The aim of this paper is to assess the current state of management development (MD) in insurance industry of Iran in terms of managerial and organizational characteristics, human resource management strategies, training system and management skills. Drawing upon survey data, findings show that insurance companies in Iran score lower than average in all the above-mentioned factors. Also no significant difference is found in terms of insurance managers' views regarding the current status of managerial and organizational characteristics, human resource management strategies, training system and management skills among managers of different organizational levels. Also, managers' motivation to learn and HRM strategies accounted for the most variance in managerial skills.