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<\/div>\nLloyd\u2019s of London has hit a short-term target of filling 35% of leadership roles with women, although less than half of firms in the commercial insurance market had hit the mark, it said on Tuesday.<\/p>\n
Lloyd\u2019s said it needed to make further progress to improve culture after reporting that only 45% of managing agents and brokers had helped propel the diversity figure to its overall end-2023 target.<\/p>\n
\u201cWhilst we\u2019ve hit our short term target \u2026 and the market continues to make progress on representation of diverse groups, we still have a way to go on our culture journey,\u201d Lloyd\u2019s Chief People Officer Sara Gomez said.<\/p>\n
Lloyd\u2019s set the end-2023 target in 2020 after staff raised concerns about sexual harassment and daytime drinking.<\/p>\n
In its fifth Market Policies and Practices report, Lloyd\u2019s said the proportion of women in leadership roles rose by 3 percentage points, with improvements at board level, in executive committees and direct reports of executive committees.<\/p>\n
Lloyd\u2019s, which employs around 57,000 people in insurance and broking firms and is aiming for gender parity by 2030, said women now made up more than 43% of the 57,000-strong workforce and that 46% of new hires were women in 2023.<\/p>\n
Ethnically diverse hires made up 21% of new staff last year, up 4 percentage points, more than 71% of firms were working to remove bias from recruitment processes and more than half had inclusivity policies and practices, such as menopause support, Lloyd\u2019s said.<\/p>\n
Marcos Alvarez, global head of insurance at DBRS Morningstar, said it remained to be seen whether Lloyd\u2019s would penalize firms who failed to meet the 35% target by end-2023.<\/p>\n
Lloyd\u2019s of London\u2019s Chief Executive John Neal told Reuters<\/a> last year that firms failing to meet expectations around diversity and inclusion \u201ccan\u2019t trade in the market.\u201d<\/p>\n (Additional reporting by Carolyn Cohn)<\/p>\n Topics<\/span> Excess Surplus<\/a> Leadership<\/a> Lloyd’s<\/a> <\/p>\n<\/p><\/div>\n Was this article valuable?<\/p>\n<\/p><\/div>\n