April 2019 saw the second annual deadline for companies employing at least 250 people across England, Scotland and Wales to disclose their UK gender pay gaps. Based on over 10,000 submissions, it’s clear progress in closing the gap has been more muted than monumental.
The factsheet below sets out an analysis of the disclosed gender pay gap figures for companies in the insurance sector, including how these compare to the wider UK disclosures.
This chart shows the median and quartile range of the mean and median pay and bonus gaps in insurance compared to all UK companies.
The insurance sector has one of the highest disparities between the proportion of women in the higher paid quartiles and the rest of the workforce. Representation of women in senior roles is the main driver of gender pay gaps in this sector.
Insurance companies are exploring options around flexible working and ways to create a more inclusive working environment. They are working to eliminate any form of bias when it comes to hiring and promotions, in order to attract and retain the best talent.
In addition, there are a number of initiatives in the insurance sector aiming to address this issue. These initiatives provide networks and support to women working in insurance. Some of the initiatives include the Global Dive In D&I Festival, the Insurance Supper Club and Insuring Women’s Futures.
Insurance Leader, PwC United Kingdom
Tel: +44 (0) 7841 562 560
Diversity and Inclusion Consulting Director, PwC United Kingdom
Tel: +44 (0)7715 211210