The financial and insurance industry of Australia has been enjoying huge success as a large population of insurers are being driven towards success. The key factors driving this success include increased value of premiums, a quieter period of weather event and focusing upon the discipline of expense. A strategic focus has been announced by a number of insurers to underwrite discipline in accordance with the pricing and selection of risk. The key focus was on business earning higher margin and having lower frequencies of claim. The capital coverage of the industry has been holding the position stronger than ever, being 1.9 times more than the minimum requirement for APRA in comparison with 1.82 times as of the year 2013. Reduction of expense and the improvement of experience for the customers have been the key areas of focus continuously, as the key focus of insurers is on transformations of technology for streamlining policy and claiming systems of management.In terms of full- time employment, on an average, men earn 1,587.40 dollars on weekly basis, and women earn less than 298.10 dollars on an average in the industry of finance and insurance. There has been a slight increase in the wage gap between women and men, as announcements have been made by the government regarding plans for watering down the requirements of reporting related to the business of finance and insurance. As per the data presented by Australian Bureau of Statistics for November, 2015, there has been a major rise in the wage gap by 1.4 per cent in comparison with the data of November, 2013, reaching 18.8 per cent.
Overall, there has been a significant slow growth of wages in the industry since the year 1997. There has been a rise in the wages by 2.5 per cent only since the past 12 month. Such high records in the financial and insurance industry for gender pay gap are of major concern for the entire nation. This depicts the prominent general variations in earnings between men and women throughout the board of companies. A number of research papers and peer- reviewed articles had been referred to in conducting the research. It is evident from this research that gender wage gap in the financial and insurance industry is significantly high over the agenda of Australia, and hence, official sources have collected this data by the use of several different tools of evaluation such as surveys and direct data from the organization. On the whole, the economic data is released by conducting an Annual Survey of Earnings and Hours with information collected over the make- up, distribution and levels of hours paid and earnings made. There is production of result by gender and several breakdowns in terms of geography, occupation and industry, along with age groups and private and public sectors.