Study on Women’s Representation in the ASEAN Insurance Sector​

The ASEAN Insurance Council (AIC), in partnership with International Finance Corporation (IFC), is conducting a study on the representation of women in the ASEAN insurance sector. This study aims to assess how the industry can benefit from more women as employees and leaders and tap into the $1.7 trillion women’s insurance market opportunity.

As part of the study, we obtained insights from all 10 ASEAN countries and reached over 540 insurance organizations and over 1200 insurance sector employees. In order to conduct a deep-dive into the key barriers to women’s representation in the sector, we conducted nine focus group discussions and interviewed over 50 regulators and C-suite executives.   ​

Early results indicate that the ASEAN insurance sector is performing well compared to global benchmarks, with women making up an average of 59% of the workforce. However, their representation declines with seniority, revealing a rapid attrition of women leaders. ​

The study will attempt to reveal the hidden reasons for women’s attrition and offer region-, country- and sector-level recommendations, taking into account broader policy frameworks. It will also highlight cases of insurers making meaningful interventions towards equality and inclusion.

We’re incredibly grateful to the associations, regulators, companies and individual employees who shared their insights and experiences with us. Please feel free to contact the survey team at survey@aicsec.org.