While the Insurance industry has a female majority in non-management, the share of women decreases significantly with each management level. Only 17% of top management positions are held by women. The gap in female representation between bottom and top is larger than in any other industry.
Promotions and hires barely contribute to increasing the share of women in lowest and lower management. The share of women in lowest/lower management promotions is 42%, which is 16 percentage points lower than the share of women in non-management. Insurance companies do a slightly better job regarding promotions to middle/top management, where the pipeline seems less leaky. However, insurance companies worsen when using hires than promotions to advance women.
The Insurance industry has the highest GCI of all industries. This clearly shows that women in the Insurance industry are particularly underrepresented in middle and top management positions compared to other sectors, and women face particularly steep career hurdles.
The Insurance industry has a particularly stark difference in men’s and women’s employment percentages at lower management levels. Yet, to reach middle and top management, full-time seems very much expected. This expectation puts women, who are more likely to work part-time in lower positions, at a distinct career disadvantage.