Asia-Pacific Insurance: Women Lead, Yet Barriers Persist

The Asia-Pacific insurance industry presents a paradox. While women dominate the workforce in countries like Australia, Hong Kong, New Zealand, and Singapore, leadership positions remain largely out of reach.

According to Jean Pierre Hung, managing director of LMA Recruitment, this phenomenon is known as “pipeline leakage.” Women enter the industry in strong numbers, but their representation dwindles at the top.

Progress, But Parity Elusive

Industry networks and development programs are making strides in some markets. However, Stephanie Connolly, general manager at Gallagher Bassett, emphasizes that true parity remains a goal. “There is still work to be done in APAC to build women’s influence and decision-making power, particularly at the executive and board levels,” she says.

The Insurance Business Elite Women 2026 report highlights 70 exceptional female leaders who are challenging this status quo. These women, concentrated in Australasia and Singapore, hold key positions in underwriting, distribution, and corporate functions.

Experience and Expertise

With an average tenure of 20 years, these leaders bring invaluable expertise to the table. Their journeys illustrate the perseverance required for women to ascend to senior roles, accumulating deep market, risk, and client insights along the way.

Despite their accomplishments, challenges persist. A survey of these elite women reveals that two-thirds believe there’s a shortage of female role models in senior positions. Nearly half feel their gender has hindered their career advancement.

While over 80% report their firms have equal pay policies, the persistent pay gap across the region suggests implementation and accountability remain issues.

They cite proving credibility in male-dominated spaces, feeling the need to work twice as hard, and facing assumptions based on gender as significant hurdles.

Leading with Purpose

Despite these obstacles, leaders like Liu Chunyen are driving change. Chunyen’s focus on sustainability has led to the launch of AIA Singapore’s first Sustainability Report, recognized with a Bronze award at the Asia Sustainability Reporting Awards 2025.

Under her leadership, sustainability is integrated into AIA’s core strategy, exemplified by the Sustainable Multi-Thematic Fund, which addresses climate change while generating positive social and environmental outcomes.

Chunyen hopes that this initiative demonstrates “that sustainable investing and long-term financial performance can be mutually reinforcing, not mutually exclusive.” As a leader operating at the intersection of capital, climate and social wellbeing, Chunyen is deliberate about balancing profit and purpose.

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She says, “When evaluating a major allocation, I often ask, ‘What legacy will this capital leave for the communities we serve?’ Most focus on returns or market trends, which are essential. I take it a step further and consider how an investment can solve global challenges like climate change and the impact it has on the wellbeing of our customers, employees and communities.”

If AIA Singapore’s first female CEO had to sum up her leadership brand, it starts with a simple mandate of ‘putting people first’. “My vision for the company goes beyond profit – it’s about empowering our people and serving our customers in ways that create real, meaningful impact,” Wong Sze Keed says. That principle is embedded in how

The Elite Women of 2026 highlight ongoing challenges. Around two-thirds note a lack of female role models in senior roles, impacting younger women’s aspirations.

Driving Change and Impact

Liu Chunyen’s leadership at AIA Singapore exemplifies a shift toward sustainability and purpose-driven strategies. Her initiatives, like the Sustainable Multi-Thematic Fund, align financial performance with environmental and social goals.

Chunyen’s focus on people-first principles is evident in AIA’s internal and external programs. Partnerships with institutions like Singapore Airlines Academy and Nanyang Technological University enhance employee skills and opportunities.

Under her guidance, AIA Singapore has set new industry standards, such as including mental health coverage in inpatient plans and launching the AIA+ super app, which integrates health and wealth management.

Her impact is measurable: AIA Singapore achieved 15% new business growth in 2024 and was recognized as the Best Employee Insurance Provider for 20 consecutive years.

As president of Life Association Singapore, Chunyen advocates for insurers to become active partners in holistic health and financial well-being, moving beyond traditional claims-focused models.

Persisting Barriers and Emotional Toll

Women in the insurance industry often face assumptions and biases that hinder their progress. Many experience their advice being questioned, only to be accepted when repeated by male colleagues. Assumptions based on gender, such as being mistaken for an assistant, are common. The pressure to represent all women in senior roles adds an extra burden, as they often find themselves the only woman at the table.

Imposter syndrome is a frequent challenge, with women feeling they must be perfect to justify their positions. They handle a delicate balance between being perceived as too soft or too aggressive. Senior women are often expected to take on additional responsibilities, such as mentoring and championing diversity, equity, and inclusion (DEI) initiatives, alongside their primary leadership and P&L duties. This emotional load is rarely acknowledged or supported.