As someone who works closely within the insurance industry, I find it fascinating how many amazing women are exceeding within the industry. Every day, women insurance professionals make fantastic strides and leave the industry better than it was yesterday.
As we have ended Women’s History Month, I thought it would be interesting to take a deep dive into more of the impact of women on the insurance industry instead of their history. Below are some interesting facts about women and the insurance industry!
- Mary Lowry was one of the first women in the insurance industry to achieve the status of Underwriter and was in the insurance industry for approximately 42 years beginning in 1934.
- Bina M. West founded one of the first institutions to offer life insurance to women – Women’s Life Insurance Society – at the age of 25 in October 1892. The first certificate of issuance came one month later.
- Ruth Salzmann was the first female officer at Insurance Company of North America (INA) which later became CIGNA, whose property-casualty operations live on at ACE Insurance (now Chubb).
- Ruth Salzmann was also the first female president of any North American actuarial association when she took over the Casualty Actuarial Society (CAS) in 1978.
- Salzmann’s mathematical tables (or Salzmann Curves) were the basis of property insurance pricing for 40 years.
- Women make up 60% of the insurance industry, however only 19% of board seats are filled by women.
- 62% of employees that stay 20 years or longer at a company are women.
Thank you to all the amazing women within the insurance industry who continue to further elevate the industry and make history happen every day!
Websites we used for this information:
- Million Women Mentors
- The Casualty Actuarial Society Roundtable
- Women's Life Insurance Society
Written by Kahli Santoyo