UK consumers are voicing stronger calls for diversity in insurance boardrooms, with many wanting greater representation of women and ethnic minorities in leadership roles. Despite some progress, the sector continues to lag other industries in inclusivity, and rising consumer pressure signals that diversity within decision-making ranks could soon become a critical benchmark for insurers, according to GlobalData, a leading data and analytics company.

While all industries receive criticism for not being inclusive enough, insurance has been particularly slow at promoted diversity among positions of power within the industry.

Around half (50.7%) of UK consumers said they would like to see more women while 46.4% said they would like to see more ethnic minorities on the boards of leading insurers, according to GlobalData’s Q4 2024 UK Insurance Consumer Survey*.

Around a third said they were not sure for both categories, which means a relatively-small proportion said they would be against this.

The Association of British Insurers (ABI) in 2024 found that the percentage of women in senior manager and director roles within the industry was 32% and ethnic minorities was at 11% in 2022.

Ben Carey-Evans, Senior Insurance Analyst at GlobalData, says: “Both of these figures show progress, but the feeling is that more can be done. Pressure from consumers will only ramp up across the board on environmental, social, and governance (ESG) issues.”

The social side of ESG, which diversity falls under, has so far been secondary to environmental issues, especially with regards to consumer pressure.

Carey-Evans concludes: “However, this is something that could increase, especially as insurers must release statistics in this area. Therefore, providing opportunities and pathways for women and ethnic minorities of all experience levels should be a priority for most insurers going forward.”

*GlobalData’s 2024 UK Insurance Consumer Survey was conducted in Q4 and consisted of 2,000 SMEs.