Lloyd’s in reform pledge as insurance firms fall behind on executive equality
◆ New figures from Lloyd’s of London reveal the depth of inequality within the insurance market, where 12 firms’ boards still have no women, writes Michael O’Dwyer.
Lloyd’s has introduced targets to boost the number of board posts held by women at its member firms from 15pc to 20pc by the end of 2023.
The market wants to boost female representation in senior roles from 29pc to 35pc in the same period.
Lloyd’s is attempting to overhaul its culture after it was branded a “meat market” because of harassment faced by female employees. John Neal, chief executive, said: “It is clear that we have much work to do and we must be impatient in our resolve to get there.”
Seven firms have no women on either their board or their executive committee, according to data collected by Lloyd’s last year and published yesterday. At one firm, all the direct reports to the executive committee are male Lloyd’s has also committed to collecting data on ethnicity and intends to set a marketwide target for minority ethnic representation next year. Women and people from minority ethnic groups reported more negative experiences on a range of working culture and well-being issues.