The number of Association of British Insurers (ABI) members committed to publishing their parental leave and pay policies has increased by more than half since it launched its transparent parental leave and pay initiative in 2019.
The second wave of signatories – which includes 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 ABI said the voluntary initiative is part of the work it is undertaking to build “a modern and dynamic sector that reflects our changing society”.
ABI research has found that over 75% of insurers currently offer enhanced shared parental pay and insurance employees can expect packages of up to 26 weeks leave at full pay.
The figures also show more than 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.
In addition, a third of insurers offer support for employees undergoing IVF treatment, such as providing flexible working arrangements.
Yvonne Braun, the ABI’s director of policy, long-term savings and protection and executive sponsor for diversity and inclusion at the ABI, said insurers 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,” she added. “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.”