Inspiring change in P&C insurance

Originally posted March 2014

This year the theme for International Women’s Day was Inspiring Change, advocating for women’s advancement everywhere in every way.

It brought to mind the fact that there is a lot to celebrate about women in the P&C insurance industry in Canada. As Richard Loreto, author of the “A Demographic Analysis of the P&C Insurance Industry in Canada 2012-2022”, would say about the industry, “it’s a women’s world.”

The face of insurance: Industry insiders may not be surprised with the demographic research finding that 62% of the industry’s workforce is female. However, this number is surprising to those outside the industry. As Career Connections knows from years of conversations and outreach, one of the long-standing myths that we try to dispel is that the insurance industry’s work force is mostly male.

Women lead in P&C: Women hold many different roles in the insurance industry – brokers, underwriters, loss adjusters, risk managers, marketing representatives, and more. There are also a significant number of women with careers in senior management roles. This information helps to dispel the sometimes held belief that women are mainly in admin and clerical roles. 

The face of management: Loreto’s demographic research findings indicate an inspiring proportion of women in front-line, middle management and senior/executive roles:

- In 2007, 47% of managers in sample were women:

- Front line managers = 59%

- Middle managers = 44%

- Senior/executive = 28%

- In 2012, 51% of managers in sample were women (in the general labour force, 36% of managers in all other industries are women):

- Front line managers = 58% (represents the majority)

- Middle managers = 48% (approaching majority status)

- Senior/executive = 36% (more than 1 in 3)

C-suite roles: What’s an even more interesting change is the fact that in the last five years the number of female CEOs at P&C insurance companies has increased from about five to 15. These kinds of numbers and profiles help to further dispel the myths about working in insurance and are inspiring youth and career seekers to give greater consideration to a career in the industry.

In the spirit of International Women’s Day and beyond, Career Connections is committed to ‘inspiring change’ about the perceptions of women working in insurance. 

Posted by Career Connections on 4/30/2014