The Black Insurance Industry Collective (BIIC) is proud to announce the release of its landmark research report, Fostering Black Leadership in Insurance, a data-driven examination of representation, systemic barriers, and actionable solutions to advance Black leadership across the insurance industry. This publication underscores BIIC’s commitment to equipping the industry with evidence-based insights that drive intentional and sustainable change.

The insurance industry stands at a pivotal moment. As risk continues to evolve in scope and complexity, the demand for innovative, adaptable leadership is higher than ever. Yet, despite being one of the nation’s largest employers, the industry continues to face critical gaps in representation. While Black professionals make up 14.7% of the insurance workforce – up from 9.9% a decade ago –executive representation remains disproportionately low. Only 1.8% of executives at the top 10 insurers are Black, and across the Fortune 500, just eight Black CEOs lead major corporations.

“Our new research makes clear that the issue is not a lack of talent – it’s a lack of access, opportunity and equitable systems,” said Amy Cole-Smith, Executive Director of BIIC. “This report provides the industry with the data, tools, and strategic imperatives necessary to cultivate a leadership pipeline that truly reflects the communities we serve.”

The Fostering Black Leadership in Insurance report highlights the key structural barriers shaping leadership disparities, including inequitable hiring and promotion practices, limited access to sponsorship, biased recruitment cultures, and the emotional taxation Black professionals experience in the workplace. It also provides four critical imperatives for industry-wide progress:

1) Data Transparency and Accountability – Organizations must collect and analyze disaggregated data to identify gaps in representation and track progress.

2) Sponsorship as Strategy – Black talent must be advocated for in spaces where advancement decisions are made.

3) Equitable Succession Planning – Companies should prepare diverse candidates for leadership roles proactively, not reactively.

4) Culture of Psychological Safety – Creating inclusive environments reduces emotional tax and strengthens performance and innovation.

BIIC’s newly released report provides the information needed to take more strides toward sustainable progress. View the full report here.

About the Black Insurance Industry Collective (BIIC)

The focus of the Black Insurance Industry Collective™ (BIIC®) is to accelerate the advancement of Black professionals with the end goal of increasing the representation of Black leaders at the mid-to-executive level in the insurance industry. Our vision is to support the development of Black talent in the insurance industry by providing educational opportunities, networking, and training opportunities. BIIC maintains an open and inclusive platform, welcoming participation from individuals of all backgrounds. For more information, visit thebiic.org.

About The Institutes

The Institutes® are a not-for-profit comprised of diverse affiliates that educate, elevate, and connect people in the essential disciplines of risk management and insurance. Through products and services offered by The Institutes 20 affiliated business units, and backed by more than 115 years of experience as a trusted knowledge partner, we empower people and organizations to help those in need with a focus on understanding, predicting, and preventing losses to create a more resilient world. Learn more at Global.TheInstitutes.org.

The Institutes is a registered trademark of The Institutes. All rights reserved.

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“Our new research makes clear that the issue is not a lack of talent – it’s a lack of access, opportunity and equitable systems."