The insurance industry has made measurable progress attracting women into the profession, with gender parity now the norm among graduate entrants and early-career hires. But that promising start falters mid-career, and by the time leadership roles are on offer, women are often no longer in the running.
"They're entering in equal numbers," said Carolyn Blunt (pictured), a leadership consultant who has spent years working with women in insurance. "But over time, we lose a large portion of them. High-status, senior C-suite positions still remain male-dominated."
The reasons for the drop-off are layered, and some are unique to insurance. Blunt points to the industry's legacy of exclusion, noting that women were not even allowed on to the floor at Lloyd's of London until 1973. "Before that, women in insurance had to communicate through a male intermediary," she said. "So there’s a legacy issue around gender and power that still lingers."
That legacy is reinforced by structural challenges familiar across sectors: the career breaks for caregiving, the stigma of flexible working, and the persistent culture of presenteeism. In insurance, that culture is especially entrenched.
"Historically, insurance work has often been reactionary, deadline-driven, and dependent on being physically present," Blunt explained. "There’s an informal network culture, those career-defining conversations that happen at the pub after work. If you're going home to do bedtime with your kids, you miss out."
In broking environments, where client relationships and rapid turnaround are central, the pressure to be ever-present can be even more acute. "You can’t drop everything to jump on a train or take a client out to dinner if you’re juggling family responsibilities. That affects opportunity access," Blunt said.
Even when firms offer flexible policies on paper, many women hesitate to use them for fear of being seen as less committed. And while mentorship programs are now common, they may not be enough.
"Mentoring is great, but it doesn’t shift power," said Blunt. "Sponsorship does. That’s when someone in the room says your name when you’re not there, opens a door, makes an introduction."
Promotion decisions also remain vulnerable to unconscious bias, Blunt added, especially when vague criteria like "gravitas" or "fit" are in play. "Women are often told, 'Maybe it's just not the right time for you' or 'You just got back from maternity.' That gets packaged as caring, but it's not helpful. It should be up to the individual to decide what they're ready for."
Blunt cautioned against the narrative that women simply need more confidence. "A lot of leadership programs focus on presence, voice, gravitas," she said. "But the issue isn’t that women aren’t good enough. It’s that the system wasn’t built with their reality in mind."
The insurance sector could take cues from industries like media, government, and public services, which have made greater gains in gender diversity at the top. Public scrutiny and cultural visibility have helped drive accountability there, and insurance could benefit from the same.
Concrete steps include greater investment in leadership training, clearer promotion pathways, and a shift in workplace culture. "We need senior leaders to actively invest in high-potential women," Blunt said. "Development programmes, qualifications, and visible sponsorship all matter."
Brokerages in particular, she noted, could benefit commercially by reducing female attrition and ensuring diverse leadership reflects the clients they serve. "If your top team all look and think the same, you're missing insight, and potentially missing business."
Encouragingly, many firms aren’t standing still. Most large insurance organisations now support ERGs, flexible working policies, and visible diversity initiatives. The desire to do better is there, the challenge now is translating that goodwill into lasting change.
Blunt sees strong signs in early careers outreach, with industry groups engaging diverse communities and broadening the talent pipeline. But she warns against treating inclusion as a compliance box.
"Policies are necessary, but culture is what makes them meaningful," she said. "If women leave a programme feeling empowered, but hit a glass ceiling anyway, that’s worse than not doing the programme at all."
What matters most, she argues, is how diversity is discussed and embedded in daily operations. "Run focus groups. Show me the data. Let’s talk about why policies aren’t being used. And let’s make sure the system changes, not just the women within it."
As the industry continues its slow evolution, Blunt is now focusing on retaining experienced women who are at risk of leaving the profession entirely. "After all the investment in early careers, we’re still losing great talent in their 50s to burnout, caregiving, and a lack of support. We need to stop expecting women to make it all work and start redesigning the system so they can succeed."
For brokers looking to retain top talent and future-proof their leadership teams, it may be time to move beyond policy and audit the culture instead.
