The insurance industry has certainly made a lot of noise about diversity in recent years – but, as the saying goes, actions speak louder than words. So just how successful has the sector been in reducing its gender pay gap?
The answer is… it’s heading in the right direction, but there’s still a lot of work to be done.
The Chartered Insurance Institute today released figures based on gender pay gap data from 199 insurance and personal finance sector companies in April 2018 and comparing it to a report from 197 of the same types of business in April 2019. It then analysed the data, from insurers, intermediaries, loss adjusters, financial advisers and other related organisations, to outline trends. In the process it discovered that there has been a slight improvement overall – with the gender pay gap reduced rom 24% to 23.2% over the last year.
In a statement outlining the figures it noted that much of the disparity in pay and bonuses reflected men and women being represented at different levels and in different roles within the industry.
“This is the second year of gender pay gap reporting, which gives our profession the opportunity to explore the impact of our diversity management strategies,” said Tali Shlomo, people engagement director of the CII.
“While there are some marginal improvements in the overall gender pay gap, our profession needs to continue to tackle the root cause of both gender and ethnicity pay discrepancies.
“We need to build a profession that is relevant and reflective of the communities that we serve.
“These figures show that there is still much more we can do as organisations and as individuals but by working together and sharing best practice, I am confident our profession can narrow the gender pay gap in the years ahead.”