INCLUSION REPORT 2019
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Intelligent Insurer—ISSN 2041-9929
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Change? It’s a
EDITOR’S NOTE ///// 3
rogress is being made on improving diversity and inclusion (D&I) in re/insurance
with ever more people recognising the value they bring, not just as a good thing to
do, but also in financial results and competitive advantage.
For our 2019 special report we spoke to senior leaders throughout the industry,
including Inga Beale, Sian Fisher and Jane Portas, to find out what they are doing and how
they see the future of D&I.
While progress is happening, many of the people we spoke to say it is still not happening
fast enough. Our lead feature ‘Cultural evolution’ looks at how the sector and wider society
can accelerate action to bring benefits not just for individuals but also at national and
When, for example, the benefits of greater female participation in work include a potential
$6 trillion boost to the GDP of OECD countries, the drive for change seems like a no-brainer.
This finding comes from PwC’s March 2019 Women in Work Index, which also found that
closing the gender pay gap alone could boost GDP for OECD countries by $2 trillion.
Looking at D&I more broadly, McKinsey has a warning for businesses that think doing
the bare minimum is enough. The firm’s ‘Delivering through Diversity’ report, published
in 2018, found that companies in the bottom quartile for both gender and ethnic/cultural
diversity were 29 percent less likely to achieve above-average profitability than all the other
companies in the dataset.
While the business case has repeatedly been made, societal attitudes lag behind. That said,
high profile re/insurance sector firms are backing D&I programmes such as Dive In and many
have signed up to Insuring Women’s Futures, which offers a holistic plan to improve women’s
financial lives, while highlighting business opportunities for the sector into the bargain.
If you need more inspiration for making changes in your business, have a look through
our carefully selected 2019 list of the top 50 most influential women in the sector with
personal profiles for each one.
Our report overall brings home that D&I isn’t a nice-to-have, it is a clear business and
societal imperative. ■
Claire Churchard, deputy editor, Intelligent Insurer
The women featured in the top 50 were selected using a points-based methodology taking
into account many factors and designed to establish their importance and influence within
the of risk transfer industry globally.
They are selected from a list of 350 women who work in risk transfer and who we have
profiled since we first started this project in 2014. This full list can be found on page 59
and our website: www.intelligentinsurer.com as can reports from previous years.
Our methodology considered the size of the companies the nominees work for and
where they sit in the risk transfer chain (more points were awarded for large reinsurers
than small law firms, for example); their role and seniority within that organisation; their
career path and experience before their existing role; other positions they might hold either
as a non-executive or with industry organisations or charities; and finally, their media
profile and footprint on social media.
Every effort was made to apply a scientific methodology to this process, but the final
decision on who was included in the list also relied on an element of editorial judgement.
We are confident that the 50 women profiled here all represent the very best of the risk
transfer industry globally and are instrumental in influencing important developments
and trends within it.
www.intelligentinsurer.com Diversity and Inclusion Report 2019