UK insurance industry diversity improves slightly
More than half of UK insurers are now measuring social mobility among their staff, with the profile of women and ethnic minorities recording slight increases, according to recent data.
Association of British Insurers (ABI) figures have revealed that 51% of firms captured social mobility data in 2023, compared to 33% in 2022. The most commonly collected social mobility measure was parental occupation when employees were aged 14, with 35% of firms capturing this.
The proportion of women on executive teams increased by 3% in 2023, reaching 32%. Almost 80% of insurers were working on gender inclusion initiatives and 77% had targets for the number of women in senior management roles. Ethnic minority representation also rose across firms to 11%, up from 10% in 2022.
In 2022, the ABI committed to doubling the number of apprenticeships to 2,500 by 2025. According to its data, 53% of firms now offer insurance-specific apprenticeship schemes – a 5% increase from 2022. However, the total number of apprenticeship starts had fallen by 13%, from 1,603 in 2022 to 1,399 in 2023, meaning the target will not be met.
The ABI blamed this on the complexity of the government’s Apprenticeship Levy, paid at a rate of 0.5% by employers whose annual pay bill is more than £3m. It also argued that rigid apprenticeship standards, setting out the required skills and knowledge, are not aligned with the way businesses operate.