Women now hold 29% of board roles at insurers and long-term saving companies, a slight increase from 25% in 2019, and 24% of executive level positions are held by women, according to data from the Association of British Insurers (ABI).
“It’s encouraging to see the growing female representation at the most senior levels of the insurance and long-term savings industry but more needs to be done. We need to redouble our efforts to create equality of opportunity,” Yvonne Braun, director of long-term savings and protection said.
A spokesperson for the association added: "We know that before this pandemic, 90% of those who worked part time in our sector were women. Having the opportunity to work flexibly – whether that’s as part of a job share team, adapting hours or having the opportunity to work from home more frequently will have a positive and significant impact on many people."
As part of its efforts, the ABI is due to launch a flexible working campaign this year to improve flexible working opportunities. In addition to this, the ABI is working with members on improving Black, Asian and minority ethnic (BAME) diversity and social mobility across the sector, as recent figures show BAME employees make up 10% of entry level positions while at executive and board level this figure drops to 2%.
