The state of gender diversity in insurance—and what we’re doing to help

The insurance industry has made tremendous progress in recent years toward improving gender diversity. In an industry that has historically been male-dominated, expanding career opportunities have opened new doors for women in insurance. In fact, women now make up more than half of the workforce at 57% of employees—a strong showing compared with the average 48% across other sectors.1

On the other hand, there is still much progress to be made. While gender parity is promising at an aggregate level, gender diversity in leadership conveys a different story.

  • Only 18% of the C-suite represents women.1
  • Only 3% of the C-suite represents women of color.1
  • 78% of insurance companies lack internal targets for gender diversity.2

This is a problem that we—as an industry—must work towards solving. But that starts with getting down to the root of the issue.

Barriers to gender diversity

The benefits of gender diversity are clear: a wider talent pool, greater innovation, improved retention and increased profitability.3 So why is there still such a lack of female representation in leadership roles?

How can you support women-owned firms through your insurance spend?

One of the most significant barriers is a lack of professional development, mentorship and sponsorship opportunities for women. As women progress in their careers, they may not have access to the proper tools and professional network to support their success. So, what can we do to drive change?

Supporting the success of women in our communities

Gallagher is fully committed to promoting gender diversity. We are fostering the growth of professional women within our communities—giving them the tools, mentorship and opportunities they need to become tomorrow’s leaders.

  1. Strengthening leadership skills
    As a corporate sponsor of the United Nations Foundation Girl Up Program, we help young female leaders around the world gain the skills, resources and confidence needed to enhance gender equality. Girls who complete Girl Up's programming report increased confidence, higher levels of civic participation, and a stronger conviction and ability to take action for global good. Learn more about Girl Up.

  2. Fostering professional and career development
    This spring, Gallagher is sponsoring a national case competition through GenHERation, a North American network that connects young women with companies to facilitate job and leadership opportunities. The Gallagher National Case Competition invites college freshmen and sophomores to develop and present a customized pitch for a prospective client. During the competition, students attend a case-analysis workshop, receive one-on-one mentoring and network with Gallagher leaders. Learn more about GenHERation.

  3. Engaging More Women in New Business Opportunities
    Gallagher Connect Partners is Gallagher's inclusive network of minority-owned, woman-owned, veteran-owned and other diverse, certified insurance firms. Through this partnership, we collaborate with women-owned businesses to address our clients' risk management needs, help them achieve their supplier diversity goals and promote diversity within the industry. 

    Learn more

Sources

1 Ellingrud, Kweilin and Lodolo, Meghan. "Gender parity is still a problem in insurance: Here’s what leaders can do." McKinsey & Company. October 17, 2019.
2 Milkint, Margaret Resce and Lamson, Catherine. "D&I study: Issues, opportunities for women in insurance." Property Casualty 360. May 28, 2020.
3 Brown, Rossa. "7 benefits of gender diversity in the workplace." Workplace.

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