Women make up a large share of the UK insurance workforce but are under-represented in pricing, actuarial and senior roles, and paid less on average than men. Insurers can change that with steps that are largely in their own control: structured mentoring, flexible working, targeted recruitment, leadership development and inclusive policies.
How many women work in UK insurance?
As of late 2023, around 669,000 women were employed in the UK insurance industry, compared with 779,000 men (Insurance Business). So women are a substantial part of the workforce. The gap shows up further up.
How many women hold senior roles in UK insurance?
Very few at the top. Women hold less than 7% of CEO positions in UK insurance, 29 out of 431 roles, and represent 16% of CFOs and under 11% of chairs (Insurance Times).
Is there a gender pay gap in insurance?
Yes. In 2024, women in insurance and financial services earned on average 78p for every ÂŁ1 earned by men (Insurance Business).
What holds women back in insurance pricing?
Three things come up repeatedly:
Under-representation in pricing and actuarial roles, which narrows the range of perspectives in risk assessment and product design.
Limited progression. Women enter the industry in large numbers, but fewer reach senior pricing roles (Actuarial Post).
Workplace culture. A lack of flexibility and support can put women off pursuing or staying in pricing roles.
We look at why a wider mix of people makes pricing teams stronger in Why diversity matters in insurance pricing.
What can insurers do to get more women into pricing?
Most of it is in their own hands.
Mentoring and sponsorship. Structured mentoring gives women guidance and backing as they move towards senior pricing roles.
Flexible working. Flexible hours and remote options make pricing roles open to more people.
Targeted recruitment. Actively recruiting women into pricing and actuarial roles helps balance representation and brings different perspectives into the team.
Leadership development. Training and stretch opportunities prepare women for senior roles in pricing and beyond.
Inclusive policies. Policies that make people feel valued and supported help them stay.
Our diversity and inclusion page sets out how we approach this.
Where does the Pathfinders™ Academy fit?
It's one route into pricing that doesn't depend on a traditional CV. We recruit STEM graduates, ex-armed forces veterans, and career returners and changers, selected for aptitude and attitude, and train them through the 10-week Pathfinders™ Academy. For women returning after a career break, that can be a structured way back into analytical work.
Widen your pricing talent pool
If you're building a more inclusive pricing team, book a call with Anthony.
If you're exploring a career in insurance pricing, register your interest with your details and a CV. We will be in touch if you are a good fit for our next Academy.
Frequently asked questions
How many women work in UK insurance?
Around 669,000 women were employed in UK insurance in late 2023, compared with 779,000 men, according to Insurance Business.
How many UK insurance CEOs are women?
Fewer than 7%. Insurance Times reported 29 women in 431 CEO roles, with women holding 16% of CFO roles and under 11% of chair roles.
How can insurers attract more women into pricing roles?
Structured mentoring and sponsorship, flexible working, targeted recruitment, leadership development and inclusive policies. Routes that don't depend on a traditional CV, such as returner and train-to-hire programmes, also help.