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A survey of supplier diversity in the insurance industry for California’s largest 206 insurance companies was issued on Wednesday.
The results, which are posted on the California Department of Insurance website, shows a majority of insurers are taking steps to increase efforts around supplier diversity, said California Insurance Commissioner Dave Jones.
According to Jones this is the first such survey in the nation focused on insurers.
According to the most recent statistics from the Minority Business Development Agency, one-fifth of the nation’s minority-owned businesses are located in California., and according to a study from American Express California is home to the largest number of women-owned businesses at 1.1 million.
“When you consider the percentage of minority- and women-owned businesses in California and the size of the insurance economy in California with $123 billion in annual written premium, it’s encouraging to see that 150 companies currently have a supplier diversity statement or are committed to developing one,” Jones said in a statemnet. “We look forward to watching the relationships between California’s robust insurance industry and the state’s diverse businesses grow.”
The reports includes each company’s: Supplier diversity statement; outreach and communications to diverse businesses; support for organizations that promote or certify diverse businesses; procurement contact for interested diverse businesses; charts detailing procurement from diverse businesses.
The survey is a result of the passage of Assembly Bill 53 in 2012. The bill, authored by Assemblyman Jose Solorio, D-Anaheim, requires insurance companies to report on the company’s procurement efforts from minority- women- and disabled veteran-owned business. All companies that collect $100 million or more in California premiums were mandated to report.