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 trade 25 years in the past, it was nearly completely a male-dominated trade. 

“The progress we’ve made is a testomony to the ladies which have been a part of this trade and which have empowered different girls to get into this enterprise and created alternatives for them,” mentioned Therrien — now senior vp – Canada at Falvey Cargo Underwriting. Therrien has held numerous 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 trade, whether or not it’s the maritime trade at massive or marine insurance coverage,” mentioned Therrien, who can also be chair of the International Union of Marine Insurance (IUMI) cargo committee.  “We glance for those that have studied enterprise or logistics, or who’ve been at sea and now need to have a job outdoors of being at sea, individuals who have an curiosity in international 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 ladies to enter the maritime trade and alter the demographic.

“I didn’t know after I began that I might final this lengthy in marine insurance coverage,” mentioned Therrien, “however in case 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 folks to be taught extra about globalization, insurance coverage and the way we help international commerce.” 

Honoring Girls in Maritime

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

The observance will have a good time girls within the trade 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 help work to deal with the present gender imbalance in maritime.

Historical past of Girls in Maritime Trade

Girls within the maritime trade have a rich history that’s hardly ever given the popularity it deserves, in accordance with the Maritime Institute of Expertise (MITAGS). Girls have been making a reputation for themselves on the water for a whole lot of years – comparable to when emergencies referred to as them to wartime responsibility, to help 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 percent of the 1.2 million seafarers worldwide, it’s not nearly inconceivable for them to enter the trade. Probably the most important obstacles that hinder girls from coming into non-traditional industries and apprenticeships embrace:

• Lack of know-how: Maybe the largest purpose there aren’t extra girls within the maritime sector is just a lack of awareness that it’s an out there profession path. If girls don’t have members of the family already within the trade or know of somebody who works at sea, it may simply be an possibility that passes below the radar. Many individuals additionally don’t even think about the maritime trade as a result of it doesn’t consequence from the normal four-year faculty route.

• Conventional gender roles: The lasting stigma that the maritime trade is for males solely possible 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 trade.  Whereas over 60 p.c of the insurance coverage workforce (1.6 million) are girls, management is the place inequity exists, in accordance with an ACORD 2018 study. Girls occupy solely 19 p.c of board seats, 11 p.c of named inside officer positions, and 12 p.c of prime officer positions. Solely 8 p.c of insurers have formal packages to develop sturdy careers for ladies. 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 trade, most girls depart or change jobs as a result of they’re stored at a stage for thus lengthy, which isn’t the case with their male counterparts having the identical {qualifications} and expertise.

About 90 p.c 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 trade rising and the variety of succesful candidates not maintaining, marine corporations 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 regulation, ports and harbor administration, and administration and managing of inner water sources.

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

“We’re very honored to be part of this necessary partnership,” mentioned 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 trade and serving as an educator and useful resource heart for the marine insurance coverage neighborhood.  “These girls are function fashions for our trade and are extraordinarily completed.”

The occasion is a part of Falvey’s bigger speaker sequence to spotlight skilled girls — “Girls on the Helm” – and can embrace a panel dialogue with Captain Alexandra Hagerty, Ship Captain, Government Chief, Master 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.