specialized accident and health insurance solutions to colleges and other businesses through its subsidiaries and other Berkshire affiliates.
- Brotherhood Mutual is one of the nation’s leading insurers of churches and ministries. Brotherhood Mutual is often named one of the best places to work in Indiana. The company was also named one of Ward’s 50 Top Performers for property and casualty insurance.
- American Specialty is recognized as a leader in providing risk services and insurance for amateur sports, professional teams and individual athletes, as well as the entertainment industry. It continues to grow in the region, maintaining its headquarters in Fort Wayne.
- Swiss Re Group is a leading wholesale provider of reinsurance, insurance and other insurance-based forms of risk transfers. Dealing direct and working through brokers, its global client base consists of insurance companies, mid-to-large size corporations and public-sector clients.
- Physicians Health Plan (PHP) has earned a reputation for outstanding customer satisfaction among members, employers and provider networks. PHP was awarded by The International Association for Worksite Health Promotion and The Wellness Council of America for various workplace wellness programs.
- INGUARD is an insurance and risk management firm, serving clients throughout the U.S. and abroad. Licensed in all 50 U.S. states, INGUARD provides consulting services, insurance products and risk management strategies to individuals, families and businesses, and specializes in niche markets and portfolios with complex needs.
- Ash Brokerage Corporation is the largest privately-held insurance brokerage in the nation and is a wholesale insurance brokerage partner to insurance agents, financial advisors and career agents. Ash Brokerage expanded its headquarters, investing over $19.6 million in the 90,000 square-foot building in downtown Fort Wayne. Ash is also frequently named one of the best places to work in Indiana.
Business-Friendly Environment for Insurance and Financial Companies
We work for you to foster a business-friendly culture. We work closely with the Regional Chamber of Northeast Indiana to foster new and amended legislation to continuously improve our welcoming business climate and regulatory environment. With enhanced performance in efficiency, innovation and entrepreneurship, we work for you to develop creative ways to expand on past successes and to reposition for the future.
Why is the insurance industry so strong in Northeast Indiana? We’re so glad you asked.
Positive Regulatory Climate
Indiana has consistently been rated one of the top states for commercial lines by the Property and Casualty Insurance Association of America (PCIAA). Indiana was ranked 18th in the nation by the Institute for Legal Reform in terms of the overall lawsuit climate in a state.
Business-Friendly Tax Environment
As of January 2008, the Indiana premium tax rate was lowered to 1.3 percent, which minimizes a domestic's retaliatory tax exposure when doing business in other states. Domestic insurers may opt to pay the premium tax or the corporate gross income tax.
Fair and Reasonable Civil Justice System
The tort reform act of 1995 emphasizes personal responsibility over corporate responsibility—a legal protection limiting punitive damages for Hoosier businesses. Here are key elements of the law:
- Applies comparative fault, rather than strict liability, to product-liability cases dealing with defective design or failure to warn
- Restricts the awarding of punitive damages
- Allows any person who caused or contributed to an injury to be named as a nonparty
The Indiana Supreme Court has been more constructionist in its holdings than most states. It has supported the industry in rulings, impacting punitive damages, workers’ compensation exclusive remedy and in-house counsel.
Interested in learning more about Northeast Indiana's Specialty Insurance industry? Contact us for access to more data and to discuss opportunities and incentives our region offers.Contact Us