Women now make up 27% of people at executive level in the UK insurance sector, a 5% rise from 2017, according to an Association of British Insurers (ABI) survey.
ABI surveyed more than 103,000 staff for the survey, an increase of more than 25% on last year. It is based on firms with an ABI membership and does not cover insurance brokers.
Improvements have also been made at management level where women account for 39% of workers, up from 36% twelve months earlier.
More women than men continue to join the industry at entry level (56% in 2018 v 54% in 2017). Progress at board level though remains slow with a 1% increase to 20%.
Amanda Blanc, chair of the ABI and chief executive of Europe, Middle East and Africa for Zurich Insurance, said: “Matching the diversity of our workforce to the diversity of the communities we serve is essential to our industry’s future success.
“Such a change takes time, but the last few years have seen a real shift in commitment at the highest levels of the industry, and at last there are signs the dial is starting to shift.
“Gender equality is only one aspect of diversity but I am encouraged to see growth in female representation at manager and executive levels, and more women than men continue to join the industry.
“This progress needs to be repeated, year after year, if the industry is to become truly diverse. And where we make progress on gender, we must scrutinise what is working and why so we can improve diversity across the board – on sexuality, on ethnicity and more.”
Diversity in the insurance sector
The survey also found around 88% of firms have an executive sponsor for diversity and inclusion, up from 74% last year.
More than half of responding firms had a member of the executive team specifically responsible for LGBT+ inclusion.
There was also an increased use of inclusive recruitment practices, with the proportion of firms using diverse interview panels up to 78% from 67% in 2017.
The survey found a small drop in black, Asian and minority ethnicity (BAME) representation, a fall to 13% from 15%.
Lastly, some 61% of firms have a mentoring programme targeting workers who are underrepresented within the company.
Huw Evans, director general of the ABI, said: “Improving diversity and inclusion in the insurance industry is a key priority for the leadership of the sector.
“To make meaningful progress, firms first need to know where they stand.
“Our survey was established as a practical tool to support our members on this issue and to see so many more involved this time round is an endorsement of our approach.
“Let’s hope these early signs of progress on gender equality are just the start.
“Insurers know that becoming a fully diverse and inclusive industry requires firms to have a strategy and to make changes – simply having positive intentions won’t wash.
“Our diversity and inclusion network goes from strength to strength and our future leaders programme has more women on it than men for the first time.
“We remain committed to providing the practical assistance our industry needs to achieve genuine change.”
