In March, California's population reached a noteworthy landmark: Latinos now outnumber whites for the first time in the state's history. This is more than a demographic factoid—it is a benchmark moment on a path toward greater diversity in the U.S. population. This trend also will test the ingenuity and adaptability of the wholesale insurance market.
We are a business of people and ideas. For future success, we must engage demographic shifts and represent the needs of a diverse population and their unique risks, while adopting the new ideas that they bring to the table.
We employ the freshest ideas from professionals of all backgrounds, whether we're serving entrepreneurs with new business solutions, or small to medium-sized businesses accessing the wholesale market because their loss records are inadequate for standard insurers.
The insurance industry has been criticized as being overwhelmingly male, but we have improved our track record. In 2012, the Insurance Information Institute on Women in Insurance reported females made up 44.1% of insurance agents and 70.4% of underwriters.
As an international organization representing the wholesale insurance space, the American Association of Managing General Agents (AAMGA) has long worked across borders. Recently, the Latin American Insurance Association joined our professional network. Representing more than 200 agents and organizations in the U.S., this alliance provides members with broader networking, education and new business opportunities. Our association also works extensively with Canadian and UK insurance professionals, including many Lloyd's managing agents and syndicates.
It may come as a surprise that 58% of employees in AAMGA member organizations are under 40 years old. Wholesale insurance entities have long been working on succession planning and nurturing new talent. Our Under Forty Organization plays a significant role in supporting the recruitment, training and retention of the next generation of insurance professionals.
AAMGA members and the wholesale insurance community have long embraced the opportunities of diversity, and will continue to do so. We'll do it the same way we undertake all our efforts—by building trusting relationships.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
