International Women’s Day (IWD) is celebrated yearly on 8 March and is a day when women around the world and from all walks of life are commended both for their achievements and for their efforts towards equality. International Women’s Day is a time to reflect on progress made, to call for change and to celebrate acts of courage and determination by ordinary women who have played an extraordinary role in the history of their countries, communities and business organizations.
Research carried out by the International Cooperative and Mutual Insurance Federation (ICMIF) for IWD 2016 demonstrates more and more women are leading mutual and cooperative insurers and playing a key role in growing the insurance sector globally.
ICMIF’s analysis of the insurance sector to mark IWD 2016 reported that nine of the largest 100 cooperative and mutual insurers in the world have women CEOs, while only one of the top 100 stock company insurers globally is led by a woman.
Some regions of the world feature very high numbers of female CEOs in the cooperative and mutual insurance sector. Canada is of particular note, with 27% of CEOs of mutual and cooperative insurers being women.
Senior Vice-President, ICMIF, Liz Green said: “The mutual and cooperative model is the fastest-growing part of the global insurance market since 2007, with a 30% growth in premium income during this period, compared to a 13.6% increase for the global insurance market as a whole.
“Five of the nine largest cooperative and mutual insurers globally that have a female CEO are members of ICMIF and in total 14% of our member organizations are led by women. It is also very interesting to note that 70% of these female-led member companies have outperformed their local market over the last five years,” Green concluded.
Read ICMIF’s press release for IWD 2016 here.