Diversity in the insurance industry is a pressing issue, as highlighted by recent discussions among leaders in the field. Despite the industry’s focus on risk management and resilience, many boards still lack representation, particularly for women and people of color. Chris Davis reports on the current state of diversity in insurance and the urgent need for change.
On May 5, 2025, Margaret Resce Milkint, a leader in the insurance sector, emphasized that diversity should not be treated as an optional initiative but rather as a crucial part of business strategy. She pointed out that while women make up 59% of the general insurance workforce, only about 22% hold executive positions. The numbers are even lower for women of color, with just 3% in C-suite roles and only 2% on boards.
Milkint, who has dedicated over 30 years to advocating for change in the industry, believes that true inclusivity requires commitment from the top levels of organizations. She stated, “None of this happens by accident. Intentionality and commitment must come from the board.” While there has been progress, she cautioned against mistaking progress for equality. The gap remains significant, and more work is needed to ensure women are represented in decision-making roles.
She noted that the landscape has improved since she began her career, with more women now occupying leadership positions. However, the numbers still fall short of what is necessary for equitable representation. To accelerate change, Milkint urged a collective commitment from industry leaders. She believes that when the industry speaks with one voice about its goals for growth and evolution, real progress can be made.
Milkint also highlighted the importance of grassroots movements powered by women’s groups and industry networks. These groups foster community and support among women rather than competition. She warned against treating inclusion as an added benefit instead of a foundational element of company culture. When inclusion is genuinely embedded in an organization, it leads to better outcomes as all voices are heard.
To create meaningful change, Milkint argued that companies need to rethink how they develop talent. Mentorship and executive sponsorship are both vital components in helping women and professionals of color reach leadership positions. She described the insurance industry as one that relies heavily on learning from experienced colleagues. However, she stressed the need for leaders to also possess strong interpersonal skills, which can be cultivated.
In conclusion, the call for diversity and inclusion in the insurance industry is more urgent than ever. As leaders like Milkint advocate for systemic changes, the hope is that the industry will move beyond mere discussions to implement real solutions that ensure everyone has a seat at the table.