New Research Says Insurance Industry Lacks Gender Diversity

Thursday, June 13, 2013

PHILADELPHIA (June 14, 2013) – According to market research from Saint Joseph's University, gender diversity is lacking across all leadership levels within the insurance industry. Primary author Mike Angelina, executive director of Saint Joseph's Academy of Risk Management and Insurance, is hopeful his findings will call on businesses to address gender inequality, saying employing females in leadership roles will lead to a more diverse workforce and potentially better represent the underlying customer demographics.

While employment of women in the insurance industry is high, Angelina says they remain poorly represented in top positions. To conduct his market research, Angelina analyzed publicly available data of 100 companies, including 91 publicly traded and nine mutual companies. His results showed 12.6 percent of women in insurance hold board of director positions, 8 percent are named inside officers, and only 6 percent hold top c-suite positions.

Angelina says his findings are not unique to the insurance industry, and reflect a national trend. Decades after the Equal Pay Act, the full-time gender pay gap remains at over 10 percent. Despite the success of some prominent women, there is continuing under-representation in positions of leadership — women hold only 4 percent of the Fortune 500 CEO positions.

In reaction to his findings, Angelina says insurance executives are both surprised and disappointed in the current status. "There was a general awareness of the lack of gender diversity but most executives felt strides had been made in this area," says Angelina.  "This research will hopefully give the industry the data they need to work toward a sustainable solution, in which many executives are very interested in taking part."

Angelina's research will be presented at the Women in Insurance Global Conference in New York City on June 14.

A copy of the presentation is available online.

Media Contact

Carolyn Steigleman, Director of Haub School of Business Communications, 610-660-1355, csteigle@sju.edu


Background

Founded in 1851 in the Jesuit tradition of academic excellence, Saint Joseph’s University is a top-ranked Catholic University that provides a rigorous, student-centered education. With a total enrollment of 8,500 undergraduate and graduate students, SJU offers a wide-array of academic programs designed so that each graduate enters the world with a competitive resume and global perspective. This is achieved through intense academic study led by thought-leading faculty scholars, a comprehensive campus experience and robust study abroad, service-learning, internship and co-op programs. Upon graduation, nearly 100 percent of students are employed, pursuing advanced degrees or volunteering in prestigious service programs. A member of the Atlantic 10 Conference, SJU offers 20 Division I intercollegiate men’s and women’s sports. SJU alumni – over 60,000 strong - provide a powerful network that spans the globe.



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