Bottom Line: Insurance and Financial Services Thrive in Iowa
State leaders looked to insurance and financial services to help diversity Iowa’s economy in the 1980s. Today, capitalizing on Iowa’s progressive and responsive regulatory environment, more than 6,200 companies employ some 92,000 workers in Iowa’s thriving financial and insurance industries. Companies involved in financial activities account for nearly 6.8 percent of the state’s jobs and 12.6 percent of the total Gross Domestic Product (GDP).
Iowa ranks sixth in the country for percentage of total state GDP contributed by the insurance and financial services, nearly 33 percent higher than the national average.
More than 83 insurance companies are headquartered in Iowa and the insurance industry annually contributes an estimated $2.8 billion in payroll and more than $11.8 billion in economic activity.
Ranks 13th nationally in terms of absolute size, Iowa insurers are third in the U.S. for output as a percentage of the state’s total GDP with an annual economic impact (8.4 percent) nearly three times the national average (2.8 percent).
Iowa’s insurance industry has grown by 11.1 percent adding 4,000 jobs during the past 15 years. Today, nearly 40,000 insurance professionals call Iowa home.
The metropolitan area of Iowa’s capital city, Des Moines, has the highest concentration of employment in financial services in the United States.