Diversity drivers: regulators, rating agencies and investors

The whole world is taking about environmental, social and corporate governance (ESG) issues, said Sima Ruparelia, chief actuarial and risk officer at PartnerRe, non-executive director at British Gas and chair of the Insurance Supper Club Racial Justice Working Group.

“The younger generation in particular are very much more about equity, social engagement, governance, and environmental issues,” she said. “If people start buying their insurance based on those things, and I think they will as time goes on, that ‘S’ part is a big part of it.”

Speaking on an Intelligent Insurer panel on race and ethnicity, Ruparelia added: “If I’m a customer, I want my insurer or whatever businesses I interact with to represent me, and if I’m not represented how can you be a big global insurance company representing the people across that globe?”

But it’s not just customers that are compelling the industry to reckon with diversity, equity and inclusion (DEI). Regulatory change may be afoot.