Just how significant is the gender pay gap in insurance as a whole? Today, the Chartered Insurance Institute (CII) has released data showing there is still a significant issue to bridge.
In an analysis of 192 insurers, intermediaries, financial advisors, service providers and loss adjusters across the UK, it has identified a gap of 24%, as measured by median hourly difference. The gap, which it deems “too great” highlighted that only three companies have a “negative” gap in favour of women and while a near equal proportion of men (69%) and women (67%) receive a bonus, the difference in how much is paid is significant – the median gap is 42%, while the mean gap is 52%.
The report shows that much of the disparity comes from the fact there is an imbalanced representation of men and women at senior levels – but that in itself should not be seen as a reason to standstill.
“Without under-playing the urgency of addressing this disparity, the pay gap itself cannot be fixed over-night,” said Tali Shlomo, people engagement director at the CII. “We must develop good practice in the tools and methods that are effective in addressing the root causes of the gap, and we can start that now.
“The Chartered Insurance Institute will continue to identify and collate good practice for the benefit of the profession and for society as a whole. We are not looking to name and shame individual firms but to work in collaboration with the sector as a whole in order to address the root causes of the pay gap. We need to attract more women into the profession, then encourage, empower and develop them to achieve their potential.”
In its report, the CII outlines a number of steps that can be taken to address change, including: breaking down the concept of male/female roles; supporting agile working; encouraging female colleagues to actively contribute in projects; sponsoring talented colleagues; and considering who work is allocated to.
