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U.K. insurance sector players have an average gender pay gap of 24%, according to an analysis by the Chartered Insurance Institute, which is advocating for the development and sharing of good practices to address the root causes of the gap.
The London-based CII analyzed all 192 insurers, intermediaries, service providers, financial advisors and loss adjusters in the UK who have published pay gap data and found that insurers and intermediaries have a median gap of 24% and 23%, respectively, according to a statement published on Monday.
Only three companies have a ‘negative’ gap in favor of women, according to the analysis.
A near equal proportion of men and women receive a bonus at 69% and 67%, respectively, but the difference in how much is paid out in bonuses is significant – the median gap is 42% and the mean gap is 52%, according to the analysis.
Much of the salary and bonus disparity reflects the imbalanced representation of men and women at senior levels, with far fewer women having roles at a senior level, according to the organization.
Steps that organizations can adopt to start addressing the gap include breaking down the stereotypes of male and female roles, supporting flexible working arrangements, sponsoring individuals through leadership training and other programs, and providing employees with mentors.
“The Chartered Insurance Institute, as the professional body for insurance and financial planning, has a responsibility to not only recognize the existence of the gender pay gap in our profession, but lead the way as a champion to ensure change happens,” Tali Shlomo, CII’s people engagement director in London, said in the statement. “Without underplaying the urgency of addressing this disparity, the pay gap itself cannot be fixed overnight. 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.
“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,” she added. “We need to attract more women into the profession, then encourage, empower and develop them to achieve their potential.”
Lloyd’s of London has a gender pay gap of 27.7%, reflecting the difference between the average pay for men compared with the lower amount paid to women within the organization.