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

The ASEAN Insurance Council (AIC), in partnership with the International Finance Corporation (IFC), conducted a study on the representation of women in the ASEAN insurance sector. This study assessed how the industry could 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 more than 1,200 insurance sector employees. To conduct a deep dive into the key barriers to women’s representation in the sector, we organized nine focus group discussions and interviewed over 50 regulators and C-suite executives.

The results indicate that the ASEAN insurance sector performed well compared to global benchmarks, with women making up an average of 60% of the workforce. However, their representation declines with seniority, revealing a rapid attrition of women leaders. The study reveals the hidden reasons for women’s attrition and offers region-, country-, and sector-level recommendations, taking into account broader policy frameworks. It also highlights cases of insurers making meaningful interventions toward equality and inclusion.

Key Areas of Action for the Region

Based on the report’s insights, there are four priority actions to advance gender equity in the ASEAN insurance sector:

  • Integrate gender equity into core business strategy by embedding it in product development and performance metrics.
  • Ensure equitable compensation through gender pay parity and create pathways for women to rise to leadership levels, especially in the boardroom.
  • Strengthen regulatory leadership by mandating sex-disaggregated data reporting and promoting gender-responsive business environments.
  • Foster industry-wide collaboration among stakeholders to support coordinated efforts for inclusion.

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

The results of the study were presented during the 6th ASEAN Insurance Summit held in Siem Reap, Cambodia, on 25 November 2025.