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OLDWICK - SEPTEMBER 12, 2018 12:25 PM (EDT)
In this A.M.BestTV episode from the 2018 Les Rendez-Vous de Septembre (Rendez-Vous) conference in Monte Carlo, Monaco, a panel of experts said the insurance industry continues to lag behind other industries in the percentage of senior management positions held by women. Click on http://www.ambest.com/v.asp?v=rvs3918 to view the entire program.
The shortage of women in senior leadership contributes to the gender pay gap in the industry.
Sian Fisher, chief executive officer, Chartered Insurance Institute, spoke about the results of a recent census her company did.
“Looking at the broader U.K. market, the percentage of women in the executive director roles among insurers is around 30%, while within the U.K. insurance brokers’ sector, it is still 11%,” said Fisher. “When you see these numbers, it’s no surprise then that the insurance gender pay gap is at an average of 24%. …The inequality is in the seniority and high-earning roles between men and women and this is essentially what has to change.”
Andrea Keenan, senior managing director, industry relations, A.M. Best, highlighted the gender pay gap from the U.S. perspective.
“There are statistics that show that insurance industry has fallen way behind the rest of the industries in the United States when it comes to gender pay for women,” said Keenan. “However, what I have seen at the younger professional levels are an enormous crop of highly skilled technical women. These women, I believe, will be advancing throughout the insurance industry.”
All participants said they agreed that women need to have male support within their organizations in order to advance on an equal level with their male co-workers.
Other people that appear in this episode:
For full video coverage of the Rendez-Vous conference, including exclusive executive interviews, visit http://www.ambest.tv/rvs18 .
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