The International Union of Marine Insurance has launched a campaign to improve diversity and inclusion in the industry.
Patrizia Kern-Ferretti, head of IUMI’s nominating committee, said the association explored and debated diversity, equity, inclusion and belonging at its annual conference in Edinburgh in September.
A number of concrete ideas to encourage diversity are on the table, including scholarships and mentoring.
Kern-Ferretti said improvements have been made, but more needs to be done.
“In 2010, after IUMI having been in existence for more than 135 years, I was only the second woman to chair an IUMI technical committee,” she said.
“Happily today, three of our technical committees are now chaired by women. Similarly, the last time our annual conference came to Edinburgh was in 1979, and back then there were no women delegates. Today, 35% of the 750 people attending last month were women.”
But Kern-Ferretti — a former head of marine at Swiss Re Corporate Solutions who is now chief insurance officer at cargo insurer Breeze — said the issue is broader than just improving statistics and includes issues beyond gender diversity.
“We need to embrace age, culture, ethnicity, background, education, sexual orientation and other factors,” she said, stressing that evidence suggests diversity leads to better-informed decision-making.
To achieve this, marine insurers should encourage a sense of belonging among staff.
She pointed to a Harvard Business Review report that concluded a sense of belonging increased work performance by 56% and reduced job turnover by 50%.
“Ultimately, we want to reach out into the IUMI community,” she said.
“If we can demystify marine insurance and demonstrate, by example, that we are truly a diverse and inclusive community, then our industry, as a whole, will benefit. We will become more effective and more sustainable as a result.”
