Women in Insurance pricing
Women in the UK insurance sector continue to face significant challenges, particularly in pricing and leadership roles. Despite comprising a substantial portion of the workforce, their representation in senior positions remains disproportionately low.
The current landscape.
Workforce representation: As of late 2023, approximately 669,000 women were employed in the UK insurance industry, compared to 779,000 men, indicating a notable gender gap. [Source - Insurance Business]
Leadership roles: Women hold less than 7% of CEO positions in the UK insurance sector, with only 29 out of 431 roles occupied by women. Similarly, they represent just 16% of CFOs and under 11% of chairpersons. [Source - Insurance Times]
Gender pay gap: In 2024, women in insurance and financial services earned, on average, 78 pence for every pound earned by men, highlighting a persistent pay disparity. [Source: Insurance Business]
Challenges in insurance pricing.
Under-representation in pricing roles: Women are significantly underrepresented in actuarial and pricing positions, leading to a lack of diverse perspectives in risk assessment and product development.
Limited career progression: Despite entering the industry in substantial numbers, women often face barriers to advancement, resulting in fewer occupying senior pricing roles. [Source -Actuarial Post]
Workplace culture: A lack of inclusive workplace cultures can deter women from pursuing or remaining in pricing roles, especially when flexibility and support are lacking.
Strategies to increase female participation.
Mentorship and sponsorship programmes: Implementing structured mentorship can provide women with guidance and support, facilitating career advancement in pricing roles.
Flexible working arrangements: Offering flexible hours and remote work options can help accommodate diverse needs, making pricing roles more accessible to women. [Gerrard White]
Targeted recruitment: Actively recruiting women into actuarial and pricing positions can help balance representation and bring varied perspectives to the field.
Leadership development: Providing leadership training and development opportunities can prepare women for senior roles in pricing and beyond. [Source: Reuters]
Inclusive workplace policies: Establishing policies that promote diversity and inclusion can create an environment where women feel valued and supported.
Addressing the challenges women face in insurance pricing requires a multifaceted approach, focusing on representation, culture, and support systems. By implementing targeted strategies, the UK insurance industry can foster a more inclusive environment that leverages the full potential of its talent pool.
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