2000s

Modern Anti-Racism Movement

Major newspapers apologize: “We propagated a world view rooted in racism and the sickening myth of racial superiority.”

Editorials from newspapers across the US South, including The Orlando Sentinel (Florida), the News & Observer (North Carolina) and the Montgomery Advisor (Alabama), apologized for coverage that was complicit with racially motivated actions and policies and failed to hold perpetrators of those actions accountable.

Some editorials acknowledged the role that news coverage contributed to the incitement of race-based violence in these areas. 

View source in new tab

2015 - 2018

Race and Insurance

Public Criticism of insurance pricing practices

A 2015 Study by the Consumer Federation of America (CFA) claimed that “on average, a good driver in a predominantly African American Community will pay considerably more for state-mandated auto insurance coverage than a similarly situated driver in a predominantly White community.”

An analysis by ProPublica and Consumer Reports in 2017 drew a similar conclusion, stating that “this disparity may amount to a subtler form of redlining, a term that traditionally refers to denial of services or products to minority areas.” While there were methodological flaws in the analysis, the article raised a number of questions about whether insurance rates were biased against minorities.

“Insurance rates are color-blind and solely based on risk.”

— Property Casualty Insurers Association of America, in response to the 2015 CFA study.

View source in new tab View source in new tab

2018

Modern Anti-Racism Movement

Insurance Industry Studies Identify Barriers to Entry and Challenges to Success for African Americans

The Journey of African American Insurance Professionals, a study by The National African American Insurance Association (NAAIA) and Marsh, called out lack of exposure to the industry, lack of networks, lack of experience (e.g. internships, work/study jobs, first jobs), and racial bias as the top barriers to entry into the insurance industry for African Americans. The study also identified several challenges impacting African Americans’ career success in the insurance industry, such as lack of acculturation, or “fitting in,” fewer opportunities to advance and fewer opportunities to fail or make mistakes.

In the same year, the International Association of Black Actuaries (IABA), Casualty Actuarial Society (CAS), Society of Actuaries (SOA) and the Actuarial Foundation published the findings of a research project that aimed to identify barriers to entry into the actuarial profession impacting African American and Latino students. This study identified lack of awareness and late awareness of the profession as major barriers to finding the career, as well as limited access to role models and limited awareness of scholarships and financial support.

“[The “Journey” study] provides quantitative and personal insights into the significant deficiencies of opportunity faced by African Americans over many decades at leadership and other employment levels throughout the insurance industry.”

– Marsh McLennan

View source in new tab View source in new tab

2019 - 2020

Race and Insurance

Congress Targets Discrimination in Auto Insurance

H.R. 1756: Preventing Credit Score Discrimination in Auto Insurance Act
This bill intended to amend the Fair Credit Reporting Act to prohibit the use of consumer credit information in auto insurance decision-making but did not receive a vote in the 116th Congress.

H.R. 3693: Prohibit Auto Insurance Discrimination Act
The PAID Act intended to prohibit the use of several factors considered to be income proxies for determining insurance eligibility or premium levels. While this bill died in the 116th Congress, it was reintroduced in the 117th Congress in 2021. 

If passed, the PAID Act would prohibit the use of:

  • Gender
  • Education
  • Occupation
  • Employment Status
  • Home Ownership Status
  • Zip Code
  • Census Tract
  • Marital Status
  • Credit Score or Credit-Based Insurance Score
  • Consumer Report
  • Previous insurer
  • Prior purchase of insurance
View source in new tab View source in new tab

2022

Race and Insurance

Casualty Actuarial Society publishes Research Paper Series on Race and Insurance Pricing

As part of the CAS Approach to Race and Insurance Pricing initiated in 2021, the Casualty Actuarial Society published four research papers in March 2022 "to help guide the insurance industry towards proactive, quantitative solutions to address potential racial bias in insurance pricing.”

The research papers laid out the historical policies and practices outside of the system of insurance that may contribute to potential racial bias in insurance, some approaches already utilized in the financial services sector to address potential bias, terminology related to discrimination and bias that are relevant to insurers, and quantitative or technical methods to identify, measure, and mitigate potential bias in predictive models.

“...we aim to inspire and generate discussions about potential racial bias across all areas of insurance pricing...”

– Casualty Actuarial Society

View source in new tab

2022

Gathering of Minds

First Black Presidents of Actuarial Societies Make History

In 2022, the Society of Actuaries (SOA) and Casualty Actuarial Society (CAS) elected their first black presidents. John W. Robinson, FSA, MAAA, FCA, was elected President of the SOA, and Roosevelt Mosley, FCAS, MAAA, was elected President of the CAS. The CAS was founded in 1914, and the SOA formed in 1949. Robinson and Mosley’s assignment to lead these two prestigious institutions is groundbreaking and significant for diversifying the actuarial profession.

Mosley and Robinson are committed to expanding the DEI efforts in their organizations and inspiring the next generation of black actuaries.

“Not only will they have a chance to accelerate the DEI vision, but they also will have the chance to accelerate the educational agenda, impact, and expansion of the profession.”

– Stafford Thompson, Jr.

View source in new tab

2023

RACE AND INSURANCE

Underwriting Souls Exhibit Explores the Interaction of Insurance and Slavery

Through examination of underwriting ledgers and other historical documents from the Lloyds Insurance Market, Black Beyond Data published a set of interactive online exhibitions on the role of insurance in the trans-Atlantic slave trade of the 18th and 19th centuries. Underwriting Souls highlights the ties between insurance and other financial systems in the UK and slavery in the Americas.

Topics explored in the online exhibit include The Origins of Lloyd’s of London, Expertise in Enslavement, and Lloyd’s and Slavery, Beyond Insurance and After Abolition.

In conjunction with the opening of the Underwriting Souls exhibit, Lloyds launched its Inclusive Futures program, consisting of several initiatives and monetary investments aimed at increasing diversity in the insurance industry and reducing inequality in regions around the world impacted by the history of slavery.

“The individuals operating in the [UK Insurance] market were deeply embedded in the structures, networks and activities of the time. Many used their expertise and influence to develop and defend the systems that made slavery possible...We remain deeply sorry for this period of our history and the enormous suffering caused to Black and ethnically diverse people, both then and now.”

– Lloyds

View source in new tab View source in new tab

2024 and Beyond

Race and Insurance

Change is the only constant

We urge you to revisit this timeline as the insurance industry in the United States explores ongoing issues of diversity, unfair discrimination and disparate impact. This site will be updated with major milestones as they happen.