Over half of UK consumers express a desire for greater female representation in insurance company boardrooms, highlighting growing consumer awareness of gender representation in senior leadership roles within the insurance sector, according to a survey by GlobalData, a leading data and analytics company.
GlobalData’s 2024 UK Insurance Consumer Survey* reveals that 50.7% of consumers would like to see more women in boardrooms at insurance companies. This indicates that the boardroom composition is an area of growing public interest.
Meanwhile, a survey by the Lloyd’s Market Association (LMA) points to internal barriers affecting female progression within the insurance market. According to the snapshot survey, 52% of respondents cited a “male-dominated leadership environment, leading to a lack of inclusivity” as the primary cause of declining female talent in the underwriting pipeline. The LMA’s research, which gathered responses from 128 female underwriters, chief executives, and chief underwriting officers, also found that 42% faced work-life balance challenges related to in-office requirements, travel demands, and social expectations. A further 27% highlighted the financial burden of caring responsibilities as a barrier to advancement.
Charlie Hutcherson, Insurance Analyst at GlobalData, comments: “These findings highlight a clear disconnect between consumer expectations and the experiences of women within the insurance sector. Addressing issues such as leadership culture, work-life balance, and caring responsibilities will be crucial for insurers looking to attract, retain, and promote female talent.”
The combined insights from GlobalData and the LMA illustrate the increasing attention being placed on gender representation within the sector. While consumers are calling for greater female participation in leadership roles, women working within underwriting and executive pathways continue to report structural and cultural obstacles that hinder progression.
Hutcherson concludes: “Insurers need to take proactive steps to create more inclusive environments and demonstrate a commitment to gender diversity at all levels. This will not only align with consumer expectations but also strengthen the industry's ability to innovate and meet the evolving needs of its customer base.”
*GlobalData’s 2024 UK Insurance Consumer Survey was carried out in Q4, with respondents recruited via an online panel. The survey featured a panel of consumers aged 18+, with 4,016 respondents in 2024.