Insurance Diversity Surveys & Reports

In September 2021, Senate Bill (SB) 655 authored by Senator Steven Bradford and sponsored by California Insurance Commissioner Ricardo Lara was signed by California Governor Gavin Newsom. SB 655 furthers the mission of the California Department of Insurance's (Department) longstanding & nationally recognized program that advances diversity, brings greater transparency, and opportunities between the nation's largest insurance market and businesses owned by women, LGBTQ+ people, veterans, disabled veterans and historically underrepresented people. Effective January 1, 2022, SB 655 builds upon existing statute under California Insurance Code section 927 et seq. by expanding reporting requirements for underrepresented groups on insurance company boards; requiring insurance companies to submit their governing board policy statement or measurable goals to the Insurance Commissioner and lowering the existing California premium reporting threshold for insurance companies' reporting their board and supplier diversity data.

These first-in-the-nation insurance Diversity Surveys collect and publicly disseminate critical information about the state of diversity in the insurance industry. Company disclosures generate transparency of  procurement through diverse suppliers, and the diversity of their corporate boards. CDI believes “What Gets Measured, Gets Done.” The mere act of asking insurance companies these questions, plants the seed of change. The data analysis has shown tremendous progress. Since 2012, survey results indicate a 233% increase in diverse spend by California insurers with diverse businesses, from $930 million to $3.1 billion in 2021.