Lloyd’s is committed to creating greater gender equality at all levels across the Corporation, as well as working with stakeholders to achieve the same in the market. The outcome will be an insurance industry that better represents our customers, has more equality at all levels within an organisation, and significant progress on closing the gender pay gap.
One of the loudest messages we heard last year was that we need to radically improve the experience of women working in the Lloyd’s market. In the Corporation, we have taken focused and deliberate action to do just that. We have achieved parity in less than two years, and we are all the better for it.
To improve the gender balance in leadership roles across the market, the Corporation has set a short-term target of 35% female representation in leadership positions across the market to be achieved by 31 December 2023 (Board, ExCo, ExCo Direct Report). In addition, Boards and Executive Committees combined will be expected to achieve at least 20% female representation by the end of 2023. New market entrants will be expected to meet these expectations on arrival. This sits alongside a medium-term ambition for parity over the next decade.
Based on responses from the Policies and Practices survey issued to the market earlier this year, the baseline percentage of women in leadership positions across the total market leadership population is 29%. Female representation on Boards is 12%, on Executive Committees is 18% and Direct Reports of the Executive Committee is 33%. There is an expectation that by end 2023 there will be no firms without female representation in their Board and Executive tier combined.
Each firm has a different baseline and will therefore contribute differently to the market target. The dashboard infographic shows that individual market firms’ gender baseline varies significantly. Approximately 20% of firms have already met or surpassed the 35% target, while 80% of firms need to make progress towards the 35% target.
We know these targets are achievable, and we know that each firm will have a different starting point. But it can be done, with progress requiring market-wide commitment to action over time.