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News: 2013 Press Release

For Release: September 20, 2013
Media Calls Only: 916-492-3566
Insurance Commissioner delivers keynote speech on diversity initiative at Asian Chamber of Commerce Conference

SAN DIEGO, Calif. - Insurance Commissioner Jones addressed the California Asian Chamber of Commerce today on the topic of supplier diversity in the insurance industry and the importance of the diversity initiative to California's recovering economy.

"California itself is home to one-fifth of the nation's minority-owned businesses," said Commissioner Jones."With the first of its kind insurance data call we have learned that insurance companies spend approximately $1 billion with diverse suppliers including many of the 600,000 California Asian owned businesses."

Speaking at the chamber's annual business summit, Jones discussed his own department's efforts to increase procurement with minority- and women-owned businesses from 8.3 percent-from $496,000 three years ago to $1.3 million in the 2011/12 fiscal year. The department also hosted a diversity summit in 2012 bringing together over 200 representatives from the insurance industry and diverse business leaders to share their best practices and challenges with supplier diversity.

"I am proud that we are leading a diversity initiative that is proving to be a win for the insurance industry, diverse businesses and California's economy."

Jones also cited results of a data call of California's largest 206 insurance companies, Jones reported that more than 150 companies have a supplier diversity statement or are developing one and the majority of insurers are increasing their efforts to expand supplier diversity.

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Media Notes:

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The California Department of Insurance, established in 1868, is the largest consumer protection agency in California, regulating the $123 billion insurance marketplace. In 2012 the California Department of Insurance received more than 160,000 calls from consumers and helped recover over $64 million in claims and premiums. Please visit the Department of Insurance web site at www.insurance.ca.gov. Non-media inquiries should be directed to the Consumer Hotline at 800.927.HELP. Out-of-state callers, please dial 213.897.8921. Telecommunications Devices for the Deaf (TDD), please dial 800.482.4833.

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