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9 Reasons WHY Iowa is an Insurance Powerhouse

May 29, 2014

Last week, more than 300 insurance regulators, actuaries and industry leaders from around the world converged in Des Moines, Iowa, for the first-ever Global Insurance Symposium. The event, co-sponsored by IEDA, the Greater Des Moines Partnership and the Iowa Insurance Division, provided Iowa the perfect opportunity to highlight its fair and balanced regulatory environment and connect with global prospects about future expansions in the state.

Iowa identified its strengths and put the wheels in motion to create a successful financial and insurance industry cluster. It created a friendly tax structure. It developed programs to elevate its workforce and collaborated with companies to invest in local arts and cultural projects to build vibrant communities.

Nine reasons WHY Iowa is an extremely competitive global insurance and financial services hub:

  1. On average, the state has one of the lowest costs of doing business. Construction costs are 18 percent below the national average and commercial real estate costs are economical.

  2. While the U.S. insurance industry has been flat for the past 15 years — Iowa’s grew by 11 percent.

  3. Iowa has lowered its insurance premium tax by half to just one percent — one of the lowest rates in the nation.

  4. More than 6,300 financial and insurance companies call Iowa home, with 80 of those insurers choosing the state for their corporate headquarters.

  5. With NO premium taxes on the sale of annuities, qualified insurance plans or surtaxes on insurance carriers, Iowa has built an environment where major companies like the Principal Financial Group, Nationwide, IMT, EMC, AEGON, Grinnell Mutual and Prudential Retirement have prospered.

  6. Over 100,000 financial and insurance professionals live in Iowa and are some of the most efficient and educated in the business. Nearly 33 percent of Iowa's population (25 - 34 yrs.) have a bachelor's degree.

  7. Both Drake University and the University of Iowa have highly ranked actuarial science programs.

  8. Iowa's state insurance regulators have a national reputation for efficient oversight that is responsive and fair.

  9. Plus, Iowans enjoy an affordable quality of life, which in turn allows companies to keep payroll costs competitively lower than other areas of the country.

 

 

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Iowa Economic Development Authority
200 East Grand Avenue
Des Moines, Iowa 50309
Phone: 1.515.348.6200
email: Email Us

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