Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  Equities  >  Swiss Exchange  >  Zurich Insurance Group Ltd    ZURN   CH0011075394

ZURICH INSURANCE GROUP LTD

(ZURN)
  Report
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

Zurich Insurance : U.S. insurance executives seek to fix industry's diversity problem

11/18/2020 | 01:48pm EST

Nov 18 (Reuters) - When Jerald Tillman and Mike James started their careers more than 20 years ago, working in the U.S. insurance industry was not on their radar, but programs to attract Blacks and other minorities brought them into the fold.

Today, Tillman runs his own insurance agency in Ohio and is the founder of the National African American Insurance Association. James, who is also Black, heads the division in charge of life insurance, long-term care, annuities and wealth management at broker NFP in its Boston office.

They and other minority insurance leaders told Reuters that despite years of recruitment and a strong pipeline of talent, the industry has not changed enough where it matters most: at the top.

"There are not enough people of color in executive leadership in the insurance industry," James said in an interview.

Three insurance industry leaders who spoke at the Future of Insurance USA conference said during a panel hosted by Reuters Events on Tuesday that they are working to fix what they described as diversity shortcomings in the industry.

For example, only three of 168 senior executives of the top 10 U.S. insurers and brokers by market value are Black, according to a Reuters review of their websites. Among 119 board members at the same companies, 13 are Black.

"We must get white males involved with us in this leadership effort," George Nichols III, president of the American College of Financial Services and the first African-American insurance commissioner in Kentucky, said during the panel discussion. "They control the positions. They control the decision-making process."

Criticism of corporate America for a lack of diversity intensified after a white Minneapolis police killed George Floyd, a Black man, in May, setting off nationwide protests against racial injustice and police brutality.

Insurance, though improving, remains a less diverse industry than other financial services and U.S. employers as a whole, research has shown.

Non-white employees, including Black, Asian and other racial minorities, totaled 21.4% of the workforce at U.S. insurance companies last year, up from 19.8% in 2018 and 15.3% in 2010, according to S&P Global Market Intelligence.

That compares with 24.9% of employees who are non-white in banking and related activities and 22.3% for the overall workforce, it said.

DOOR 'BLOWN OPEN'

Police killings of Blacks and the resulting civil unrest this year have sparked discussions "that we never used to have before - the hard conversations about race," Lata Reddy, senior vice president of Inclusive Solutions at Prudential Financial Inc and chair of The Prudential Foundation, told the panel.

"The opportunity to build right now on that is huge," said Reddy, who identifies as Indian American. "A door has been blown open and it's incumbent upon all of us to run through it."

Diversity programs work best when top leaders see the benefits and give strong support, but awareness also is critical throughout a company.

Research has shown direct managers have even more impact than senior leaders on employees' experiences, Lauren Young, director of diversity and inclusion at Zurich North America, part of Zurich Insurance Group AG, said during the event.

"If they're not aware of their own unconscious bias, it's very difficult for them to understand what role they play," said Young, who is Black.

Zurich held a town hall in June to allow Black employees to share stories about facing inequality. More than 3,000 people attended what became a catalyst for more action, Young said.

"It was very raw, it was very honest, there was a lot of emotion felt," she said.

ARE YOU HIRING?

When companies say they are committed to increasing the number of minority employees they have, Nichols said he wonders if they're hiring.

If not, "you've just created a dynamic in your organization that may not be so great," he said. "Because in order for you to bring these folks in, somebody may have to go if you're not creating new jobs and new opportunities."

Reddy said research has shown racial diversity improves a company's ability to innovate, reduce risk and bring different perspectives to decisions.

"Without that (diversity) we're not going to be able to meet the needs of an increasingly diverse customer base," Reddy said.

"Ultimately what we're doing is leaving money on the table."

(Reporting by Alwyn Scott Additional reporting by Ross Kerber and Jessica DiNapoli Editing by Lauren Tara LaCapra and Paul Simao)


© Reuters 2020
All news about ZURICH INSURANCE GROUP LTD
03:41pWhite House says Biden believes Nord Stream 2 pipeline is 'bad deal' for Euro..
RE
01/25Global life insurers impose restrictions, worried about long-term pandemic ri..
RE
01/22ZURICH INSURANCE GROUP : Gets a Buy rating from Berenberg
MD
01/19Zurich Insurance Confirms Exit From Nord Stream 2 Project
MT
01/19Zurich Insurance Withdraws From Nord Stream 2 Project Amid Sanctions Concern
DJ
01/19EPIDEMICS LEAD WORLD'S BIGGEST SHORT : World Economic Forum
RE
01/18FACTBOX-How might West respond to Russia over Navalny's arrest
RE
01/18GLOBAL MARKETS LIVE: Deliveroo, Zurich Insurance, Bayer…
01/18ZURICH INSURANCE GROUP : Gets a Buy rating from JP Morgan
MD
01/18MARKET CHATTER : Zurich Insurance to Leave Nord Stream 2 Project Over US Sanctio..
MT
More news
Financials
Sales 2020 44 830 M 50 565 M 50 565 M
Net income 2020 2 627 M 2 963 M 2 963 M
Net Debt 2020 3 668 M 4 138 M 4 138 M
P/E ratio 2020 20,3x
Yield 2020 5,23%
Capitalization 54 754 M 61 699 M 61 759 M
EV / Sales 2020 1,30x
EV / Sales 2021 1,24x
Nbr of Employees 55 000
Free-Float 98,0%
Chart ZURICH INSURANCE GROUP LTD
Duration : Period :
Zurich Insurance Group Ltd Technical Analysis Chart | ZURN | CH0011075394 | MarketScreener
Technical analysis trends ZURICH INSURANCE GROUP LTD
Short TermMid-TermLong Term
TrendsNeutralBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 22
Average target price 395,37 CHF
Last Close Price 367,70 CHF
Spread / Highest target 22,9%
Spread / Average Target 7,53%
Spread / Lowest Target -22,5%
EPS Revisions
Managers and Directors
NameTitle
Mario Greco Group Chief Executive Officer
Michel M. Liès Chairman
Kristof Terryn Group COO & CEO-North America Region
George Quinn Group Chief Financial Officer
Alison Jane Carnwath Independent Non-Executive Director
Sector and Competitors
1st jan.Capitalization (M$)
ZURICH INSURANCE GROUP LTD-3.19%60 579
ALLIANZ SE-5.09%95 101
CHUBB LIMITED-0.80%68 912
MARSH & MCLENNAN COMPANIES-4.68%56 821
BAJAJ FINSERV3.28%20 053
HARTFORD FINANCIAL SERVICES GROUP (THE), INC.2.84%18 167