A new economic impact report from the California Department of Insurance shows that insurance companies contracting with small and diverse-owned businesses contributed a total economic output of $6.7 billion to the state’s economy, supporting more than 29,000 jobs and generating more than $917 million in state tax revenues.
The report, which the CDI says is the first of its kind from the department, was released by its Office of Insurance Diversity and Innovation, a new office established by Commissioner Ricardo Lara to help expand equity and inclusion across the state’s $400 billion insurance market.
The data was collected through the CDI’S Insurance Diversity Program. The report is based on data insurance companies reported to CDI as part of the 2022 California Insurance Diversity Survey.
According to the report, Insurance companies reported spending $3.1 billion with diverse suppliers in California. These business procurements resulted in: 29,131 jobs statewide created or supported; $2.4 billion in wages, salaries, and benefits; $917.6 million in tax revenues for California.
The CDI also released the , a benchmarking tool that measures the extent to which insurers are integrating diversity into procurement initiatives, goals, governance and board leadership.
Topics California Market
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