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Insurance Agency Burnout: New Solutions Needed as Traditional Approaches Fall Short

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Half of independent insurance agency employees report feeling burned out, with 87% experiencing increased workloads over the past year, according to new research from Liberty Mutual and Safeco’s 2025 Independent Agents at Work Study.

Along with an increased workload, more than half (51%) of agents report feeling overwhelmed by these demands. Perhaps more alarming is that half of all agency employees now report experiencing burnout, the survey found.

The frontline staff appears to be bearing the brunt of this pressure. Nearly two-thirds (65%) of customer-facing employees say they often feel stressed at work, while 57% report being both mentally and physically exhausted.

“After years of uncertainty in work and life, many agency employees are feeling stressed and burned out,” said Crista Walker, vice president of Agent Engagement and Programs at Liberty Mutual. “Agencies need to explore new, creative approaches to caring for employees and fostering well-being.”

When Employee Well-Being Affects the Bottom Line

The business implications of burnout are significant. The study found burned-out employees are twice as likely to seek new employment, with 39% of frontline staff having considered leaving their current position. Interestingly, most job hunters (63%) plan to remain in the insurance industry, suggesting the issue lies with specific workplace environments rather than the field itself, according to the report.

Job satisfaction has predictably declined among those experiencing burnout, with many respondents reporting less satisfaction compared to a year ago. This presents a paradox for agency leaders: despite implementing seemingly robust support systems, burnout continues to rise.

The research shows most agencies believe they’re doing the right things – supporting employee mental health (76%), providing flexibility (87%) and promoting work-life balance (85%). Furthermore, 85% of employees report finding purpose in their work, and 73% say they experience joy at work.

Yet burnout rates remain stubbornly high, indicating these traditional strategies alone are insufficient in today’s high-pressure environment.

Reimagining Employee Well-Being Strategies

The study points to technology as one promising avenue for relief. Agencies that invested in digital tools reported notably lower burnout rates among staff. In particular, technologies that streamline customer communication showed the strongest correlation with reduced burnout levels.

According to the report, the top five digital tools that are correlated with reduced levels of burnout in independent agencies were: real-time chat, real-time binding, recorded video proposals, marketing automation and agency self-services tools.

Research consistently shows that happier employees demonstrate higher productivity, increased creativity, and better collaboration – all critical factors for agencies looking to thrive in a competitive market, according to the report.

View the full survey report here.

Auto Insurance, Insurers and the Economy, Legal Environment, Market Conditions

Even With Recent Rises, Auto Insurance Is More Affordable Than During Most of Century to Date

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You read that right. As a percentage of median household income, personal auto insurance premiums nationally were more affordable in 2022 (the most recent data available) than they have been since the beginning of this century.

And even the premium increases of the past two years are only expected to bring affordability back into the 2000 range, according to the Insurance Research Council (IRC).

A new IRC report – Auto Insurance Affordability: Countrywide Trends and State Comparisons – looks at the average auto insurance expenditure as a percent of median income. The measure ranges from a low of 0.93 percent in North Dakota (the most affordable state for auto insurance) to a high of 2.67 percent in Louisiana (the least affordable).

The pain is real

This is not to downplay the pain being experienced by consumers – particularly those in areas where premium rates have been rising while household income has been flat to lower.  It’s just to provide perspective as to the diverse factors that come into play when discussing insurance affordability.

Between 2000 and 2022, median household income grew somewhat faster than auto insurance expenditures, causing the affordability index to decline from 1.64 percent in 2000 to 1.51 percent in 2022. In other words, auto insurance was somewhat more affordable in 2022 than in 2000.

“With the recent increases in insurance costs, affordability is projected to deteriorate in 2023 and 2024,” said Dale Porfilio, FCAS, MAAA, president of the IRC and chief insurance officer at Triple-I. “The affordability index is projected to increase to approximately 1.6 percent in 2023 and 1.7 percent in 2024, a significant increase from the low in 2021 but still below the peak of 1.9 percent in 2003.”

In other words, we’ve been here before; and, if risks and costs can be contained, so can premium growth in the long term.

Cost factors vary by state

Auto insurance affordability is largely determined by the key underlying cost drivers in each state. They include:

  • Accident frequency
  • Repair costs
  • Claim severity
  • Tendency to file injury claims
  • Injury claim severity
  • Expense index
  • Uninsured and underinsured motorists
  • Claim litigation.

These factors vary widely by state, and the IRC report looks at the profiles of each state to arrive at its affordability index.

Reducing risk and costs is key

Porfilio noted that “while state-level data cannot directly address affordability issues among traditionally underserved populations, collaborative efforts to reduce these key cost drivers can improve affordability for all consumers.”

Continued replacement-cost inflation is likely to maintain upward pressure on premium rates. Tariffs could exacerbate that trend, as well as hurting household income in areas dependent on industries likely to be affected by them.

At the same time, some states are working hard to ameliorate other factors hurting affordability.  Florida, for example, was the second least affordable state for auto insurance in 2022; however, the state has made recent progress to reduce legal system abuse, a major contributor to claims costs in the Sunshine State. In 2022 and 2023, Florida passed several key reforms that have led to significant decreases in lawsuits. As a result, insurers have been writing more business in the state after a multi-year exodus. This increased competition puts downward pressure on rates, which should be reflected in the IRC’s next affordability study.

Learn More:

IRC Report: Personal Auto Insurance State Regulation Systems

IRC Report: U.S. Consumers See Link Between Attorney Involvement in Claims and Higher Auto Insurance Costs

Florida Reforms Bear Fruit as Premium Rates Stabilize 

What Florida’s Misguided Investigation Means for Georgia Tort Reform

Florida Bills Would Reverse Progress on Costly Legal System Abuse

Inflation Continues to Drive Up Consumers’ Insurance Costs

Improved Commercial Auto Underwriting Profitability Expected After Years of Struggle

Louisiana Is Least Affordable State for Personal Auto Coverage Across the South and U.S.

Georgia Is Among the Least Affordable States for Auto Insurance

Report: No-Fault Reforms Improved Michigan’s Personal Auto Insurance Affordability

Auto Insurers’ Performance Improves, But Don’t Expect Rates to Flatten Soon

Cyber Risk, Technology

Personal Cyber Risk Is Up; Why Isn’t Adoption of Personal Cyber Coverage?

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By Mary Sams, Senior Research Analyst, Triple-I

Personal cyber risk – historically viewed as synonymous with “identity theft” – has evolved with the rise of internet-connected devices in the home. These devices can open the door to malware that can seize control of a homeowner’s data and expose them to extortion and other threats. Phishing and financial scams have been found to generate the greatest losses for homeowners.

Insurance for these perils exists, but adoption has not grown in line with the increasing peril. Triple-I and Hartford Steam Boiler (HSB) recently conducted research to better understand why and what insurers can do about it. The survey found that personal cyber insurance – while presenting a sales opportunity – involves educational challenges for agents and consumers.

Triple-I surveyed retail agents of homeowners insurance, since personal cyber coverage is commonly sold as an endorsement to homeowners’ policies. These agents are very knowledgeable of homeowners’ risks that can result in physical damage to property, as well as theft and liability coverages.

 “Agents see the storm,” said Neil Rekhi, product manager for personal cyber insurance at HSB, “but homeowners can’t envision the damage until it’s too late.”

 While 84 percent of agents surveyed said they recognize the value of personal cyber insurance, the survey found a notable gap between agents who feel comfortable selling it and those who don’t.

 This hesitation is mirrored by consumer skepticism. The study found that 56 percent of agents report their customers either don’t understand or don’t agree with the value proposition of personal cyber insurance products.

 “There’s a significant disconnect between agent perceptions of customer needs and actual customer perceptions of product value,” noted Dale Porfilio, Chief Insurance Officer at Triple-I.

Sales efforts remain robust, with 77 percent of agents having presented personal cyber insurance options to homeowners in the past month. However, consumer adoption rates continue to lag, highlighting a fundamental communication breakdown.

Closing the personal cyber protection gap will require a three-pronged approach: consumer education, agent/broker training, and a data-driven approach to product development,” says Triple-I CEO Sean Kevelighan.

Learn More:

FBI: Elder Fraud Up; Bolsters Case for Personal Cyber Insurance

U.S. Cyber Claims Surge While Global Rates Decline: Chubb

Digital Payment Growth Faces Rising Cybersecurity Threats: Chubb

Cyber Insurance Market Continues Rapid Growth as Risk Management Strategies Improve

Digital Tools Help Agency Revenues, But Cybercrime Concerns May Hamper Adoption

Careers and Employment, Workers Compensation

NCCI’s Tracy Ryan:
Busting the Math Myth

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By Loretta L. Worters, Vice President, Media Relations, Triple-I

 Growing up, Tracy Ryan always loved math. It came to her naturally. She liked the patterns, structures, and precision of math – “the poetry of logical ideas” as Albert Einstein put it. When she went to college, and then onto graduate school, her focus was on pursuing a career that aligned with her favorite subject. 

“Back then, 35 years ago, I thought the best career for a math major would be education,” said Ryan, who in November 2024 became president and CEO of NCCI – the nation’s most comprehensive source for workers compensation data, insights, and solutions. “But my grad school professors encouraged me to get into the actuarial field, and that led me to pursue an insurance career.”

Ryan never thought about the demands of working in a male-dominated industry. When she applied for her first position in an actuarial department, almost all the people who interviewed her were women.  

“When I joined the company, my first manager was a woman, and her manager was a woman,” she said. “So early on, I just had these incredible female role models who told me to keep my head down, focus on getting the work done, and learn from it, which was what I did. Through the actual program rotations, I got exposure to so many other aspects of the company.” 

These mentors encouraged Ryan to pursue distinct roles and opportunities as they presented themselves.

“The mentors and managers I had along the way played this fundamental role in helping me navigate my career and seek roles that were outside my comfort zone,” Ryan explained.  

Changing perceptions

The idea that women aren’t strong in math is a myth that persists in many industries, including insurance. But Ryan has worked hard to change this perception. 

“It’s important that early on in a child’s education that they are exposed to female role models and to opportunities that will help them see their connection to math,” she said. “Math was always fun to me, particularly because the teachers made it exciting and helped dispel the myth that women aren’t good at it.” 

Ryan mentioned that at NCCI, there are two programs to ensure young women are exposed to and excited by math and STEM more broadly.

“The first is a math mentors’ program, where our employees tutor elementary school students and help support their growth in math,” she said. “We also have a Women in STEM program called WINS. It’s an informative and engaging view of the technology field for middle and high school girls. By having this exposure and these role models, these young women will feel more connected and excited about pursuing a career in mathematics.” 

Only about 22 percent – less than one in four – C-suite leaders are women, yet Ryan has held several C-suite positions at major organizations across the insurance industry. She attributes her success to the experiences she’s had that shaped her into the leader she is today.  

NCCI celebrated “Women’s History Month” with an “Accelerate Action” event, featuring a women’s panel of speakers and networking event, including NCCI guests Donna Glenn, Edwiygh Franck, Tracy Ryan, and Nicone Gordon.

“With every leadership role that I’ve had, I’ve gained new perspectives and learned a lot about what it is to be a leader in this industry. I’ve realized that I don’t have to copy someone else’s model of what a leader looks like or acts like. I’ve built the confidence to lead with my own voice and my own genuine approach to the roles I’ve had.” 

Ryan said her leadership style is grounded in trust, authenticity, and collaboration.

“I firmly believe effective leadership starts by fostering a culture where all voices in the organization are heard and valued,” she said. “Leadership is all about people, and that’s a tremendous responsibility that we have as leaders. Because of that, I look to create environments where the growth and well-being of the team are prioritized and where I show up every day for those people and the industry that I serve.” 

Ryan said being authentic is important – for men and women – yet many struggle with that. 

“You think to do that role you have to do it exactly like the person who held the position before you, especially if that person was successful,” she said. “But realizing and trusting that you can bring your own unique perspectives and leadership style to the table is incredibly important. I’ve always had this idea that you should be the leader you always wish you had…. I tell people who are early in their career, ‘If you don’t see it, be it.’”  

Ryan said there is a lot to be excited about with advances in data analytics and AI, but she believes relationships based on trust and collaboration will continue to be the foundation of success in the insurance industry.

 “When we have those elements, we can create environments where creativity and innovation thrive, where new ideas are welcome,” she said. “Those environments create opportunities for everyone to rise and succeed. 

“The P&C insurance industry is so integral to maintaining economic resilience, improving safety, and more broadly supporting society,” Ryan added. “What we do is incredibly important and meaningful work. On top of that, we get to meet so many interesting people from various backgrounds and get to learn about the companies and industries we insure. We also get to build long-lasting and rewarding friendships with colleagues and have fun along the way.” 

Careers and Employment

From Start-Up to Industry Leader: Casey Kempton’s Trailblazing Career

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By Michaela Platt, Communications Coordinator, Triple-I

As businesses started incorporating Internet strategies and operations, Casey Kempton had just begun her graduate studies in cognitive anthropology and was working for a tech startup. A Connecticut native, Kempton had always been aware of insurance giants based in her state.

So, when the startup she worked for went out of business, a career with their insurance pilot customer, The Hartford, seemed a natural fit. She applied for a position in their e-business ventures unit and has worked in roles across the insurance industry ever since.

“When I first came into the industry and began learning about exactly what our product does and how it benefits consumers, I had this sense that both agents and consumers could expect more from their carriers,” said Kempton, who is now president of personal lines at Nationwide.

To Kempton, this meant thinking about preventing or minimizing claims, in addition to optimizing the end-to-end experience with the product. The curiosity and drive for innovation that marked Kempton’s early career propelled her to patent two home insurance risk rating solutions.

“A small group of us wanted to take the concept of early auto telematics and apply it to property, anticipating a future where the internet was pervasive and everything was connected,” Kempton said. “We explored how this could impact real-time rating, monitoring, and response for homeowners.”

Kempton leads all aspects of the business, including product, underwriting, sales and distribution, claims and services. She previously was executive vice president and digital business officer at Chubb and spent time with ACE Group, accountable for global personal and commercial lines and leading operations and information technology for Latin America.

The result was an invention Kempton helped create while still in her early twenties: a closed-loop system that senses, underwrites, and prices property risk in real time while also offering remediation services. The system has now been patented for nearly 20 years.

Despite this promising start, Kempton faced obstacles in this traditionally male-dominated field. Even as she rose into leadership roles, some challenges persisted.

“There are times where I may have traveled to visit agents or partners in different parts of the country and realized that expectations on the roles that women could hold versus men were quite different,” she said. “I had several experiences where it was assumed I was the note-taker for the meeting when, in fact, I was the boss or the most senior person there.”

Despite the challenges, Kempton has found her career as a woman in leadership to be incredibly rewarding and is thankful for the mentorship and sponsorship along the way.

“I had two really important mentor-sponsors in my career, both of whom were men, both of whom created opportunities for me that, on my own, I might have struggled to have,” she said.

Kempton has worked to form alliances and a support structure with both men and women in the industry. She has also found herself in stages of her career where she was without a mentor and had to network and build new relationships. She emphasizes the importance of leaning into common ground and building bonds with coworkers while also establishing practices that amplify all voices at the table.

“If you contribute something and then one of your male counterparts takes credit for it five minutes later, nobody says anything,” she said. “Everybody heard you and they know you said it, but we don’t have a practice of saying, ‘Right, that’s the idea Casey just shared. Thank you for pointing that out.’”

Kempton said a lot of bright, capable, driven women assert themselves – only to be  labeled “difficult”, “aggressive”, and “hard to work with”. That is something she has coached a lot of women on through her career.

Kempton also addressed the pay gap and the unspoken drawbacks women can face for taking time off to have children.

“I still have these stress dreams,” she said. “I know I’m stressed about something when I have this dream, and it’s that I’m pregnant again. And my goodness, what is that going to do to the rest of my career? How am I going to manage that? To me, this correlates to the pay challenge because my career paused with the birth of each of my children.”

Kempton is passionate about addressing the pay gap in the insurance industry, but recognizes that there is no easy answer.

“Each manager must make a personal commitment to say, ‘I can’t tell them how their pay may compare to others, but I can work to address it over time,’” she said. “We can work to fix it every year until men and women are on par. We can create awareness with managers that they have some control over how we address that pay gap.”

Meanwhile, women executives like Casey Kempton continue to break barriers. Her journey highlights the power of innovation, perseverance, and the importance of mentorship and allyship. From her early days at The Hartford to her leadership role at Nationwide, Kempton’s story is a testament to the impact one person can have.

“For me, leadership has been incredibly rewarding,” said Kempton. “The best advice I can give to young women starting out is to be curious. Expose yourself early on to as much as you can contextually and then become an expert in something. Being more intentional about how you navigate where you want to go, that’s when you’ll go far.”

Auto Insurance, Business Risk, Homeowners Insurance, Insurers and the Economy

How Tariffs Affect
P&C Insurance Prospects

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Tariffs and threats of tariffs have been roiling financial markets since January. Property and casualty insurers are no less concerned, as the cost of repairing and replacing damaged property is a driver of claim costs and, ultimately, policyholder premiums.

Triple-I Chief Economist and Data Scientist Dr. Michel Léonard recently sat down to explain the implications of tariffs and trade barriers for insurers and what economic considerations concern industry decisionmakers.

While property and casualty insurers write many kinds of coverage, the lines Léonard primarily discussed were homeowners and personal and commercial auto – “lines that have a physical emphasis on repair, rebuild, and replace.”

Lumber from Canada; cars, trucks, and parts from Canada and Mexico; and garments, furnishings, and technology from Asia all come into play when considering the prospective impacts of tariffs on replacement costs, Léonard said.

“When we’re focusing specifically on China,” he said, “we’re looking primarily at farm equipment and alternative-energy components.”

Uncertainty around tariffs – particularly in recent weeks, as tariffs on Mexico and Canada have been imposed and “paused” – makes analysis even more difficult.

“Much depends on how much clarity there is, how much communication from the policymakers, from the administration and from the legislature,” Léonard said. It’s also important to remember that impacts can last well beyond their implementation and withdrawal.

During the first Trump Administration, tariffs on soft commodities, beef, grain, and so forth had impacts for several years afterwards.

“Those tariffs were fairly short lived,” Léonard said, “but for two to three years afterward farmers were uncomfortable investing in equipment at the same pace, and that reduced farmowners’ insurance growth.”

Regardless of how the current discussions around tariffs play out, the Trump Administration has signaled a decided shift in policy toward greater protectionism. As a result, Léonard said, “We should expect a repositioning in our understanding of our replacement costs and underlying growth forecast for the next 12 months, at a minimum.”

He projects a period of “most likely 24 to 36 months” in which growth will be slower and inflation – including replacement costs for the P&C industry – will be higher.

Learn More:

Tariffs and Insurance – full video (Members Only)

Insurance Economic Outlook (Members Only)

Legal Environment

What Florida’s Misguided Investigation Means
for Georgia Tort Reform

In an eblast to members and other stakeholders, Triple-I highlighted the growing need for tort reform in Georgia and the expanding movement in Florida threatening to undo the positive 2022 and 2023 reforms that have stabilized the Sunshine State’s insurance market and driven down prices for consumers and business owners.

March 24 marks two years since Florida Gov. Ron DeSantis signed HB 837, the second of two impactful tort reform bills tackling Florida’s lawsuit crisis that pushed the insurance market to the edge. According to National Association of Insurance Commissioners data, Florida accounted for just over 8% of U.S. homeowners insurance claims, but more than 76% of U.S. property claim lawsuits in 2019 before critical reforms were enacted. All of which is proof of a system in disarray.

A recent commentary written by Jerry Theodorou, director of the Finance, Insurance and Trade Policy Program at R Street Institute, highlighted vast improvements in Florida’s property insurance market due to legislative reform:

  •  Lawsuit filings dropped by 40% year-over-year.
  • Average home insurance premiums have decreased 5.6%.
  • 11 new property insurers entered the market.

Despite these clear signs of progress, a misguided Florida House investigation, which began last week, has been fueling misleading narratives about tort reform, just as Georgia lawmakers are considering critical legal system reforms in the Peach State.

Critics in Florida claim insurers illegally diverted funds to managing general agents and affiliates while dismissing the well-documented role of lawsuit abuse in driving up costs. This was based on a draft report about the financial operations of Florida insurers that the Florida Office of Insurance Regulation chose not to distribute because it was misleading.  

This same rhetoric is now infiltrating the Georgia Capitol in Atlanta, where some are arguing that Florida lawmakers were duped into passing reforms in 2022 and 2023. In truth, Florida’s risk crisis stems from rampant legal system abuse, a factor that has increased insurance premiums for everyone.

Even with the distorted narrative trial lawyers are inflicting on Florida lawmakers, Gov. DeSantis stated he would not support any legislation that would increase lawsuits against insurers. A recent opinion piece written by Florida insurance agent Allen McGinniss further highlights the reality of the Florida insurance market, explaining that the false narrative —that the insurance industry, not lawsuit abuse, is driving high costs for consumers “is not just inaccurate — it’s reckless.”

In Georgia, the negative rhetoric coming from neighboring Florida must not delay progress that has already been made in the 2025 General Assembly to put an end to legal system abuse in the Peach State.

Tort reform is essential to curbing lawsuit abuse, stabilizing markets, and protecting businesses and consumers in Georgia. Lawmakers cannot fall for the same tactics the trial bar in Florida designed to stall much-needed legal system reforms for many years. Following passage by the Georgia Senate, the House must act now to pass these crucial tort reform bills and send them to Georgia Gov. Brian Kemp’s desk to sign into law.

Both Florida and Georgia are at a pivotal moment in civil justice reform. Legal system abuse has generated increased insurance costs in both states, fueling social inflation and placing a heavier financial burden on families and business owners. The stakes are too high to let trial lawyers and bad actors manipulate legislators into reversing progress or blocking much-needed reforms.

Florida lawmakers must stay the course to ensure the successful legal reforms over the past few years remain intact, while Georgia legislators must seize this opportunity to pass meaningful legal system changes. These actions are essential to decreasing lawsuit abuse, stabilizing insurance markets, and protecting consumers and businesses from rising costs.

Go deeper:

  • For more in-depth analysis on legal system abuse and social inflation, visit Triple-I’s knowledge hub and StopLegalSystemAbuse.org microsite.
  • Discover more about the impact of legal system abuse in Florida and Georgia by reading Triple-I’s latest Florida and Georgia Issues Briefs.
Legal Environment

Florida Bills Would Reverse Progress on Costly Legal System Abuse

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Recent improvement in Florida’s insurance market – fostered by legislation targeting legal system abuse – is threatened by several bills proposed in the state’s 2025 legislative session.

Florida’s property insurance market has stabilized thanks to reforms introduced in 2022 and 2023 aimed at reducing excessive litigation and inflated claims. As a result of these reforms, the number of insurers writing business in the state has rebounded after a multi-year exodus. This competition has allowed policyholders to leave Citizens Property Insurance Corp. – the state-run insurer of last resort – to obtain coverage at rates that were previously unavailable.

According to the Florida Chamber of Commerce, key bills threatening policyholders’ savings include:

  • H.B. 451/SB 554, which would reintroduce litigation incentives;
  • H.B. 947/SB 1520, which would eliminate transparency requirements for medical costs in court;
  • H.B. 1437/SB 1840, which would reinstate attorney fee awards in auto insurance cases; and
  • H.B. 1551/SB 426, which would bring back attorney fees for property insurance lawsuits that were eliminated in 2022.

Before recent reforms, Florida homeowners paid premiums up to three times the national average. Since the reforms, 60 percent of the top 10 national insurers writing homeowners insurance in Florida have expanded their business over the past year, and 40 percent of all insurers operating in the state filed for rate decreases in 2024, according to Florida Insurance Commissioner Michael Yaworksy.

As Triple-I CEO Sean Kevelighan recently put it, “Citizens of the Sunshine State are now clearly seeing the benefits of a more stable and affordable insurance marketplace.”

The new legislation would reduce or even reverse that progress.

Learn More:

Florida Reforms Bear Fruit as Premium Rates Stabilize 

Florida’s Progress in Legal Reform: A Model for 2025

How Georgia Might Learn From Florida Reforms

Resilience Investments Paid Off in Florida During Hurricane Milton

Florida Homeowners Premium Growth Slows as Reforms Take Hold, Inflation Cools

Louisiana’s Insurance Woes Worsen as Florida Works to Fix Its Problems

Careers and Employment, Insurance Industry

Women continue to hold 59 percent of the insurance workforce, with representation among underwriters increasing by 5 percent.

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On March 3, Triple-I released its Chart of the Week, “Women’s Representation Among Underwriters Increased.” Citing data from the Bureau of Labor Statistics, the chart reveals that the number of women insurance Underwriters increased by 5 percent from 56.9 percent to 61.9 percent in 2024.

The insurance sector provided about 3.0 million jobs–or 1.9 percent of U.S. employment (workers 16 years and over) in 2024. Data from the Bureau of Labor Statistics indicates that 1.7 million workers were women.  Since 2012, women have comprised about the same overall proportion (about 59 percent) of the industry workforce each year. However, the latest COTW shows that representation continues to vary across occupations. From 2023 to 2024, women’s representation among Insurance Clerks decreased 1.4 percent, from 80.1 percent to 78.7 percent. Representation among Insurance Sales Agents decreased 3.8 percent, from 54.9 percent to 51.1 percent.

The average representation of women across the U.S. workforce is 47 percent based on data from households in the Current Population Survey (CPS), an annual survey of business establishments in private industry conducted by the Bureau of Labor Statistics (BLS). 

Life insurance, annuities, and home and auto insurance sectors are considerably more gender diverse than the average industry in North America, especially in entry-level jobs, where women make up two-thirds of the 70% of entry-level workers. In contrast to the abundance of representation at the bottom, the view across the top ranks looks notably different. Only about 22 percent (less than 1 in 4) of workers in the C-Suite are women, and only two women CEOs head up Fortune 500 insurance companies: Thasunda Brown Duckett, President and Chief Executive Officer of TIAA, and Tricia Griffith, President and Chief Executive Officer of the Progressive Group of Insurance Companies.

Nonetheless, women continue to demonstrate their skills, willingness to grow, and ability to influence the insurance industry in a positive and forward-thinking way.  According to McKinsey, for every 100 men promoted to managerial positions, 104 women are promoted — much higher than the 87 women promoted across all industries. At the board level, women hold 40 percent of the seats in the aforementioned industry sectors.

However, from entry-level to managerial level, the women in the industry are predominantly white, with the leadership pipeline remaining even more closed off to women of color. Only one in 20 senior vice presidents and one in 35 direct reports to CEOs in insurance are women of color.  Black women comprise more than 7 percent of the entry-level insurance workforce, but this number plummets along the corporate ladder and falls to virtually zero at the C-suite.

There’s evidence that women as workers in the insurance industry go back a long way, as far back as 1797. Their tremendous impact on the industry as consumers likely pivoted in 1839 with individual American states passing the Married Women’s Property Act, allowing life insurance proceeds to be passed to a widow without being subject to the demands of the husband’s debtors. By 1942, women accounted for 30% of total life insurance sales, and just two years later, women were buying 83% more life insurance than they did in 1942.

Today, keeping risk management solutions easily accessible and tailored to the market’s needs is arguably the biggest core challenge facing insurers. Research indicates that female CEOs among U.S. property-casualty insurance companies are associated with “lower insurer insolvency propensity, higher z-score, and lower standard deviation of return on assets.”  Additionally, data suggested that as consumers, women tend to spend comparatively more of their income on insurance and have different consumer behavioral preferences that may compel a rethinking of insurance value chains.

Thus, insurers may discover that fostering an inclusive culture that welcomes more women into leadership can be a faster path to successful outcomes. Join us at the upcoming JIF 2025 event and follow our blog for more insights on the future of insurance.

Auto Insurance, Coastal Property, Homeowners Insurance, Insurers and the Economy, Legal Environment

Florida Reforms
Bear Fruit as Premium Rates Stabilize 

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Florida’s legislative reforms to address claim fraud and legal system abuse are stabilizing the state’s property/casualty insurance market, according to the latest Triple-I Issues Brief.  

Claims-related litigation has significantly declined over the past two years, and premium averages are nearly flat, with several insurers requesting rate decreases from the state’s insurance regulator.  In addition, the brief says, the number of insurers writing business in the state has rebounded after a multi-year exodus. This competition from the private market has allowed policyholders to leave Citizens Property Insurance Corp. – the state-run insurer of last resort – to obtain coverage at previously unavailable rates from a much healthier private market. 

According to the state’s Office of Insurance Regulation (OIR), Florida in 2022 accounted for nearly 71 percent of the nation’s homeowners claim-related litigation, despite representing only 15 percent of homeowners insurance claims. The same year – before Hurricane Ian made landfall in Florida – six insurers in the state declared insolvency, primarily due to economic pressures from legal system abuse. Based on insured losses, Ian became the second-most costly U.S. hurricane on record, due in large part to extraordinary litigation costs for disputed claims. 

The Legislature responded to the growing crisis by passing several pieces of insurance reform that, among other things, eliminated one-way attorney fees and assignment of benefits (AOB) for property insurance claims and prohibited misleading legal service ads and the misuse of consumer health information for legal services. 

Premium rate growth slowing 

The impact of the 2022 and 2023 reforms can be seen in premium rate changes, particularly with respect to homeowners insurance. Homeowners rates in Florida grew at a much slower rate in 2024, even as rate growth remained strong nationally. Growth in personal auto insurance premium rates in Florida has slowed since the repeal of AOB and one-way attorney fees, but the trend also is consistent with nationwide experience. 

“There are a lot of factors involved in insurance rates, and Florida’s property and auto markets are challenging,” Florida Governor Ron DeSantis said in February, “but…data suggests that, in 2024, Florida had the lowest average homeowners’ premium increases in the nation, and the overall market has stabilized, with 11 new companies having entered the market over the past two years.” 

Among the top 10 national insurers writing homeowners insurance in Florida, 60 percent have expanded their business over the past year, and 40 percent of all insurers operating in the state filed for rate decreases in 2024, according to Florida Insurance Commissioner Michael Yaworksy. 

The cost of reinsurance also continues to decrease for Florida carriers. 

“In 2024, most companies paid less for reinsurance than they did in 2023,” according to the OIR website. “The average risk-adjusted cost for 2024 was -0.7 percent, a large reduction from last year’s change of 27 percent increase from the prior year.” 

Reinsurance costs are factored into premium rates, so this is another reason Florida now has the lowest average rate filings in the United States in 2024, according to S&P Global Marketplace. 

Learn More: 

Florida’s Progress in Legal Reform: A Model for 2025 

How Georgia Might Learn From Florida Reforms 

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