(Reuters) — A quarter of firms listed at Lloyd’s of London have met the commercial insurance market target of 35% of managers being women, although progress on diversity was “incremental”, Lloyds said in a report on Monday .
Lloyd’s has sought to improve diversity in the market, which employs around 45,000 people in insurance and brokerage firms based in the City of London’s financial district.
Lloyd’s, which has previously acknowledged problems with sexual harassment and daytime drinking, published its first culture report of 2020 and has set targets for improvement.
Eighteen companies, or 26% of those surveyed, met or exceeded the target for 35% of boards, executive committees and those committees̵7; direct reports to be women, Lloyd’s said.
It added that women currently fill 30% of senior positions. The 35% target is supposed to be met by the end of 2023.
Sixty-three percent of companies increased their proportion of women in leadership in the past year.
However, the average gender pay gap between Lloyd’s market companies remains high at 37%.
The representation of ethnic minorities rose by one percentage point to 9%.
Eleven companies met Lloyd’s “ambition” that one in three new hires should have an ethnic minority background.
“The representation of women and ethnic minorities (is improving) in our market – but we cannot be complacent,” said John Neal, chief executive of Lloyd’s of London.
“We need to keep the momentum going and address any weaknesses to maintain Lloyd’s unique ability to attract, connect and grow the best talent in our industry.”