Insurance Gender Pay Gap reduces by less than 1% in 2019
The gender pay gap across the insurance sector has narrowed by a small margin in the last 12 months, according to analysis by the Chartered Insurance Institute.
The CII took gender pay gap data the government reported in April 2018 for 199 insurance and personal finance sector companies in April 2018 and compared it with data the government reported in April 2019 for 197 of the same types of businesses.
The CII then analysed the data for the companies – made up of insurers, intermediaries, loss adjusters, financial advisers and other related organisations - to spot trends.
Looking at the insurance sector as a whole there has been a slight improvement in the median gender pay gap from 24 per cent recorded in April 2018 to 23.2 per cent recorded in April 2019.
The CII drilled down into the different types of companies that reported pay data to the government and found the most significant improvements in the median gender pay gap were among financial advice firms and loss adjusters.
There were 23 financial advice firms identified by the CII as reporting pay data this year, with a median gender pay gap of 25.5 per cent. This was a significant drop from last year’s reported gender pay gap of 28 per cent.
According to the CII’s analysis, the data published by the government on pay quartiles illustrates the root cause of the gap.
Much of the disparity in pay and bonus was a reflection of the proportion of men and women represented at different levels and in different roles within the financial services industry.
Tali Shlomo, people engagement director of the Chartered Insurance Institute, said:
“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.
“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.”
The Chartered Insurance Institute (CII), the leading professional body for the global financial services profession, exists to promote higher standards of integrity, technical competence and business capability. With over 115,000 members in more than 150 countries, the CII is the world's largest professional body dedicated to insurance and financial services.
Our membership covers all disciplines within the insurance industry (claims, broking, underwriting), those working in the life and pensions sector, the mortgage advice market and financial advisers (under the Personal Finance Society brand).
Our Royal Charter requires us "to secure and justify the confidence of the public" in our members and in the insurance and financial services sector.
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