Analysis reveals median hourly pay gap in the UK of 26.2%.
London (13 March, 2018) – Hiscox today published its 2017 UK gender pay report, a requirement for all UK companies with 250 or more employees to measure the difference in pay between men and women across a company’s workforce, regardless of seniority or type of role.
Hiscox’s median hourly pay gap in the UK is 26.2%, or on a mean basis, 31.1%. This gap is driven by having fewer women at senior levels at Hiscox. Hiscox conducts regular reviews to ensure men and women in equivalent roles are paid the same.
The company also reported a median bonus gap of 49.5%, or on a mean basis 71.1%. This is driven by there being 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. These figures also include share options excised which can vary year to year (as the timing is determined by employees). During 2017 there were some large share transactions by male employees, which is reflected in the 71% figure.
Bronek Masojada, Hiscox Group CEO, 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.”
View the report.
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Notes to editors
About The Hiscox Group
Hiscox is a global specialist insurer, headquartered in Bermuda and listed on the London Stock Exchange (LSE:HSX). Our ambition is to be a respected specialist insurer with a diverse portfolio by product and geography. We believe that building balance between catastrophe-exposed business and less volatile local specialty business gives us opportunities for profitable growth throughout the insurance cycle. It’s a long-standing strategy which in 2017 saw the business deliver a profit before tax (excluding foreign exchange) of £93.6 million despite reserving net $225 million for claims in the most costly year ever for natural catastrophes.
The Hiscox Group employs over 2,700 people in 14 countries, and has customers worldwide. Through the retail businesses in the UK, Europe, Asia and the US, we offer a range of specialist insurance for professionals and business customers as well as homeowners. Internationally traded, bigger ticket business and reinsurance is underwritten through Hiscox London Market and Hiscox Re & ILS.
Our values define our business, with a focus on people, quality, courage and excellence in execution. We pride ourselves on being true to our word and our award-winning claims service is testament to that. For more information, visit www.hiscoxgroup.com.
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