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, ABI 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.”