Nirali Shah, chief financial officer, Gallagher in Canada

As Canadian property and casualty insurance organizations undergo succession planning, it’s important to set inclusivity goals as part of the process, says Nirali Shah, chief financial officer for Gallagher in Canada.

“We need to identify and develop high potential women for senior executive leadership positions or roles that prepare women to take on larger, more influential roles,” Shah says.

Recent P&C demographics from the Insurance Institute of Canada show the industry is made up of 66% women as of 2022. However, only 25% to 30% were in senior executive positions as of 2017, according to the latest statistics available.

For Gallagher at least, that’s not reflected in its Canadian brokerage segment. Shah reports the Canadian brokerage promoted 62 women across the organization in 2024 — 78% of all its promotions. “It’s incredible progress which, combined with communication of clearly defined pathways to senior leadership roles, is key to increasing the representation of women in leadership.”

What concrete steps can the industry take to improve inclusivity in the workplace?

Promoting mentorship and training opportunities is crucial, Shah says. Mentorship programs can create a safe space to encourage things like open dialogue about career path, career growth and access to networking opportunities.

“Several years ago, I was lucky enough to have a strong, influential female mentor that helped propel my career to the next level,” Shah says. “I can’t stress enough the importance of a mentor, a coach, someone you trust who will encourage you to advocate for yourself.

“That was a pivotal moment in my career which continues to remind me of my duty to pay it forward.”

Ensuring women are equally represented in workplace training programs — including sales training, technical or leadership training — is another step to promote inclusivity at all levels of the organization, Shah adds.

She says the industry has made “strong improvements” for women leading to increased representation in the workplace. (According to the Insurance Institute, the number of women in the industry increased three per cent to 66% in 2023 from 63% in 2017.)

“Corporate initiatives, advocacy, hybrid work arrangements and even the celebration of influential women in the industry are some of the contributing factors to positive change,” Shah says. “Nonetheless, we need to make further progress to ensure we increase representation at all levels, especially those that are currently underrepresented, such as senior sales and senior leadership positions across the industry.”

Celebrating the achievements of women in the industry also helps to attract more women into influential roles. “One of the best ways to celebrate women’s achievements in the industry is to highlight success stories in internal/external newsletters, social media and company websites,” Shah says. “Sharing personal stories of career progression, overcoming barriers and leadership will inspire others and showcase role models.

“The goal is to help young leaders overcome their fears and give them comfort that someone who they can relate to was able to overcome the challenges that new female leaders may be facing today.”

Shah tells future female leaders to believe in their voice and ability to lead with empathy, authenticity, and humility.

Leadership is not about being perfect or fitting a particular mould, she says.

“Cultivate your confidence, embrace vulnerability, and don’t be afraid to take calculated risks. Most importantly, understand that we belong at the table and our opinions are certainly valued – we need to be confident in sharing them.”