Is this a Surprise? Women Make up the Majority of the Insurance Workforce

The Triple I released some not-surprising information last week. Women — the group says — make up the majority in the insurance industry workforce. Since 2012, women held almost 60% of the industry’s three million jobs.

McKinsey agrees with the Triple-I and says insurance is in front of banking, asset management and other financial industries in the employment of women. Last year, women held 59% of insurance jobs. In 2024, the number of female underwriters rose 5% to 61.9% from 56.9%.

Unfortunately, McKinsey’s data shows a high percentage of jobs held by women at the entry level. Most are call centers where 66% of those positions are held by women. Black women are over 7% of the entry-level workforce.

By the way, only 5% of senior vice presidents and one in 35 directly reporting to a CEO are women of color.

When it comes to higher-up positions, women hold just 22% of C-Suite level jobs. Just two Fortune 500 insurance companies — Progressive and TIAA — have women in the top post. Women — however — do better at the top than their male counterparts. A study from the Journal of Risk and Insurance says female leaders tend to have lower insurer insolvency propensity, a higher z-score and a lower standard deviation of return on assets.

Source link: PropertyCasualty360.com — https://bit.ly/42roFE3