When it comes to gender diversity on boards and in senior management positions, co-operative and mutual insurers are industry leaders. The latest edition of the Members’ Governance report published by the International Co-operative and Mutual Insurance Federation (ICMIF) shows that the percentage of women on the boards of directors of mutual and co-operative insurers rose to 20.6% in 2015, compared to the industry’s average of 17.8% average.
The figure represents a substantial increase for the mutual and co-operative insurance sector, with women representation on boards increasing from 14.3% in 2010 and 11% in 2005.
The report also shows that almost 85% of ICMIF members had at least one woman director on their boards in 2015 while 48% of members had three or more women directors. By contrast, only 17% of insurers have three or more women on board.
In addition, almost 27% of senior executives across ICMIF’s network were women and 18% of members are led by women chief executives.
Hilde Vernaillen, chair of the ICMIF board and director and chair of the Management Committee at member organisation P&V (Belgium), said: “The high percentage of women at the top of co-operative and mutual insurers shown by ICMIF’s research is no surprise. Our business model gives high importance to the development of people, all people in all their diversity. Our business model recognises the richness of diversity, including gender diversity.”
Photo: Hilde Vernaillen, chair of the ICMIF (c) ICMIF