Editor’s Note: Celebrating Diversity

In addition to extensive coverage of the effects of Hurricane Katrina on areas hit by this terrible storm, as well as its impact on the insurance industry, this issue of Insurance Journal takes a look at diversity in the insurance business-both among the ranks of insurance professionals and how the industry markets to diverse populations.

For Texas, this topic is certainly timely, as the U. S. Census Bureau recently released statistics indicating that Texas can now be categorized as a majority-minority state, along with Hawaii, New Mexico and California, and the District of Columbia. Five other states-Maryland, Mississippi, Georgia, New York and Arizona-with minority populations of around 40 percent, may soon be included in that group, the census bureau said.

These statistics raise the question-if a minority population reaches the point where it becomes the majority, is it still considered a minority? Of course, as the bureau points out, it considers minority populations to include all people except non-Hispanic single-race whites. A number of sub-groups comprise the overall minority population; it’s their combination that puts them over the 50 percent mark.

As of July 1, 2004, Texas had an estimated minority population of 11.3 million, which represented 50.2 percent of the state’s population of 22.5 million. Hawaii, by comparison, had a 77 percent minority population.

The 2000 U.S. census showed that Hispanics represented 32 percent of the Texas population; Blacks/African Americans comprised 11.5 percent; and there were lower percentages of other non-white races, including Asian and American Indian or Native populations, represented. The Hispanic population in the U.S. grew 3.6 percent over the 12-month period from July 2003 to July 2004, a rate that was three times greater than that of the total population. Presumably the Hispanic population in Texas and other South Central states has grown at a similar rate, as well.

Does this mean we should all learn to speak Spanish? That’s always been a good idea in Texas, but as Southeast Managing Editor Dave Kaiser discovered while researching his feature on Latin insurance agents and the growing Hispanic market (N6), there are significant opportunities in serving diverse communities. Taking the time to learn what works and what doesn’t in the Hispanic market-and other non-white communities-may be well worth the effort personally, professionally and profit-wise.

Meanwhile, we can all celebrate diversity by continuing to reach out and help those left in need by Hurricane Katrina. As expected, the insurance community has risen to the challenge presented by this enormous, tragic event. The number and scope of the relief efforts organized by the many, various insurance organizations are both mind-boggling and reassuring.