Some 29% of market firms have no women in controlled functions, according to statistics from the Financial Conduct Authority.
The data was presented in the latest edition of the London Market Group’s (LFG) London Matters 2020 report, which tracks the growth and development of the London (re)insurance market over time.
LFG said while this progress is “encouraging”, women working in the London market still have a low share of executive roles in controlled functions.
The percentage of women in these roles across the whole of the financial services sector is 17%, but only a fifth of London market firms have this level of women in controlled functions.
Their under-representation in senior roles largely accounts for the substantial gender pay gap in the London market, which stands at more than 30%, three times the UK average for hourly pay.
In terms of bonuses, the median pay gap is even wider, with male employees receiving bonuses seven times the average for female employees.
Additionally, only 25% of top earners in the London market are female, 17 percentage points below the UK average of 42%.
LFG said: “In interviews conducted for this report, London Market executives consistently expressed the need to create better career progression opportunities for women, and yet they have struggled to realise this ambition to date.
“This, in part, can be explained by the fact that senior leaders stay in roles in insurance for a longer time on average than in other sectors, which creates fewer opportunities for women to move into these roles.”