Insurance Diversity Surveys & Reports

In 2019, Commissioner Ricardo Lara sponsored Senate Bill (SB) 534 (Bradford) which was signed into law. SB 534 enacted the supplier diversity survey; expanded the definition of "Diverse Businesses" to include LGBT and veterans; and formally codified the governing board diversity survey, and Insurance Diversity Task Force. (California Insurance Code Section 927 et seq.)

The California Department (CDI) of Insurance began requesting insurance companies participation in a baseline survey to assess insurer diversity practices in 2011. All admitted insurers that wrote in excess of $100 million in California premiums, for experience year 2010, were encouraged to report. CDI continues to administer  surveys designed to measure the progress of Insurer supplier and governing board diversity practices.

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 126% increase in diverse spend by California insurers with diverse businesses, from $930 million to $2.1 billion.