Insurance Technology Industry News

TMCNet:  A.M. BestTV at Rendez-Vous: Insurers Still Lagging in Promoting and Paying Women, Panel Says

[September 12, 2018]

A.M. BestTV at Rendez-Vous: Insurers Still Lagging in Promoting and Paying Women, Panel Says

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:

  • Barbara Merry, formerly of Hardy Underwriting Group, plc, and co-founder, The Insurance Supper Club; and
  • Barbara Schonhofer, chief executive, Schonhofer, and founder, The Insurance Supper Club.

For full video coverage of the Rendez-Vous conference, including exclsive executive interviews, visit http://www.ambest.tv/rvs18.

Recent episodes of A.M.BestTV include:

  • At Rendez-Vous: Expense Pressures and Technology Driving Distribution Evolution: A panel of experts said with brokers now underwriting, underwriters distributing insurance and reinsurers writing direct business, the distribution model is evolving: http://www.ambest.com/v.asp?v=rvs2918.
  • At Rendez-Vous: Reinsurers Race Against Whirlwind of Changes: Reinsurers and related professionals gather amid an evolving landscape and challenging market conditions: http://www.ambest.com/v.asp?v=rvs1918.
  • Glut of Reinsurance Capacity Constrains Post-Catastrophe Pricing, Say A.M. Best Analysts: DeRose and Associate Director Scott Mangan say disappointing reinsurance renewals in the wake of the 2017 catastrophes provided minimal pricing increases, leaving market dynamics relatively unchanged: http://www.ambest.com/v.asp?v=globalre918.
  • Changes Among Reinsurance Rankings Reflect Dynamic Market, Say A.M. Best Analysts: Mangan and Financial Analyst Victoria Ohorodnyk discuss changes in the lineup of the largest global reinsurers and how mergers and acquisitions, market developments and economic trends affect those changes: http://www.ambest.com/v.asp?v=globalreinsurerslist918.

A.M.BestTV covers exclusive A.M. Best and insurance industry information and reports, targeted topics and key developments in the insurance, reinsurance and related sectors daily. Sign up for alerts of episodes at http://www.ambest.com/multimedia/ambtvsignup.html. View A.M.BestTV episodes at http://www.ambest.tv.

A.M. Best is a global rating agency and information provider with a unique focus on the insurance industry. Visit www.ambest.com for more information.

Copyright © 2018 by A.M. Best Company, Inc. and/or its affiliates. ALL RIGHTS RESERVED.


[ Back To Insurance Technology's Homepage ]