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Federation of Iowa Insurers Commissions Economic Impact Study
Monday, February 14, 2022The Federation of Iowa Insurers announces the release of a report on the economic impact of the insurance industry to the State of Iowa. The study demonstrates why the insurance industry is a mainstay of the Iowa economy and a home for innovation, diversification, and protection.
Prepared by Ernest Goss, Ph.D., Principal Investigator, Scott Strain, Senior Research Economist, and Monique Devillier, Research Associate, the analysis highlights how Iowa’s insurance industry drives the state’s economy, serving as an engine of economic growth and stability for the Iowa economy:
- Iowa’s insurance industry accounts for 11% of the state’s GDP, tops in the United States.
- Iowa’s insurance industry generated a total impact of $29.3 billion for 2020, including $6 billion in wages and $821.1 million in state and local tax collections.
- Between 2010 and 2019, Iowa expanded its share of insurance jobs by 2.5%.
- Iowa’s insurance industry is estimated to have supported approximately 100,631 jobs.
- As a result of high productivity, Iowa industry employees earn a 67.6% salary advantage over the average Iowa worker and received an increase in compensation of 23.8% over the five-year period, between 2015 and 2019.
- Among Iowa’s 99 counties, the top five counties in terms of the share of total county jobs in insurance were: 1. Dallas, 2. Poweshiek, 3. Bremer, 4. Polk, and 5. Kossuth. These five Iowa counties also rank in the top 30 nationally.
View the full report, “Iowa’s Insurance Industry a U.S. Leader: Generating Economic Returns for the State,”.
To learn more, view the Federation of Iowa Insurer's fact sheet or visit federationofiowainsurers.com