Buffalo Niagara’s robust and expanding insurance cluster includes several prominent and experienced companies. One of the main reasons these companies find success in Buffalo Niagara is the workforce.
Currently, around 8,000 individuals are employed in the insurance industry. There are also nearly 25,000 annual graduates from Buffalo Niagara’s 21 colleges and universities.
These employees are affordable for an insurance company, as well. For example, insurance underwriters make a median hourly wage of $26.21 in Buffalo Niagara, compared to $35.51 in Chicago. Insurance sales agents earn $22.27 in Buffalo Niagara compared to $30.30 in Boston. Those wages go much further for employees in Buffalo Niagara, with a cost of living significantly lower than comparable metro areas while maintaining highly accessible amenities.
“The quality of the people in WNY has been a key to Merchants Insurance thriving for over 100 years. They are well educated, have a strong work ethic and more importantly, care about each other and their customers. That’s what the ‘City of Good Neighbors’ is all about,” said Bob Zak, President & CEO of Merchants Mutual Insurance and Chair of Invest Buffalo Niagara.
Below is a snapshot of some of the companies contributing to the local insurance cluster and benefiting from this talented and affordable workforce.
BlueCross BlueShield of WNY: 1,500 employees
GEICO: 2,750 employees
Independent Health: 1,300 employees
Merchants Insurance: 250 employees
Univera Healthcare: 480 employees
Walsh Duffield: 80 employees
Buffalo Business First Book of Lists 2016-2017 | Reference USA | Self-reported