As the deadline approaches next month for mandated gender pay gap reporting in the United Kingdom, more insurance organizations, including U.S.-owned firms, are revealing the average pay difference between male and female employees.
Last week, FM Global reported a mean hourly pay gap of 36.2% lower for women and median gap of 46.3% at its Windsor, England-based unit.
In a statement posted to it’s website, the insurer said: “We have a strong philosophy to develop and promote our entry level employees into senior roles. Many of these entry level positions require an engineering qualification, generating fewer female employees. This, coupled with a long-tenured workforce, results in FM Global having more men than women in senior roles which tend to be more highly paid. FM Global actively recruits and promotes women to broaden its workforce.”
FM Global also reported a mean bonus pay gap of 67.1% lower for women and a median bonus gap of 59.3%.
The insurer said it has more men in senior, technical or client-facing roles and those roles are eligible for larger potential performance-based bonuses. According to the FM Global statement, 81.6% of employees in its highest pay quartile are men, and 80.5% of employees in its lowest pay quartile are women.
U.K. organizations with 250 or more employees are required to publish specific data about their gender pay gap and a written statement on their websites, and to report their data to the government online, beginning from 2017. The requirement was enshrined in the Equality Act of 2010, with the regulations coming into effect on April 5, 2017. The deadline to publish is April 4, 2018.
Also last week, Markel International Ltd., the London-based unit of Glen Allen, Virginia-based Markel Corp., reported a mean hourly pay gap of 39.9% lower for women and a median gap of 36.8%. Markel reported a mean bonus gap of 75% lower for women and a median gap of 67%.
In its highest pay quartile, 79% of employees are men; and in its lowest pay quartile, 67% of employees are women.
In its gender pay gap statement, Markel said: “The driver for the pay gap is not that men and women are paid differently but the fact that more men hold senior roles in the company and work in higher paying functions such as underwriting, finance and actuarial.”
The insurer said it is already focusing on recruiting more women in actuarial, information technology, finance and underwriting roles.
Several other insurance-related organizations, including Lloyd’s of London, have previously reported their gender pay gaps.