Hiscox has become the latest carrier to publish its 2017 UK gender pay report, highlighting that women employed by the company earn on average 31.1 percent less than their male counterparts on a mean hourly basis.  

On a median basis, Hiscox said that the hourly pay gap was 26.2 percent. The carrier said that the gap was driven by having fewer women at senior levels within the firm.

The company also reported a median bonus gap of 49.5 percent, or 71.1 percent on a mean basis, which they attributed to a higher representation of men at senior levels in the organisation, in roles which attract higher variable pay, which results in men’s bonuses being on average larger than women’s bonuses.

The firm added that these figures also include share options excised which can vary year to year as the timing is determined by employees, highlighting that there were some large share transactions by male employees during 2017, which is reflected in the 71.1 percent figure.

Commenting on the disclosure, Hiscox Group CEO Bronek Masojada said: “At Hiscox we want to employ and keep the best people, and provide them with the means and motivation to excel in their careers with us. We benchmark salaries and provide performance-related bonuses, employee share schemes and competitive benefits to all our employees. We also strive to be inclusive, so that everyone working here can fulfil their talent and ambition.

“Like many other businesses, Hiscox has a 50/50 gender split at entry level roles, but we see a decline in women filling senior, higher-paid roles. This is driving the gap between the average amount paid to men, compared to the average amount paid to women.”

“Our position is clear; we want more women in senior roles at Hiscox, which is why we have had a Women in Leadership programme since 2014. We recognise it will take time to reduce our gender pay and bonus gaps, but we are determined to make lasting changes,” he added.

Hiscox’s disclosure comes ahead of the 4 April government deadline for all UK companies with 250 or more employees to disclose their pay gaps, with Hiscox being the first London-listed Lloyd's insurer to issue a report.