S&P Finds U.S. Insurers Made Modest Gains in Diversity Over Decade

The U.S. insurance industry has achieved only modest gains in increasing diversity over the last 10 years, according to government data compiled by S&P Global Market Intelligence.

S&P found that the percentage of Black or African-American employees in the insurance industry workforce reached 12.4 percent in 2019, an increase from 9 percent in 2010, based on data it assembled from the U.S. Bureau of Labor Statistics.

Asians comprised 6.2 percent of the industry workforce in 2019, up from 4.4 percent in 2010, S&P said in a report.

Approximately 2.7 percent of the insurance workforce was counted by S&P as “other,” including American Indian, Native Alaskan, Native Hawaiian or other Pacific Islanders. S&P explained it did not break out people of Hispanic or Latino ethnicity in the data because they could have selected any race.

Overall, the percentage of nonwhite employees in the insurance workforce came to 21.4 percent in 2019, up from 19.8 percent the previous year, according to S&P’s compiled government data.

The data is part of S&P Global Intelligence’s full report: “Black representation in insurance grows slowly as industry seeks to diversify.”