June is Pride month and our annual round-up of the latest insurance news around the LGBT (lesbian, gay, bisexual and transgender) community must first acknowledge the June 12 tragedy at the Pulse gay nightclub in Orlando, Florida. Some of the insurance implications of the attack are discussed in this Insurance Business Magazine article.
LGBT Financials: In the year since the landmark U.S. Supreme Court decision mandating states must permit same-sex marriages, LGBT households are changing and marriage equality has simplified finances for many, according to the 2016/2017 LGBT Financial Experience survey by Prudential. Commentary from survey respondents suggests this is due to simplified taxes, insurance coverage and estate planning. Despite agreement on the importance of saving for the future, in comparison to the general population, fewer LGBT respondents have retirement accounts, life insurance or a will or estate plan.
Transgender Rights: As discussed in our earlier blog post Where Insurance Meets Transgender Rights, recent federal and state rulings pertaining to the rights of transgender individuals (including laws restricting restroom access) raise a number of issues, and there are potential insurance implications to consider. While this is an evolving area of law and liability for businesses and municipalities everywhere, insurers—and the policies they write—will no doubt be implicated. Businesses need to know what their state or municipality has enacted on this issue and establish a coherent nondiscriminatory policy to minimize their liabilities.
Corporate Equality: A record 407 businesses, including 27 insurers scored 100 percent in the Human Rights Campaign Foundation’s 2016 Corporate Equality Index (CEI) based on their workplace policies, benefits and practices pertinent to lesbian, gay, bisexual, transgender and queer employees. The number of insurers achieving the top ranking has seen a steady increase over the last decade. A total of 851 businesses were rated in the 2016 CEI. Some 165 of the Fortune 500-ranked businesses achieved a 100 percent rating.
Have a safe and Happy Pride!