Latinos have continued to play a significant role in the U.S. economy, according to a recent analysis by the Insurance Information Institute (Triple-I). However, their representation in the insurance industry workforce saw a slight decline in 2024, dropping to 14.9 percent from 15.3 percent in 2023. The highest concentration of Latino workers was among insurance sales agents at 18.3 percent, followed by claims and policy processing clerks at 17.7 percent. Underwriters had the lowest representation at 8.8 percent.
The data, highlighted in Triple-I’s “Chart of the Week” titled “U.S. GDP and Insurance Industry Growth Bolstered by Hispanic and Latino Community,” draws on information from the Bureau of Labor Statistics.
Between 2019 and 2023, Latinos contributed to 30.6 percent of U.S. GDP growth, despite representing about 20 percent of the total U.S. population by 2024 and 19.4 percent of the workforce. By 2023, Latinos generated a GDP of $4.1 trillion, an increase from $3.7 trillion in 2022. This figure would rank as the fifth-largest GDP globally if considered independently. The Latino consumer market reached $2.7 trillion in consumption in 2023, surpassing the economies of states such as Texas and New York.
Latinos are projected to become the largest group of homebuyers in the U.S. by 2030. In 2023, there were 9.8 million Latino homeowner households, with 238,000 new Latino owner households added that year—the largest increase among all racial or ethnic groups for the second year in a row. Additionally, Latinos are identified as the fastest-growing group of entrepreneurs.
Despite these economic contributions, industry surveys show that just over half of respondents from insurance companies and the Latin American Association of Insurance Agencies (LAAIA) believe their organizations are committed to attracting Hispanic customers. Nearly two-thirds feel that insurers do not employ enough Latinos, with only 14 percent saying there is adequate representation. Furthermore, 84 percent agree that Latinos are underrepresented in senior management positions within most insurance companies.
Amy Cole-Smith, Executive Director for BIIC and Director of Diversity at The Institutes, stated: “this isn’t just about equity —it’s about unlocking growth and staying competitive in a changing market. When the insurance workforce reflects the diversity of the market, we’re in a stronger position to build products that meet people where they are.”
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