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Progress on gender balance at Board level across the insurance and long-term savings industry

  • 29% of Board members are women, up from 25% in 2019
  • Association of British Insurers to launch flexible working campaign across the industry to drive further progress

Progress has been made across the insurance and long-term savings industry on female representation at the most senior level, according to new data from the Association of British Insurers (ABI).1 Women hold 29% of Board roles, up from 25% in 2019 and 24% of Executive level positions are also held by women. However, whilst these findings are a step in the right direction, the data reveals that there is still much more to do, and the ABI today calls on the industry to ‘redouble its efforts to achieve equality of opportunity’ in the workplace. As part of these continued efforts, the ABI can today announce that it will be launching a flexible working campaign this year to improve flexible working opportunities for everyone across the sector.

The campaign forms part of the ABI’s new Diversity and Inclusion Strategy which will drive projects and initiatives in a wide range of areas. As well as the flexible working campaign, which aims to encourage more women to apply for senior roles and to make the sector a more inclusive place to work for everyone, the ABI is working with members on improving Black, Asian and minority ethnic diversity and social mobility across the sector.

The latest figures indicate that Black, Asian and minority ethnic employees make up 10% of those holding entry level positions. At Executive and Board level, this figure drops to 2% showing the vital need for more to be done across the industry. Last year, the ABI announced that it has signed up to Business in the Community’s Race at Work Charter along with now 35 members, as part of an industry-wide commitment to improving opportunities for Black, Asian and minority ethnic colleagues. The ABI is also supporting the 10,000 Black Interns programme by encouraging member firms to sign up and provide internships to young Black people in the UK, and nearly half of ABI members are either a member of, or are working with, an organisation to support social mobility in the workplace.

Yvonne Braun, Director of Long-Term Savings and Protection at the Association of British Insurers said: 

Yvonne Braun.png“It’s encouraging to see the growing female representation at the most senior levels of the insurance and long-term savings industry but much more needs to be done to improve diversity more widely. We need to redouble our efforts to create equality of opportunity in our industry. We’re committed to working closely with our members to drive faster progress and build a truly modern, inclusive sector that attracts and retains the best talent from across society and the communities we serve.”

The ABI brings members together through a Talent and Diversity Network to share news and progress updates. Last year, the ABI also set out its updated internal inclusion strategy to create a workplace that attracts, nurtures and retains a diverse range of talent, and where all colleagues feel able to bring their whole selves to work.

-ENDS- 

 

Notes for Editors 

  1. The figures are taken from the ABI’s annual Talent and Diversity data collection. Companies participating in the collection may differ from year to year so the results may not always be comparable between years. The Black, Asian and minority ethnic figures and Executive level figure for gender are preliminary and will be finalised in March 2021.

 

  1. Media enquiries to:  

 

Emily Cole                     020 7216 7337   Mobile:  0786 0189072  

Sarah Aspinall                     020 7216 7412    Mobile:  0772 5245297   

 

  1. The Association of British Insurers is the voice of the UK’s world leading insurance and long-term savings industry.  A productive, inclusive and thriving sector, we are an industry that provides peace of mind to households and businesses across the UK and powers the growth of local and regional economies by enabling trade, risk taking, investment and innovation. 

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  1. More news and information from the ABI is available on our web site, abi.org.uk. 

Last updated 23/02/2021