92% of women surveyed had ‘significant concern’ about gender equality in insurance

Nearly nine in 10 women surveyed during four recent conferences in the United States said “gender inequality” is a “significant concern for the insurance industry today,” though a majority also reported their respective companies are “actively promoting gender diversity,” the Insurance Industry Charitable Foundation (IICF) recently reported.

Walnut Creek, Calif.-based IICF released June 26 results from a survey of more than 800 female members of the insurance industry.

Respondents were asked “to what extent” they agreed or disagreed with the statement “gender equality is a significant concern for the insurance industry today.” More than a third (37%) “strongly agreed” while 52% agreed. Ten per cent disagreed while only 1% strongly disagreed.

The survey was conducted at the Women in Insurance Conference series, held in four major United States cities in June.

Respondents were also asked “to what extent” they agreed or disagreed with the statement, “your company is actively promoting gender diversity.” Only 6% strongly disagreed, 26% disagreed, 44% agreed and 24% strongly agreed.

Participants were also asked which financial services sector is “the most supportive the advancement of women to senior leadership roles.” Respondents were asked to select from banking, insurance, accounting and investment services. About one in four (23%) selected insurance, while 29% selected banking, 42% selected accounting and only 6% selected investment services.

They were also asked what the “biggest barrier to entry for women seeking leadership positions in their company” was. They were asked to select from one of four responses. Thirty-eight per cent selected “biases in advancement/hiring structure” while the same percentage selected “lack of desire for leadership roles to be filled by women at the senior level.” About one in six (17%) selected “desire to start a family” while 7% selected “lack of opportunities for professional development/advanced training.”

“Though we as an industry have made significant strides in creating a positive and equal work environment, there is still more we can do,” stated Joe Tocco, chief executive of North America property & casualty for XL Group, in an IICF release.

“Collectively, the industry has been successful in continuing an important dialogue about gender diversity and the tangible, real-world benefits it provides for companies and their employees. These conferences have created a forum for both women and men to discuss issues they see in their everyday lives and work together to find solutions for themselves and the next generation of insurance professionals.”