LMA CEO: Industry gender equality a ‘journey, not a destination’

By Sophie Roberts

March 7 - (The Insurer) - The insurance industry has made significant progress in the journey towards gender equality but there remains a long distance yet to travel, Lloyd's Market Association CEO Sheila Cameron has told The Insurer TV.

In the first of a series of interviews with influential women in the industry to promote female retention and opportunity – and coinciding with International Women’s Day – Cameron and Kate Markham, CEO of Hiscox London Market, shared their insights on the evolving landscape for women in (re)insurance.

Reflecting on the strides made, Cameron highlighted the introduction of a culture survey following a 2019 Bloomberg report that shed light on the experiences of women in the market. "We've hit that target last year," Cameron noted, referring to the 35% women in leadership target achieved in 2024.

However, she was quick to add: “This is a journey, not a destination, and there is still a huge way to go.”

One of the critical issues Cameron identified is the retention of women in underwriting roles. Despite achieving a 50/50 gender split for entry-level positions, the numbers dwindle significantly at senior levels.

“The pipeline says that it's 35% female for CFOs, but in underwriting, it's 18% and going backwards,” Cameron stated, highlighting the discrepancy in career progression between different roles within the industry.

Markham echoed these concerns, attributing part of the challenge to the lifestyle demands of underwriting, which often involves travel and irregular hours.

“Women come back from having their first child and don’t think they can do it, so they opt out before they've tried,” Markham explained. Her solution involves proactive support, such as flexible working arrangements and job shares, to retain women in frontline roles.

Cameron and Markham are both committed to creating a more inclusive and supportive environment for women. Markham’s recommendations include inclusivity champions and high-quality training to ensure a welcoming workplace culture. “Inclusion is crucial because if people don’t feel they can be themselves, they vote with their feet,” she emphasised.

Cameron believes that fostering a diverse talent pool requires challenging traditional career paths and encouraging cross-functional movement. “We need to allow and encourage movement within silos,” she asserted, advocating for a broader perspective on leadership skills beyond traditional roles.

In closing, both women shared personal stories of balancing career and motherhood, highlighting the importance of mentorship and challenging assumptions about women’s career aspirations. “Watch out for those assumptions,” Markham advised, urging women to assert their ambitions despite societal expectations.