The insurance industry has been rated in a new report as “doing well” on gender diversity.

The Women on Boards Traffic Light Index rates listed companies on their general progress in achieving a gender-diverse workplace as well as on compliance with revised stock exchange corporate governance guidelines on diversity which came into effect in January last year.

No insurers were given a green light, but Suncorp, IAG and QBE fell just short of green with a top-level amber rating.

The new requirements mean listed companies are required to report against the revised guidelines and disclose their measurable objectives for gender diversity in their first annual report after 1 January 2011.

While the review found more than half of the ASX200 has not complied with the new guidelines, the insurance sector, along with diversified financials, telecommunications and transportation were listed as doing well.

The review considered the number of women on company boards as well as the overall gender diversity of each business and found there was little correlation between the number of female directors of a company and its overall rating.

Women constitute 37.5% of QBE’s board, 28.5% of Suncorp’s and 25% of IAG’s board.