Promoting more gender diversity would drive economic growth, increase insurance premiums and penetration, and ultimately make the world more resilient, according to a new report from Swiss Re.
The company argued that re/insurers also stand to gain from better financial performance with a more diverse workforce.
Greater female inclusion in the labour force infuses economies and firms with more informational and social diversity, analysts noted, which should increase output and yield widespread increases in societal welfare and prosperity while strengthening decision-making capabilities.
The reinsurer referenced studies which show that greater gender diversity in management correlates with improved organisational effectiveness and financial performance.
Employees are also more likely to trust leaders that work to improve staff retention and efficacy, it suggested, and companies promoting gender equality are better positioned to attract to top talent.
Investor concern over diversity is also on the increase, focusing on firms with a track-record in promoting gender diversity, particularly at the board and senior management level.
Swiss Re Institute estimates that the higher global GDP would translate into an additional $1.7 trillion of global insurance premiums by 2025, representing an increase of 25%.
It added that some developing markets stand to gain more from gender diversity, as rising insurance penetration rates help close protection gaps.
While the share of female employees in financial services and re/insurance is currently higher than in many other industries at 60%, at senior leadership level the industry scores significantly below average.
For example, Swiss Re observed that in the UK the median pay gap in the insurance sector was 29.5%, above the average for financial services (24%) and the whole economy (9.6%).
Similarly, in the U.S, women in insurance earn only 62 cents per dollar earned by men, far lower than the all-economy average of 80 cents.
