Jeffrey Wade
The insurance industry is a thriving sector with over half a million agents operating across the US. While the number of male and female insurance agents is fairly balanced, with sources stating that women make up 48-60% of the workforce, there is still a stark gender imbalance in leadership roles. Men outnumber women in leadership positions two to one, and women in the industry value flexibility, stability, parental leave, and continuing education opportunities.
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What You'll Learn
Women outnumber men in insurance agencies
The insurance industry is a great place for women, with many citing the flexibility it allows and the ability to help people protect what matters to them. More than 80% of women in the industry say their job allows them to balance their personal life and work, and 92% of women in frontline staff say they receive flexibility when they need it.
However, the gender pay gap in the insurance agent sector is vast. The US Department of Labor has reported that female insurance agents earn $0.67 for every $1 that male insurance agents earn. Additionally, women are less likely than men to be developed for leadership positions, with more than half of women saying that their gender or being a parent played a role in them being passed over for a promotion or raise.
Despite these challenges, the insurance sector is expected to grow faster than the US average, and studies show that hiring, promoting and retaining more women is good for business.
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Men outnumber women in leadership roles
While the insurance industry in the US has a fairly balanced number of male and female insurance agents, with sources stating that there are slightly more women than men, men continue to outnumber women in leadership roles across various sectors.
In 2025, it was reported that 61% of all licensed insurance agents in the US were women, while 39% were men. This is a shift from the figures in 2019, which showed a closer ratio of 49% men and 51% women. However, when it comes to leadership positions, the trend of men outnumbering women persists. For example, while women make up almost half of the US labor force and outnumber men in earning bachelor's and master's degrees, they are far less likely to rise to the highest-paying and most prestigious leadership roles. This disparity is evident across various industries, including corporate boardrooms, healthcare companies, non-profit organizations, and universities.
The lack of gender equality in leadership roles is not limited to the corporate world but extends to political leadership as well. According to data from the Inter-Parliamentary Union (IPU) and UN Women, men continue to dominate political leadership roles as of 2025. In executive and legislative positions, men outnumber women by more than three times. While there has been a slight increase in the proportion of women in parliament, there has been a decline in their representation in government positions. Only nine countries, predominantly in Europe, have achieved gender-equal cabinets, with 50% or more women holding cabinet positions.
Several factors contribute to men outnumbering women in leadership roles. One reason is the persistence of an outdated male model of leadership, which associates certain masculine traits with leadership qualities. As a result, when women exhibit these traits, they are not viewed as favorably. Additionally, men tend to have larger networks and more opportunities to find mentors and sponsors to support their advancement. Sexual harassment, hostile work environments, and subtle biases also create obstacles for women, especially women of color, seeking leadership positions. Furthermore, the challenge of balancing work and family life can deter women from pursuing leadership roles, as workplaces are often designed around traditional gender roles.
While there have been efforts to address these disparities, such as increased training programs and investments in women's leadership programs, progress has been slow and uneven. It is crucial to recognize and address these barriers to ensure that women are equally represented in leadership roles and foster a more inclusive and diverse environment across all sectors.
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Women value flexibility and work-life balance
Women make up a significant proportion of insurance agents in the US, with figures ranging from 51% to 61% of the industry. In fact, women outnumber men in insurance agencies, and many say they enjoy the flexibility that a career in insurance allows, as well as the ability to help people. This flexibility is highly valued by women in the industry, with over 80% of women surveyed saying their job allows them to balance their personal life and work, and 92% of women in frontline staff reporting that they receive flexibility when they need it.
A survey by Liberty Mutual and Safeco of more than 350 women in independent insurance agencies revealed four key areas that emerged as important to women in the industry: representation, recognition, compensation, and satisfaction. Representation involves fostering women's career development and promoting gender diversity in leadership positions, as women currently only make up 31% of agency principals. Recognition entails showing appreciation for women's contributions to the industry. Compensation addresses the gender pay gap, as female insurance agents earn $0.67 for every $1 that male agents earn. Lastly, satisfaction encompasses a good work-life balance, which is highly valued by women in the insurance industry.
The importance of work-life balance for women cannot be overstated, as evidenced by Deloitte's research, which found a strong correlation between the level of flexibility offered and women's intentions to stay with their employer. Women in highly flexible work arrangements were much more likely to plan to stay with their employer for more than three years, compared to those with less flexibility. Additionally, "burnout" was the top reason for women considering leaving their employer in 2022, and a lack of flexible working arrangements and poor work-life balance were also cited as significant factors.
While women value flexibility and work-life balance, they also face challenges and concerns. Many women worry about the potential consequences of requesting flexible working hours, fearing it could adversely affect their chances of promotion or result in an unadjusted workload. These concerns highlight the importance of organizations evolving their hybrid and flexible work strategies to align with the needs of their female workforce and providing clear leadership and support structures to promote a positive work-life balance.
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A stark gender pay gap exists
While the insurance industry has a fairly balanced gender ratio, with a slight female predominance, a stark gender pay gap exists. Women make up over half of all employees in insurance agencies, but less than one-third of all agency owners and principals. Data from 2019 revealed that the average salary for an insurance agent was $74,272, significantly higher than the US average of $55,524. However, female insurance agents earn only $0.67 for every $1 that their male counterparts earn, according to the US Department of Labor. This disparity in pay between genders is a pressing issue that requires attention and rectifying measures.
The gender imbalance is more pronounced in leadership roles, with men outnumbering women in these positions two to one. This disparity is not due to a lack of competence or ambition among women. In fact, more than half of the women surveyed expressed interest in becoming partners or agency owners, and over one-quarter sought information on the steps to achieve these goals. Despite this, women are often overlooked for development opportunities and promotions, hindering their advancement within the industry.
The insurance industry offers several advantages that appeal to female professionals. These include workplace flexibility, work-life balance, stability, parental leave, and continuing education opportunities. However, women are increasingly demanding more from their workplaces and are not afraid to switch roles or companies to attain their desired benefits and cultural values. Agencies that invest in female leadership development and provide a supportive environment for women will not only address the gender imbalance but also reap the business benefits that come with greater gender diversity.
To address the gender pay gap and the underrepresentation of women in leadership roles, insurance agencies should actively promote gender diversity and create equitable opportunities for women. This includes fostering women's career development, recognizing and valuing their contributions, providing pay equity, and ensuring a satisfactory work-life balance. By empowering women in the industry, agencies can enhance their overall performance and better cater to the diverse needs of their customers.
While the insurance industry has made strides towards gender equality, there is still room for improvement. By addressing the gender pay gap and promoting women's leadership, the industry can create a more inclusive and prosperous future.
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The industry is expected to grow faster than the US average
The insurance industry in the US is expected to grow faster than the national average. In 2019, the insurance agency workforce was forecast to grow by 5.49% over the next decade, compared to an expected national growth rate of 3.71%. This projected growth rate is impressive, especially when compared to the historical growth of the industry.
The insurance industry's growth is driven by several factors, including an increase in insurer participation and new product offerings. The Covid-19 pandemic also played a role, leading to a surge in customers seeking life insurance policies. Additionally, travel insurance has become more popular as Americans are traveling more, with a 19% jump in spending on travel insurance in 2016.
The positive outlook for the insurance agent sector is also supported by the continued demand for guidance when purchasing policies, despite the increasing trend of consumers buying insurance online. The US individual health insurance market, valued at USD 1.6 trillion in 2022, is projected to reach USD 2.54 trillion by 2030, growing at a compound annual growth rate (CAGR) of 6.08%. This growth is fuelled by an increase in insurer participation and new product offerings, as well as the rising prevalence of chronic disorders, such as diabetes, cancer, and cardiovascular diseases.
The insurance industry is also experiencing a shift in demographics, with women outnumbering men in insurance agencies. As of 2025, 61% of licensed insurance agents are women, while men make up 39%. This shift towards greater gender diversity is a positive development, although challenges remain, particularly in leadership positions, where only 31% of agency principals are women. The industry also has room for improvement in ethnic diversity, with the most common ethnicity among licensed insurance agents being White (66.5%), followed by Hispanic or Latino (15.7%), and Black or African American (9.2%).
In terms of location, the insurance industry in the US varies across states. While Florida (Hillsborough County), Tennessee, and Ohio have the highest number of insurance agencies, New York State offers the highest average annual salary for insurance agents at $93,220. However, it is worth noting that insurance agents are in high demand in Phoenix, Arizona, with 23 job openings as of 2025.
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Frequently asked questions
No, women outnumber men in insurance agencies, making up nearly 60% of agency employees.
Yes, the data shows that the most common ethnicity of licensed insurance agents is White (66.4%), followed by Hispanic or Latino (15.8%), Black or African American (9.3%), and Asian (4.9%).
The average age of an insurance agent is 46 years old.
Insurance agents are most in demand in Phoenix, Arizona, with 23-48 job openings.
Women in the insurance industry report that they value flexibility, stability, parental leave, and continuing education opportunities. They also want to work for agencies that are involved in the community. While insurance agencies are generally great places for women to work, there is still room for improvement in terms of gender diversity and empowering women to reach their full potential.
