What the insurance industry thinks about insurance for men
By Tom WhelanPublished Mar 07, 2018 10:21:17It’s not uncommon for insurance companies to have a different take on men than women, but that’s what a new study from the insurance lobby group Aviva suggests.
The study by Aviva’s research arm, Aviva Health, looked at how men and women in different professions, including those who worked in health and care, viewed insurance.
Aviva said its analysis of the responses of a representative sample of more than 1,000 people showed that while both men and men are in favour of a range of changes to the insurance market, women were far more concerned with improving the gender pay gap and increasing female participation in the workforce.
Aviva also said that the findings could be relevant to the ongoing debate about gender pay equity in the health and insurance market.
The findings could also help insurers make better decisions about their premiums for women and older people.
“This research provides further evidence of the importance of increasing women’s participation in health care,” Aviva president and CEO Simon Gompertz said.
“We believe the industry is right to continue to focus on women, and we believe this study further demonstrates the importance for insurers of ensuring that all women and all age groups can afford the best health care.”
According to the study, in terms of the premium gap, the premium for men was $1,819 per year, while the premium paid for women was $2,071.
Aviv is the first to report on the results of a survey by the insurance company.
Aviation, healthcare and insurance expert Professor Helen Meehan said it was important to look at different professions and different groups of people.
Aviance’s survey showed that women and men in different fields were much more concerned about women in the workplace and on the job.
Professor Helen Miehan, a aviation and insurance analyst and senior adviser to the Association of British Insurers, said that there was a need for employers to provide better pay to female employees and for women to participate in the insurance marketplace, rather than the other way around.
“It’s the best of both worlds,” she said.
“There’s a need to improve the female participation rate in the job market, which has historically been low.”
But employers also need to ensure that they’re taking into account that female employees are more likely to be part of their workforce than men.
“Professor Meehart said the industry had been talking about increasing female representation in health-care roles for decades.”
The reason is the need to keep costs down and make sure that we have the resources to do it,” she added.
The results of the survey showed the majority of the men were concerned about increasing women in their workforce and their roles in the healthcare sector.
Professor Miehans said the study showed that there were some positive trends.”
There’s an increase in women participating in the labour force, and there are more women in occupations where they have the experience of caring for patients, and they can work independently.
“They can be more active in supporting their family and they tend to be more involved in the family.”
And there’s a change in the gender balance in the profession.
Women are getting more senior roles in many of these professions.
“The Aviva study found that women were much less likely than men to think the gender gap was increasing and they were also far less concerned about a gender pay differential.
Professor Gompts said that it was encouraging to see that the insurers were showing more confidence in addressing the pay gap.”
Women are really starting to make strides in getting themselves recognised and getting into the industry.
They’re starting to realise that the pay gaps are going to get worse as time goes on and they’re going to have to get more out of it,” he said.
Avieva said it would be important to get the data back before the end of the year and get the full picture of how people felt about the gender paid gap.