Affecting Gender Gaps at the Top of Corporate America
News While there are some signs of progress, there is still a large gap between men and women in senior positions within the insurance industry.
According to updated insurance industry demographic research, gender diversity is still lacking across senior leadership levels within the insurance industry. At the same time, the number of women on boards has increased by 35 percent. These findings are not unique to the insurance industry; they reflect a national trend in which businesses are called upon to address gender inequality in leadership roles, leading to a more diverse workforce.
"...the percentage of women in the top c-suite positions increased from 6 percent to 10 percent."
Into the numbers
While employment of women in the insurance industry is high, females remain poorly represented in top positions. To conduct the industry study, the study researched 100 US insurance companies in 2013 and 2015. The results show an increase in the percentage of women in insurance board positions from 12.6 percent to 17 percent.
While the percentage of women in named officer roles has remained at 8 percent, the percentage of women in the top c-suite positions increased from 6 percent to 10 percent. Additionally, the number of companies with no female representation on the boards decreased from 28 percent to 17 percent, and the number of companies with two or more women on the boards increased from 34 percent to 50 percent.
Minding the gap
Real progress has been made, but there remains a significant gap in the executive positions. "There was a general awareness of the lack of gender diversity, but most executives felt strides had been made in this area," considers Erin Hamrick, a partner from industry recruiting firm Sterling James. "I hope this continued research will give the industry the data they need to work toward a sustainable solution."