Only about half the London re/insurance market has a “positive diversity and inclusion (D&I) culture", according to a new survey commissioned by the Lloyd’s market's diversity and inclusion board, Inclusion@Lloyd’s.
The report is expected to be the first of a series released annually.
“There is a growing body of evidence that points to a clear business case for D&I from productivity gains to innovation,” said Dominic Christian (pictured), Inclusion@Lloyd’s chairman.
“In an increasingly complex and competitive global insurance market, Inclusion@Lloyd’s understands that we need to do more as an industry to attract and retain world-class talent in order to adapt and thrive,” he added.
This first report primarily assesses where the market is right now in D&I terms, so that the industry can look at what still needs to be done.
In January 2016, human resources managers from 40 organisations in the Lloyd’s market were interviewed on key areas as well giving them the chance to explain what they saw as the main barriers to achieving D&I in the insurance industry.
Only 52.5% of respondents said there was a “positive D&I culture” in their workplace. However, 37.5% said that this was improving.
When asked if they were aware of D&I issues coming up in their organisation’s dealings with clients as a supplier requirement, 27.5% said yes.
There is also no D&I policy in 65% of respondents' organisations, the survey found.
Despite these low
As many as 60% said they capture data on D&I within their company. However, 85% don’t measure inclusion, which is presumably harder to quantify.
Lloyd’s has moved to take more of a stand on D&I in the period since Inga Beale, its first female chief executive in more than three centuries of history, took over in 2014.
Since then the market set up its Inclusion@Lloyd’s board, held a