Women’s pay still lagging

Insurance industry figures have expressed concern regarding women’s pay and positions in the sector, according to a CII survey and research by AM Best. The insurance industry continues to lag behind other industries when it comes to the percentage of women holding senior management positions and as a result of the shortage of women in senior leadership, the gender pay gap in the industry continues to grow. This is according to Sian Fisher, chief executive officer, Chartered Insurance Institute (CII) in response to a recent survey. Results of the UK survey by the CII revealed that the percentage of women in executive director roles among insurers is 30%, while within the UK insurance brokers’ sector it is 11%. “When you see these numbers, it’s no surprise then that the insurance gender pay gap is at an average of 24%. The inequality is in the seniority and high-earning roles between men and women and this is essentially what has to change,” said Fisher. Andrea Keenan, senior managing director for industry relation at AM Best, commented on the survey, saying that it highlighted the gender pay gap in the United States. “There are statistics that show that the insurance industry has fallen way behind the rest of the industries in the US when it comes to gender pay for women,” said Keenan. “What I have seen at the younger professional levels are a crop of skilled technical women. These women will be advancing throughout the insurance industry,” she added. Both Keenan and Fisher agreed that women need to have male support within their organisations in order to advance on an equal level with their male co-workers.

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