This year the government has removed the requirement for eligible companies to report their gender pay gap data due to the situation with Covid-19. As a result, within the insurance industry only 28 risk carriers and 12 broking firms have provided data, compared to 44 carriers and 21 brokers last year.
Of the data provided, the results show the insurance industry to have a gender pay gap of more than twice the national average, with small improvements on previous years.
With the government statistics on the furlough scheme including a gender breakdown from next month (see June report), it will be interesting to see how these statistics compare to the pay gap figures, and whether they show a similar gender imbalance or a more equal split.
Analysis of the gender pay gap is discussed in full in this article by Insurance Insider.
The pay gap numbers follow a year in which the London market in particular has come under fire for culture issues and its failures to address gender equality. Lloyd’s has made culture one of its top three priorities as it forges ahead with its wide-ranging market reform, with a number of diversity and inclusion initiatives underway and the creation of a Lloyd’s culture advisory group to push through change.