Izabela Stofberg | Escalating risk environment demands broader leadership pipeline for reinsurers

Attracting, developing and retaining the next generation of leaders has been identified as a key challenge facing the global insurance industry, with KPMG’s Insurance CEO Outlook revealing that 62% of CEOs are worried about talent gaps impacting their business.

Yet while insurers are searching for future leaders, women remain underrepresented in many senior decision-making roles. Today, closing that gap is more than just a diversity objective; it is fast becoming a business imperative, particularly for specialist industries like reinsurance that operate in an increasingly complex risk environment.

As the industry grapples with climate volatility, geopolitical uncertainty, technological disruption and economic pressures, organisations need access to the broadest possible range of skills, experiences and ways of thinking. The strongest teams are often those where individuals feel empowered to challenge assumptions, contribute alternative viewpoints and test established thinking. In an industry built on evaluating uncertainty and managing complex risks, a more diversified team can therefore lead to more informed decisions and stronger outcomes.

However, barriers to entry remain, particularly for women considering careers in more technical disciplines such as reinsurance. One challenge is that many young professionals are simply unaware of the breadth of opportunities the sector offers. Reinsurance extends far beyond underwriting, with career paths spanning portfolio management, analytics, actuarial science, risk management, capital management, strategy and executive leadership. For those who enjoy analytical thinking, problem-solving and decision-making, it offers a highly intellectual career with opportunities to influence how organisations and economies navigate risk.

Beyond limited awareness of the opportunities available within the sector, women may not always have equal access to the experiences that help accelerate career progression. Exposure to stretch assignments and international opportunities, for example, can play a significant role in preparing future leaders, yet these opportunities are not always equally accessible to all.

Throughout my own career, working across Poland, the United Kingdom and South Africa, I have come to appreciate that many of the principles we apply in risk management are equally relevant to career development. In both cases, success rarely comes from avoiding uncertainty altogether. Rather, it comes from understanding it, managing it thoughtfully and being willing to make informed decisions even when outcomes are not guaranteed.

Some of my most significant opportunities have emerged from decisions that involved considerable uncertainty. Moving from broking into underwriting required me to leave a role where I was comfortable and established to enter a discipline that demanded a different mindset and new technical capabilities. Later, relocating from London to South Africa brought its own professional and personal challenges. Both decisions involved risk, but both ultimately proved to be defining moments in my development.

As industries evolve, future leaders will increasingly need the confidence to embrace change, adapt to new environments and continuously build new skills.

These qualities are becoming particularly important within reinsurance. The leaders of tomorrow will require far more than technical expertise alone. While deep underwriting and risk management capabilities remain essential, they must also combine commercial judgement, strategic thinking, adaptability and the ability to navigate interconnected global risks.

This is why organisations must focus not only on recruitment, but also on creating visible development pathways. Structured programmes that combine technical training with leadership development, rotational opportunities, mentoring and real-world responsibility help prepare individuals for future leadership roles. Equally important is fostering environments where people are trusted to take ownership, make decisions and learn through experience.

Mentorship and sponsorship also play a vital role. Mentors provide guidance and perspective, while sponsors actively advocate for individuals and help create opportunities for advancement. Throughout my own career, I have benefited from leaders, colleagues and mentors who challenged my thinking, shared their experience and encouraged me to pursue opportunities that initially felt beyond my reach.

To women considering a career in insurance or reinsurance, do not let uncertainty prevent you from pursuing opportunities. And do not allow your background, circumstances or self-doubt to limit your ambitions. Instead, invest in building your expertise, remain curious, seek out mentors and continuously learn from those around you. After all, real growth rarely happens inside our comfort zones.

* Izabela Stofberg is Chief Underwriting Officer at Santam Re .