The gender pay gap across the insurance sector has narrowed slightly in the last 12 months to 23.2% by April 2019, according to analysis by the Chartered Insurance Institute.
This is down from 24% recorded in April 2018.
The CII analysed and compared UK government’s gender pay gap data reported in April 2018 for 199 insurance and personal finance sector companies and in April 2019 for 197 of the same types of businesses.
Advice firms
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%.
This was drop from last year’s reported gender pay gap of 28%
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 reflected the proportion of men and women represented at different levels and in different roles within the financial services industry.
Tackle the root cause
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.”
