Triple-I Blog | Women in Maritime and Marine Insurance

By Loretta Worters, Vice President, Media Relations, Triple-I 

When Isabelle Therrien began within the marine insurance coverage business 25 years in the past, it was virtually solely a male-dominated business. 

“The progress we’ve made is a testomony to the ladies which have been a part of this business and which have empowered different girls to get into this enterprise and created alternatives for them,” stated Therrien — now senior vp – Canada at Falvey Cargo Underwriting. Therrien has held varied senior marine underwriting positions in Montreal, Toronto, and New York. Along with Falvey, she spent greater than 10 years with Chubb. 

“There are jobs within the maritime business, whether or not it’s the maritime business at giant or marine insurance coverage,” stated Therrien, who can be chair of the Worldwide Union of Marine Insurance coverage (IUMI) cargo committee.  “We glance for those that have studied enterprise or logistics, or who’ve been at sea and now wish to have a job exterior of being at sea, individuals who have an curiosity in world commerce.”

With practically half of the present workforce being eligible for retirement within the subsequent 10 years, there’s by no means been a greater time for girls to enter the maritime business and alter the demographic.

“I didn’t know after I began that I might final this lengthy in marine insurance coverage,” stated Therrien, “however should you tried to take it away from me proper now, I’d say completely not. I like it and I actually assume it’s an awesome alternative for individuals to study extra about globalization, insurance coverage and the way we assist world commerce.” 

Honoring Ladies in Maritime

In December 2021, the Worldwide Maritime Group (IMO) Meeting adopted a decision proclaiming the first-ever Worldwide Day for Ladies in Maritime, to be noticed yearly on Might 18. 

The observance will have fun girls within the business and is meant to advertise the recruitment, retention, and sustained employment of girls within the maritime sector; elevate the profile of girls in maritime; strengthen IMO’s dedication to the UN sustainable improvement of gender equality; and assist work to deal with the present gender imbalance in maritime.

Historical past of Ladies in Maritime Trade

Ladies within the maritime business have a wealthy historical past that’s hardly ever given the popularity it deserves, in keeping with the Maritime Institute of Expertise (MITAGS). Ladies have been making a reputation for themselves on the water for tons of of years – similar to when emergencies referred to as them to wartime responsibility, to assist their households, to discover a higher life, and even simply to seek out journey and new environment.

Turning the tide

Whereas girls nonetheless solely comprise two % of the 1.2 million seafarers worldwide, it’s now not nearly unimaginable for them to enter the business. Probably the most important limitations that hinder girls from coming into non-traditional industries and apprenticeships embody:

• Lack of knowledge: Maybe the most important cause there aren’t extra girls within the maritime sector is solely a lack of awareness that it’s an out there profession path. If girls don’t have relations already within the business or know of somebody who works at sea, it may simply be an possibility that passes underneath the radar. Many individuals additionally don’t even take into account the maritime business as a result of it doesn’t end result from the standard four-year school route.

• Conventional gender roles: The lasting stigma that the maritime business is for males solely doubtless continues to discourage girls from becoming a member of the sphere.

Gender inequities in maritime and marine insurance coverage mirror these of the general insurance coverage business.  Whereas over 60 % of the insurance coverage workforce (1.6 million) are girls, management is the place inequity exists, in keeping with an ACORD 2018 research. Ladies occupy solely 19 % of board seats, 11 % of named inside officer positions, and 12 % of high officer positions. Solely 8 % of insurers have formal packages to develop sturdy careers for girls. Additional, girls in insurance coverage nonetheless earn lower than males – 62 cents on the greenback. That is even worse than the pay hole in 1951.

There has additionally been a big discrepancy in promotions. Within the maritime business, most ladies depart or change jobs as a result of they’re saved at a stage for therefore lengthy, which isn’t the case with their male counterparts having the identical {qualifications} and expertise.

About 90 % of the world’s merchandise are carried by sea. It is among the largest worldwide industries, with an enormous want for technical, authorized, and administrative expertise. With the maritime business rising and the variety of succesful candidates not maintaining, marine firms are turning to underrepresented employee classes, particularly girls.

There are profession alternatives protecting the design and constructing of ships, maritime atmosphere/sources administration and safety, coaching, marine insurance coverage, maritime legislation, ports and harbor administration, and administration and managing of inner water sources.

Falvey Insurance coverage Group and the American Institute of Marine Underwriters (AIMU) have partnered for the Worldwide Day for Ladies In Maritime to host a panel dialogue amongst girls within the maritime business.

“We’re very honored to be part of this vital partnership,” stated John Miklus, president of the AIMU, a not-for-profit commerce affiliation representing and selling the pursuits of the U.S. ocean marine insurance coverage business and serving as an educator and useful resource middle for the marine insurance coverage neighborhood.  “These girls are function fashions for our business and are extraordinarily achieved.”

The occasion is a part of Falvey’s bigger speaker collection to spotlight skilled girls — “Ladies on the Helm” – and can embody a panel dialogue with Captain Alexandra Hagerty, Ship Captain, Government Chief, Grasp on Hospital Ship Africa Mercy; Meredith Neizer, Chief Logistics Officer at ARMADA; Tiina Ruhlandt, President & CEO at EIMC; and Karen L. Griswold, SVP Ocean Marine, Property & Specialty at Chubb.