The long road to parity: understanding the boardroom gender gap

While the numbers are heading in the right direction, the gulf remains vast when it comes to female representation at the highest levels of industry –  and Bermuda, too, has a long way to go. Here, Bermuda:Re+ILS explores the story within the statistics.

Despite increasing diversity, equity and inclusion incentives, increasing mandatory quotas and the widespread understanding that diverse perspectives foster greater innovation, gender disparity persists, particularly at the boardroom and C-suite level. Bermuda, for all its many initiatives to change this, is no exception.

Some global context first. Deloitte Global’s 2024 ‘Women in the boardroom: A global perspective’ report projects that, at the current rate of increase, boardroom parity might occur by 2038, with only 23.3% of the world’s board seats currently occupied by women – A marginal increase of just 3% in two years. 

These statistics speak of the long journey far from complete, and the numbers for chairs and CEOs offer a bleaker outlook still, with just 8.4% and 6% of these roles respectively, held by women in the 18,000 companies surveyed. Parity here could take until 2073 for chairs and 2111 for CEOs.

Contrary to these statistics, the case for diversity is clear. Morgan Stanley Research, in its assessment of gender diversity in 1,875 firms on the MSCI World Index, ‘Gender diversity keeps paying dividends’ (March 2023), found that firms with higher holistic equal representation scores (HERS) outperformed those with lower scores by 1.6% in 2022, in line with previous averages.

To the same point, Yvette Pierre, chief policy and strategy officer, policy development at the Bermuda Monetary Authority (BMA), speaking in this publication, said: “The creativity and innovation that stem from a diverse and inclusive environment have been key to our success.”

Yet Bermuda has work to do. According to Deloitte’s report, 23.6% of board seats in Bermuda are held by women, which is among the lowest in the country breakdown. One positive, though, is that this has increased from 15.6% in 2018, a sizable, 50%-plus increase. The percentage of women chairing boards in Bermuda is 7.7%, up 5.1% from 2021. Though these are all pre-2024 numbers, anecdotal evidence points to further gains since.

The leadership bottleneck

One of the starkest statistics is the drop-off in female representation from board member to chair. It remains dramatic. And Deloitte emphasises that: “As long as men hold the majority of board seats and continue to gain the majority of new board seats, parity will continue to be elusive.” 

Put simply, incremental gains in the number and skillset of women in industry – as indicated in the World Economic Forum’s ‘Global gender gap report 2025’, “Women’s workforce participation globally has risen to 41.2% in 2024,” – doesn’t automatically translate into leadership roles or board seats. Michelle Bailey, head of professional at AXA XL, speaking in this publication, confirmed this: “We’ve made strides [...] but there’s still a gap at the C-suite and board levels.” 

The World Economic Forum’s findings back this: “Between 2015 and 2024, the share of women in top management rose from 25.7% to 28.1%, but progress has slowed post-2022. In many sectors, top-level gains are outpacing mid-level promotions, risking the sustainability of balanced talent pipelines.”

The leaky leadership pipeline

Even before reaching boardrooms, women encounter friction as they progress. Deloitte warns that: “Women’s representation in senior leadership and next-generation roles has grown at a slower rate than the C-suite, suggesting that the pipeline of future leaders may shrink in the coming years.”

The World Economic Forum goes on to explain that: “Increasingly, women are outperforming men at tertiary education levels. Despite this, they remain underrepresented in the workforce and in leadership roles – only 29.5% of tertiary-educated senior managers are women. This mismatch highlights systemic inefficiencies in translating skill preparedness into economic engagement and leadership.”

There are many potential causes for this disparity, including career-stalling care responsibilities and maternity leave, as well as systemic unconscious bias in hiring and promotion. However, this pipeline erosion threatens equity and long-term boardroom diversity. 

Cultural and systemic barriers 

Structural and cultural barriers power statistical inequities. Mary DeSilva, SVP, head of risk and compliance at Artex Capital Solutions, speaking to this publication, recounts: “I have encountered challenges navigating work culture and dynamics, which I overcame by understanding the intricacies of power and strategically building networks and partnerships.”

Indeed, boardrooms reflect a legacy power structure, including subtle, masculine-dominated norms of communication, confidence and authority, which can present barriers to women. 

Speaking exclusively to Influential Women in Hamilton, Suzanne Wertheim, CEO of Worthwhile Research and Consulting, explained that “when a woman [...] speaks with authority when calling out other problems, she is likely to face retaliation or some kind of workplace penalty. 

“Reassignment, exclusion from important meetings, getting a bad reputation as someone ‘difficult’ and ‘aggressive’. She might even be pushed out altogether. But men don't face these social and workplace penalties for this kind of behaviour. They are expected to speak with authority, and when pointing out problems, are often labelled as ‘courageous’ or ‘speaking like a leader’."

Both of these narratives underscore the pervasive nature of gender bias that continues to stifle women’s voices, and thus their progression. The fear of social penalties and career derailment threatens women’s pathway to the boardroom in a way that it doesn’t for their male counterparts. Addressing these inequities requires a collective effort to challenge and reshape historical norms in the workplace culture, fostering an environment where all voices are valued and respected. 

The business case for equity

If not already clear, parity is desirable for business success, clearly outlined by Credit Suisse Research Institute’s ‘The CS gender 3000: reward for change’ report findings: “This study looked at the impact of both board and executive diversity at over 3,000 companies globally, and found clear evidence that more women on boards and in senior management generated higher returns on equity, while still having more conservative balance sheets. That means that having more women decision makers is associated with improved returns without raising the risk.” (As reported by Pax World Funds, ‘The investment case for gender equality’, published 2018). 

It is also becoming increasingly common for investors to factor gender diversity into ESG considerations, thereby increasing pressure on boards to reflect equality. 

Moving the needle

To shift the pipeline to more even ground, intentional strategies must be developed and consistently upheld. Structural quotas bring a flurry of tension, where talent might be overlooked or undermined due to a “diversity hire”, but transparent targets can keep equity front of mind during the hiring process. 

To push parity at the board level, equity targets are advisable at every level with the expectation that numbers will thin towards the top position.

Sponsorship and mentorship can make a huge difference to the trajectory of an individual's career. Whether that be from a male ally, a topic we discuss later in the issue, a senior female figure or support from a peer or having a supportive environment can drastically elevate progress.

Forbes, in ‘The importance of mentorship’ (July 2023), explains that: “Establishing a mentorship relationship can provide mentees with immense advantages, such as new knowledge, expanded networks and the ability to advance their career. Having a mentor is more than just setting and achieving goals; it's about having someone in your corner who can provide valuable feedback, encouragement and support to help you grow both professionally and personally.”

Mentorship is one cog in the wheel for developing an inclusive culture, which is foundational for creating an environment where women can scale the ranks. Inclusive cultures step beyond the acceptance of diversity to provide a work set-up that reflects the needs of employees. For example, flexible working, equal opportunities, celebrating differences, offering soft skill training programmes, all of which help to better the environment for everyone, but particularly those who may struggle to be heard. 

Beyond one’s own workplace, women’s networks, such as Women in Reinsurance (WiRe) and the ISC Group, offer a great opportunity for building a community. Learning from and supporting one another across different functions and experiences can be inspiring and encouraging.

Progress with purpose

The boardroom remains a mirror: it reflects values, bases and ambitions. We stand at a point of progress unaccompanied by structural change. Without consistent work, parity will remain aspirational. 

With boards with higher HERS scores delivering improved results and stability, and firms that champion women outperforming in the face of crises, the push for equity seems an obvious choice. And as investors begin to vote with their feet, the time for acceleration appears to be now.

To navigate parity in the boardroom truly, we must redesign the pathway to it, structurally, culturally and intentionally. Only then will we see statistics shift from a slow drip to a sustained ascent to a boardroom that represents its people. 

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