Peter Cownie
COMMITTEES
STATE REPRESENTATIVE
Forty-Second District Statehouse: (515) 281-3221 e-mail –
[email protected]
HOME ADDRESS P.O. Box 110, 650 S. Prairie View Dr. Ste #125 West Des Moines, Iowa 50266 Home: (515) 664-8341
House of Representatives
Commerce, Chair Agriculture Government Oversight Legislative Council Ways & Means
State of Iowa Eighty-Sixth General Assembly STATEHOUSE
Des Moines, Iowa 50319
The Insurance Commissioner for the State of Iowa, Nick Gerhart, presented to the House Commerce Committee last week. The Commerce Committee, of which I serve as Chairman, has purview over insurance issues at the Statehouse. Without question, Iowa would not be what it is today without the insurance industry’s considerable presence in our state. The industry is a longtime leader in Iowa when it comes to jobs and state gross domestic product (GDP), and Commissioner Gerhart shared a few eye-opening facts to support this. The insurance industry in Iowa totaled 7.6% of our total GDP (2nd nationally). With more than $11.9 billion worth of economic activity in 2012, Iowa ranked 13th largest in America with regard to insurance business done. There are approximately 43,000 jobs in Iowa in the insurance industry, of which nearly 10 percent have been created during the past 15 years. The U.S. Bureau of Labor Statistics estimates that for every 100 Iowans directly employed in insurance, there are 91 additional Iowans who provide goods and services to the industry. This equates to more than 80,000 Iowans directly or indirectly employed by the state’s insurance industry. For a state of 3-plus million people, these statistics reflect just how vital this industry is to us. However, the industry’s importance to Iowa does not outweigh the importance of its working well for Iowans. The insurance industry is heavily regulated in Iowa – as well it should be to protect our state’s citizens. The topic of insurance with regard to cost and coverage can be quite controversial, and for good reason. The industry, as a whole, can be difficult for even the most educated to understand. This leads to an important role for our legislature in looking out for our constituents when it comes to their insurance providers and the services they provide. As your State Representative, and specifically as the chair of the committee that regulates the industry, I take my responsibility in making it add up for all involved very seriously. By listening to the voices of all Iowans with regard to insurance, and adding the necessary hard work and cooperation that go hand-in-hand with all successful legislative initiatives, the industry and those it protects can both thrive decidedly in Iowa. It is up to the Legislature to foster an environment to make it happen.
