Women make up about 60% of the global insurance workforce
Globally, women drive the insurance industry, with over 60% of the workforce (1.6 million workers strong). However, women occupy only 19% of board seats, and 12% of top officer positions such as CEO, COO and CFO.
Only 8% of insurance companies have formal programs to develop strong careers for women. 35% of independent agencies are led by a woman agency principal or senior manager, according to the latest Future One Agency Universe Study.
Despite compelling evidence of the business benefits of gender diversity, the World Economic Forum (WEF) has found that across all industries globally, women are only 28% as likely to reach leadership positions as men. They estimate that, based on current trends, it will take 117 years to achieve global gender parity.
The situation in Ghana is no different from the global picture. The lack of potential for women to drive the industry, women’s underrepresentation in leadership roles, coupled with unequal pay are some of the barriers to women’s growth.
The Women in Insurance Network of Ghana -WING - is the first all-inclusive women’s network in Ghana that was formed to change the narrative of women’s underrepresentation and professional growth within the industry. WING was established with the aim to bridge the gap women face within the professional, leadership and career advancement phases of their lives. Using a holistic approach to networking, WING welcomes women at various levels within the insurance industry to mentor, encourage, promote, inspire and celebrate achievements of the Ghanaian women who find themselves within the corporate world.
The chairlady of WING Mrs. Lena Adu-Kofi in her remarks indicated that “WING is open to all the various players within the insurance industry in Ghana which include but not limited to individuals within the insurance companies, reinsurance companies, brokerage firms, loss adjusting firms etc. Underwriters, Agents, Administrators, Accountants, Lawyers, Actuaries, Insurers and other service providers all form a part of the women community we hope to reach out to. Additionally, she welcomed ladies from various industries and sectors such us the banks, financial institutions, hospitals, law firms, accounting firms etc. whose work involves insurance to join this great platform to participate, share, learn, unlearn and relearn to promote women leadership within the professional sphere”.
An opportunity to recognize all women at all levels in the Insurance Industry, representatives of Actuarial Society of Ghana, CILAG, NIC, IBAG, GIA, CIIG, GIC, Women Leadership in Insurance Africa and other women’s groups within insurance companies were joined by Prof. Takyiwaa Manuh who explained that there is the need for a unified voice, platform to nurture and inspire women into higher professional and leadership positions in all sectors of the professional settings.
The Ag. Commissioner of Insurance Mr. Kofi Andoh reiterated the importance of targeting every woman within and to some extent outside the insurance industry in Ghana. He emphasized the importance of reaching out to the younger generation of women, encourage the young brilliant minds of the ladies at the tertiary level to join the insurance industry through mentorship and education to demystify the myths surrounding the insurance industry. Through the cultivation of strong relationships, women can sharpen their skills by learning and sharing best practices and inspire others to reach up higher on the professional ladder.
Participants are convinced that WING will celebrate, inspire and empower the incredible women of the Ghanaian Insurance industry by providing a platform for exchanging and promoting information and ideas, accelerating the acquisition of skills and knowledge through sharing and best practices.
