Reps. Waters, Beatty Send Letter to Insurance Companies Requesting Diversity, Inclusion Data

WASHINGTON, March 25 -- Rep. Maxine Waters, D-California, chairwoman of the House Financial Services Committee, issued the following news release:

Congresswoman Maxine Waters (D-CA), Chairwoman of the House Financial Services Committee, and Congresswoman Joyce Beatty (D-OH), Chair of the Subcommittee on Diversity and Inclusion, sent letters to the largest property, casualty and life insurance companies that receive $7 billion in direct premiums or more each year, requesting diversity and inclusion data to examine America's insurance industry.

"The Committee on Financial Services in the United States House of Representatives ("Committee") has made diversity and inclusion a core pillar of ensuring a financial services system that works for all consumers... There is a concerning lack of publicly available data to effectively evaluate diversity among America's largest property, casualty, and life insurance companies. We believe transparency is a critical, first step to achieving progress. That is why your participation in this report is imperative in ensuring that the insurance industry is working toward a more equitable and opportune environment for everyone."

Under the leadership of Chairwoman Waters, the House Financial Services Committee established the first Subcommittee on Diversity and Inclusion in the history of Congress. Congresswoman Beatty serves as the Subcommittee Chair. In early 2020, the Committee published a report entitled, "Diversity and Inclusion: Holding America's Biggest Banks Accountable (https://docs.house.gov/meetings/BA/BA13/20200212/110498/HHRG-116-BA13-20200212-SD003-U1.pdf)," and in late 2021, the Committee published a second report entitled, "Diversity and Inclusion: Holding America's Largest Investment Firms Accountable (https://financialservices.house.gov/uploadedfiles/l_i_m_rpt.pdf)."

Click here (https://financialservices.house.gov/uploadedfiles/redacted_insurance_letter.pdf) for a sample letter.

See below for the full list of firms that received requests:

Allstate Insurance Group

American Family Insurance Group

American International Group

Assurant Inc. Group

Auto Owners Group

AXA Insurance Group

Chubb LTD Group

CNA Insurance Group

Erie Insurance Group

Fairfax Financial Group

Farmers Insurance Group

Geico Insurance Company*

Hartford Fire & CAS Group

Liberty Mutual Group

Lincoln Financial Group

Massachusetts Mutual Life Insurance Group

Metropolitan Life Insurance Company

Nationwide Mutual Insurance Company

New York Life Group

Northwestern Mutual Group

Progressive Group

Prudential of America Group

State Farm Group

Tokio Marine Holdings Inc. Group

Travelers Group

United Services Automobile Association Group

Zurich Insurance Group

* Geico is an indirect, wholly owned subsidiary of Berkshire Hathaway, Inc.