Despite receiving higher salary increases than men more women are leaving the insurance sector...
Women have received higher salary increases than men for the tenth successive year and are more likely to be given a bonus. However, growing pay packets are failing to stem the tide of women leaving the insurance sector.
The findings, released today by the Chartered Management Institute and Remuneration Economics, show that women managers in the insurance sector increased their earnings by 7.8%, against only 6.1% for their male counterparts.
Female managers in the insurance sector earned an average of just over £44,000 in the year to January 2006 although this is still over £10,000 less than the male equivalent.
The report also showed that women received more bonuses. Almost three-quarters (71%) of female executives were rewarded with a bonus compared to less than two-thirds of men (58%).
However, despite the figures, resignation rates stand at 5.6% for women in the insurance sector, compared to 5.3% for men.
Jo Causon, director, marketing and corporate affairs, at the Chartered Management Institute, said: “Inequalities are still evident in pay packets and promotion and unless employers address the issue they are in danger of seeing a continuation of the trend in senior female executive resignations.”
