Canada’s insurance industry has made measurable progress in advancing women over the past decade, yet significant gaps remain – particularly at the executive level. While women dominate the workforce in many areas, representation in corporate boards and senior leadership continues to lag. Jennifer Baziuk (pictured), insurance consulting leader at EY Canada, has closely studied these trends, marking both the successes and the work still to be done.
“In our EY report, we highlighted that women make up a significant majority of the workforce in Canadian insurance, one of the highest proportions across industries, and we’re also seeing positive movement in leadership representation,” Baziuk said. This demonstrates that, at entry and mid-career levels, the industry has created meaningful opportunities for women, providing a solid foundation for future leadership. Women now fill roles across underwriting, claims, actuarial, distribution, and risk management, making insurance one of Canada’s most gender-balanced industries at the operational level.
The rise in women filling middle and senior management roles is a clear indicator of momentum.
“While women remain underrepresented at the most senior levels, there are now more women in middle and senior management roles than there were a decade ago,” Baziuk noted. Over the past 5-10 years, insurers and brokers have increasingly prioritized diversity in leadership development programs, mentoring initiatives, and internal promotion pipelines.
At the same time, dedicated forums such as the ISC and the Women in Insurance Summit Canada have emerged to support professional development. These events, she said, provide networking, knowledge exchange, and mentorship opportunities, helping women build the confidence and skills required for leadership roles. Baziuk pointed out that such forums signal a growing ecosystem of support: “These communities enable networking, knowledge exchange, and leadership development, signalling a growing ecosystem of support and advancement.”
Yet the pathway to top executive positions remains uneven. Despite women representing a majority of the insurance workforce, true parity on corporate boards and in strategic C-suite roles (including CEO, CFO, and CIO) continues to lag.
Baziuk explained that informal promotion practices, limited sponsorship, and uneven access to enterprise-critical assignments often impede progress. She emphasizes the need to move beyond the “tap on the shoulder” approach, encouraging insurers to ensure stretch assignments and leadership opportunities are allocated transparently to reflect the talent already present within the workforce.
The mid-career stage is particularly pivotal in shaping long-term leadership trajectories. “Mid-career is often the point where talent is either accelerated or quietly lost,” Baziuk said. At this stage, women often face competing demands, including family responsibilities, career plateaus, or a lack of senior mentorship. Without deliberate interventions, organizations risk losing experienced talent just as women are positioned to take on larger responsibilities.
Supporting women through mid-career involves a combination of role modeling, clear pathways for advancement, and leadership development that normalizes work-life integration. Baziuk noted that seeing women lead major P&Ls, run critical functions, or balance executive responsibilities with family life across both linear and non-linear career paths reshapes perceptions of what is achievable. “Ultimately, this signals that women don’t have to change who they are or what they want in order to advance,” she said.
Practical strategies to retain and advance mid-career women include structured mentorship programs, sponsorship into high-visibility roles, and intentional rotation through enterprise-critical assignments. For organizations, the goal is to create a culture where leadership is seen as attainable and where women can visualize themselves in senior roles without sacrificing personal priorities.
The gaps at the very top remain stark. Corporate boards, executive teams, and strategic decision-making bodies still fail to reflect the workforce’s gender composition. Research shows that women are still significantly underrepresented in CEO and CFO positions across Canadian insurance companies. Addressing this imbalance requires both cultural and structural changes, including transparent promotion criteria, inclusive succession planning, and active sponsorship programs to elevate qualified women into executive positions.
Despite these challenges, momentum is real. Women in Canadian insurance have moved into leadership pipelines, mentoring networks are expanding, and visibility of female role models has increased. The combination of workforce representation, intentional development programs, and supportive industry communities creates a foundation for lasting change.
As Baziuk observed, the industry is at a critical juncture: continued investment in leadership development, sponsorship, and inclusion will determine whether women not only participate in the Canadian insurance sector but lead it. The next decade will test whether organizations can convert representation into influence and opportunity into leadership, ensuring that women’s impact is felt not just in operations but in strategy, governance, and culture.
Join the Women in Insurance Summit Canada 2026 on June 2 at Universal Eventspace in Vaughan, ON, to turn representation into leadership. Hear from industry leaders, build your network, and leave with practical strategies to advance women into decision‑making roles.
