UK Consumers Demand More Women and Ethnic Minorities on Insurer Boards
A significant number of UK consumers, 50.7%, want to see more women on the boards of leading auto insurance providers, with 46.4% expressing a desire for greater ethnic minority representation. This comes as the insurance industry acknowledges the need for improvement in diversity, with only 32% of senior roles currently held by women and 11% by ethnic minorities.
Mark Lomas, Head of Culture at Lloyd's of London, has acknowledged the industry's progress in diversity but emphasises that there is still much work to be done. Consumer pressure on environmental, social, and governance (ESG) issues, including diversity, is set to increase in the car insurance quotes sector.
While Munich Re has committed to having 40% of its global leadership positions occupied by women by the end of 2025, the specific commitments of other insurance companies regarding improving representation of women and minorities in leadership roles remain unclear. The ABI 2024 list did not appear in the search results, indicating a need for more transparency in these pledges.
With half of UK consumers calling for more diversity on the boards of leading car insurance providers, the industry must address the imbalance in senior roles. Munich Re's commitment to increasing female representation in leadership positions is a step in the right direction, but more specific pledges and transparency from other insurers are needed to meet consumer expectations and drive meaningful change.
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