Insurance Industry Celebrates Women’s Achievements
Fortune 500 companies with the highest representation of women board directors have significantly higher financial performance, on average, than companies with the lowest representation of women board directors, according to a study by nonprofit organization Catalyst that was sponsored by The Chubb Corp. Given such data, there’s no better time to celebrate women in the insurance industry.
May 18 to May 24, 2008, marks National Insurance Women’s Week, a celebration recognizing the contributions women are making in all areas of the insurance industry.
The National Association of Insurance Women began NAIW Week as National Insurance Women’s Day on May 10, 1957. The first weeklong celebration called “National Insurance Women’s Week” was held May 16-22, 1965. Since then, the week beginning the third Sunday in May has traditionally been set aside each year to applaud men and women in insurance, and to recognize their achievements. In 1988, the event was renamed NAIW Week.
“There is no better time to celebrate the many accomplishments and achievements of NAIW International and its members than during NAIW Week,” NAIW International said. Across the country, local chapters of the association are hosting celebrations. For example, the Los Angeles NAIW chapter is hosting its 80th annual officer installation and awards banquet on May 21. Other chapters recognize the week by naming an Insurance Professional of the Year and a Rookie of the Year; hosting an Industry Night, by participating in All Industry Day, and by dedicating one day during the week for special attention to a critical industry and/or social issue such as drinking and driving, among other activities.
“The Catalyst study demonstrates the very strong correlation between corporate financial performance and gender diversity … Diversity, well managed, produces better results,” said Ilene Lang, president of Catalyst. That means the insurance industry should strive for a diverse representation of employees across race, sexual orientation, disability, and gender — including men and women.