Men are emerging as allies for female peers, but ‘outdated behaviours’ persist in the London market

Many male professionals working in the London market are striving to challenge the sector’s “old boys’ club” reputation “that unfairly tarnishes all men” by becoming allies for female peers, according to a c-suite source speaking exclusively to Insurance Times.

The anonymous source, who works in underwriting, confirmed that over the last decade, they have ”noticed different behaviours” from male colleagues.

They said: “The men I work alongside now are more mindful of what is and isn’t appropriate.”

However, the source acknowledged that while many men have become more aware, “there’s still a portion of the industry where, in social situations, individuals believe it’s acceptable to cross boundaries”.

This “outdated behaviour” includes when the line between work and social settings gets blurred, which can lead to inappropriate physical behaviour, such as ”putting an arm around someone or dancing too closely, especially after a few drinks”.

The source referenced inappropriate verbal behaviour in these situations too, such as constantly being asked to dance at a work social despite continually rejecting the invitation from the same person.

Inappropriate behaviour

These comments followed data published by the FCA in October 2024, which found that reports of sexual harassment are most prevalent among London market intermediaries, compared to other financial services subsectors.

In the London insurance market, the number of reported non-financial misconduct incidents rose significantly from 102 to 239 over a three-year period between 2021 and 2023, according to the FCA.

Intermediaries operating in this sector also experienced an increase in allegations over this reporting period, rising from 89 to 246.

The data further revealed the proportion of individuals who reported specific incidents. For example, among intermediaries in the London market, 16% reported experiencing sexual harassment. This figure was 13% for London market insurers, 6% for wholesale banks and 14% for wholesale brokers.

In a March 2024 interview with Insurance Times, Sam White, chief executive and founder at Stella Insurance, recounted a story shared by a fellow female in the industry. The incident involved a senior woman whose boss attempted to force his way into her hotel room after a night out.

The boss involved in this incident later disparaged the female employee for refusing his advances – labelling her a “whore” in front of colleagues.

However, despite White’s contact reporting the incident to her firm’s human resources department, no action was taken.

“This is just one of many stories I could refer to,” said White.

Risks for younger women

Insurance Times’ source acknowledged that while they feel comfortable addressing inappropriate behaviour directly with the people involved in potential incidents, they are “not climbing the career ladder anymore, so it’s easier for me to speak up”.

They continued: “For a younger woman trying to build her career, calling out someone more senior, perhaps even her boss, might feel risky.”

Among London market insurers and intermediaries, the FCA’s aforementioned research – which polled more than 1,000 respondents – found that most people had reported a form of non-financial misconduct that had not been specified in the survey.

This included intoxication or misuse of alcohol within the workplace and inappropriate or offensive language.

The source noted that when young women lack a safe space to share their experiences and receive support, they are less likely to report inappropriate behaviour, “allowing the cycle to continue”.

For example, if tangible action in response to reported behaviour is not taken, there is a risk that “people dismiss” certain behaviour “by saying ’oh, that’s just so-and-so [and] they’re harmless”.