More than 120 insurance industry companies that employ 100 or more staff have revealed for the first time the disparity between what they pay men and women.

The deluge of new data, now searchable on the Workplace Gender Equality Agency website, reveals that in finance and insurance services, employees are well paid – but unfairly so. 

Men are paid a median salary of $139,845 including bonuses and overtime, 44% above the national average for males. 

The figure is 26% or $36,537 more than women in financial services are paid. Only construction has a bigger gender pay gap, at 32%. 

The equality agency says the pay gap favours men in every industry in Australia, and sectors with higher pay tend to have larger gaps. 

IAG says representation at senior leadership level is the “key contributing” factor. 

“There are fewer women than men at senior career levels where role pay is typically higher,” it said. 

Steadfast says its “pipeline for future leaders is strong”, with 27% of senior leaders, 47% of middle management and 61% of junior management female.

“While we have a better wage gap (15%) than the insurance and financial services sector, we acknowledge there is always more work to be done,” Steadfast said. 

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