Employment in the state’s insurance industry doubled during a 15-year period ending in 2005, with workers in the industry making far more than other nonfarm employees, a new study found.
The study, by Iowa State University economist David Swenson, found that 88,336 Iowans are employed directly or indirectly by the insurance industry, and are paid a total salary of more than $3.9 billion.
“Iowa’s insurance sector experienced greater expansion than the national insurance sector during the previous 15 years,” the study said. “In 2005, employment in Iowa’s insurance … industry was nearly twice its level in 1990.”
Nationally, employment in the industry was stagnant, according to the study.
It also found the jobs pay well, with insurance workers making 68 percent more than other nonfarm jobs to become “an increasingly important contributor to the Iowa economy.”
The study shows that 2.6 percent of all jobs in Iowa are in the insurance industry, but pay 5.6 percent of the gross state product.
“The study provides the statistics to support what we already knew, that Iowa’s insurance industry is rapidly growing and provides high-paying jobs with good benefits,” said Paula Dierenfeld, executive director of the Federation of Iowa Insurers.
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