Federation of Iowa Insurers highlights recent economic data which showcases the exceptional strength of Iowa’s insurance industry, with average salaries now reaching $107,582.
According to recent Bureau of Labor Statistics (BLS) and NAICS data, the sector’s average wage is now 75% higher than the state’s all-industry average for private workers, solidifying insurance as a primary engine for Iowa’s future economic growth.
"The data confirms what we have known for years: Iowa is one of the best places in the country to build a career in insurance," said Zach Keeling, board president of the Federation of Iowa Insurers. "With average wages significantly outpacing the general private sector, the insurance industry consistently creates high-paying, long-term careers that support families and strengthen our local communities."
Leading Salaries in Life and Health Sectors
The data reveals that Iowa’s insurance carriers provide both job stability as well as some of the most competitive compensation packages in our state.
Key salary highlights from the sector include:
● Direct Life Insurance Carriers: Leading the pack with an average salary of $133,566.
● Direct Life, Health, and Medical: Average earnings of $131,469, with a consistent yearly growth rate of nearly 5%.
● Reinsurance: Averaging $139,428 per year.
● Agencies and Brokerages: Reporting an average of $89,791 with a robust 6.0% annual growth rate—the highest growth trend in the subsector.
The Federation emphasizes that these figures represent more than just high entry-level wages. They reflect a sector built on upward mobility. From technical roles in underwriting and actuary science to management positions within direct insurance (where average wages sit at $112,428), Iowa’s insurance industry offers a clear trajectory from entry-level to senior leadership.
Sustainable Growth and Job Creation
Over the past decade, Iowa’s reputation as a global insurance hub has continued to expand. With 47,330 full-time workers in the sector recorded in 2024, the industry is poised for a decade of sustained hiring and continued growth.
Projections through 2034 indicate steady upward momentum:
● Insurance Agencies and Brokerages: Projected to grow by 4.7%.
● Direct Health and Medical Carriers: Expected to see a 4.6% increase in workforce demand.
● Overall Insurance Carriers and Related Activities: Forecasted for a 3.7% total growth.
Demand is expected to be particularly strong in distribution-facing roles and healthcare-adjacent insurance functions, providing a wide array of opportunities for the next generation of Iowa's workforce.
Cultivating a World-Class Talent Ecosystem
Beyond competitive compensation, Iowa’s insurance leadership is rooted in a robust professional development infrastructure that bridges the gap between the classroom and the executive suite. The state boasts three of the nation’s top actuarial science programs and offers 45 distinct bachelor’s degrees in finance and accounting, creating a direct pipeline of specialized talent to local employers. This academic foundation is bolstered by a culture of continuous expertise, as Iowa’s insurance producers maintain the highest standards of service through rigorous licensing exams and mandatory triennial credentialing.
Furthermore, Iowa serves as a global magnet for innovation through the Global Insurance Accelerator (GIA) and the Global Insurance Symposium. The 2025 Symposium drew nearly 400 industry leaders from 35 states and six countries, while the GIA has successfully mentored 36 startups from across the globe, recently increasing its seed funding to $75,000 per venture. These institutions serve as vital networking hubs that connect students and early-career professionals directly with regulators, founders, and legacy employers, ensuring Iowa remains the premier destination for career-long growth and industry-shaping innovation.tfv6bv
Join the Industry
The Federation of Iowa Insurers invites students, recent graduates, and professionals looking for a career change to explore the diverse educational pathways—from community college certifications to advanced university degrees—that lead to success in this thriving sector.
For more information on the Iowa insurance landscape, visit federationofiowainsurers.com.
For college freshmen and sophomores interested in entering the insurance industry, consider the Insure Your Future program, an early-stage internship designed to provide real-world experience and ignite a path toward a rewarding career. Learn more at: opportunityiowa.gov/business/iowa-advantage/key-industries/finance-insurance/insure-your-future-internship.
About the Federation of Iowa Insurers
The Federation of Iowa Insurers is a state trade association representing Iowa’s life, health, and financial services industry doing business in Iowa. The Federation advocates for a competitive business environment that fosters innovation, job creation, and economic security for all Iowans.
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Media Contact
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