QBE UK has released its Gender and Ethnicity Pay Gap Report for 2024.
This year’s numbers continue to show progress, with mean and median gender pay gaps reaching QBE’s lowest levels since reporting began.
The mean overall gender pay gap across the organisation was 20.4% in 2024, down from 21.9% in 2023, and 32.8% when it started reporting for 2017.
This compares to an average gap of 34% in the insurance industry[1], 29.8% in the financial services industry[2].
For the fourth time, QBE has also published its ethnicity pay gap data with mean gap reaching its lowest percentage (4.5%) since QBE began reviewing the data in 2021.
Nikki Lees, QBE EO People Director, said: “We are seeing yet another year of strong progress towards reducing our gender and ethnicity pay gaps, with our mean and median gaps moving towards parity for both ethnicity and gender. We are committed to reducing the gap, whether that’s through our benefits, our partnerships, or our upskilling programme.”
QBE has continued to work towards increased representation. Women accounted for 50% of senior hires vs. 42.1% of senior leavers. Meanwhile, a notable 47% of promotions were awarded to female talent throughout 2024.
A remaining area of focus in both gender and ethnicity pay gaps is bonuses. Data showed that while the mean gender bonus gap decreased from 51.7% in 2023 to 47.7% in 2024, the median increased from 42.2% in 2023 to 44.3% in 2024. Similarly, while the mean ethnicity bonus pay gap decreased from 40.8% in 2023 to 37.4% in 2024, the median increased from 11.6% to 13.6% year on year.
Lack of diverse senior representation continues to be a driving factor for the bonus gaps.
“We also recognise our continued challenge with increasing bonus pay gaps, with actions to ensure this is addressed. Our commitment to creating an inclusive environment remains a strategic priority for QBE and we will continue to hold ourselves accountable and make and refine the necessary steps to reach better representation across the industry,” said Nikki Lees.
Some of QBE’s inclusion initiatives and benefits include:
- Since 2023, QBE employees in the UK can receive 26 weeks at full pay and up to 52 week’s leave regardless of gender identity, sexual orientation, or how they become a parent
- Elevating our ISC Group partnership to support existing and aspiring female leaders
- Continued with our UK flexible working policy: with a firm commitment to a hybrid working model and flexibility on when and where our people work
- Embedding inclusive hiring principles to ensure our recruitment processes are fair and attracting a diverse pool of talent
- Commitment to wider and more diverse participation in insurance through our work with Action Tutoring and iCAN, an Insurance Cultural Awareness Network.
[1] Lloyd’s 2024 Market Policies and Practices return
[2] https://www.statista.com/statistics/760342/gender-pay-gap-uk-by-sector/
