The number of ABI members committed to publishing their parental leave and pay policies has today increased by over half since it launched its transparent parental leave and pay initiative in 2019. This second wave of signatories – which includes the industry’s professional body, the Chartered Insurance Institute – brings the total number that have signed up to 32. This accounts for around three quarters of the insurance and long-term savings market (based on market share) with more companies expected to follow.
The voluntary initiative is part of the work the ABI is undertaking with members to build a modern and dynamic sector that reflects our changing society. It demonstrates the industry’s commitment to supporting and welcoming working parents and championing inclusion. ABI research has found that over 75 per cent of insurers currently offer enhanced shared parental pay and insurance employees can expect generous packages of up to 26 weeks leave at full pay. Furthermore:
- Over half of ABI members work with an organisation that supports parents in the workplace such as Working Families, the UK’s work-life balance charity
- One-third of insurers offer support for employees undergoing IVF treatment, such as providing flexible working arrangements as they begin a new stage in their life.
Yvonne Braun, Director of Policy, Long-Term Savings and Protection and Executive Sponsor for Diversity & Inclusion at the ABI, said:
“Evidence shows that diverse teams deliver more. Insurers and long-term savings companies recognise the need to attract talent from all walks of life to maintain their world-leading status.
Making parental leave and pay policies transparent and accessible can be transformational for prospective employees in our sector. That’s why I am delighted to see so many ABI members joining this sector-first initiative. It is vital that, as an industry, we are taking targeted action to create inclusive workplaces that are attractive to all, including would-be parents.”
Notes for Editors
- The ABI parental leave and pay initiative focuses on ensuring transparency in four areas:
- The contractual pay and leave offered to new mothers / new fathers / primary
- adopters / other parents
- The contractual pay and leave offered to those wishing to take parental leave or Shared Parental Leave
- Any qualifying period for contractual leave and pay offered to parents
- Any repayment conditions if the parent does not return to work.
- *Mckinsey (2012) – ‘Is there a payoff from team diversity’: https://www.mckinsey.com/business-functions/organization/our-insights/is-there-a-payoff-from-top-team-diversity. “The findings were startlingly consistent: for companies ranking in the top quartile of executive-board diversity, ROEs were 53 per cent higher, on average, than they were for those in the bottom quartile.”
- The ABI member and Platforms members agreeing to be part of the second wave of this initiative are:
Assurant Group Ltd
Bupa Insurance Limited
Covea Insurance plc
Just Group plc
Lloyds Banking Group plc
Metlife Europe Insurance Limited
UIA (Insurance) Limited
Wesleyan Assurance Society
The Chartered Insurance Institute
September 2019 signatories
Allianz Insurance plc
Direct Line Group
PensionBee, the online pension provider
Police Mutual Group
Royal London Group
Sabre Insurance Group
Sun Life Financial of Canada
Zurich Insurance UK
Malcolm Tarling 020 7216 7410 Mobile: 07776 147667
Laura Dawson 020 7216 7338 Mobile: 0772 5245838
Su Crown 020 7216 7412 Mobile: 0772 5245297
- 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.
- An ISDN line is available for broadcast.
- More news and information from the ABI is available on our web site, abi.org.uk.