Globally, changes in women’s socioeconomic status are increasingly empowering women as key decision makers and influencers. Women now earn more and have better control of their assets, which enables them to contribute to their families’ and communities’ prosperity in new ways and participate more strongly in the overall economic growth. However, women’s ability to mitigate financial risk for themselves, their families, and their assets remains low. The risks that women face every day are different from men’s, yet few insurance companies provide services or products appropriate to their needs. The insurance industry can play a significant role in reducing the gap in protection for women through more targeted approaches, including addressing the needs of women from various income levels and at different stages of their life.
Published in partnership with AXA and Accenture in 2015, IFC’s SheforShield: Insure Women to Better Protect All report highlights that insurance industry could earn up to $1.7 trillion by 2030 if it targets women, with half of the earning just from emerging economies.
