Globally, the socioeconomic status of women, their decision-making ability, and their power to influence household spending is increasing. Women now tend to earn more and have better control of their assets, helping their families and communities prosper—while contributing to overall economic growth. Yet, despite these advances, women’s ability to mitigate financial risk for themselves, their families, and their assets remains low.
The Insurance industry can play a major role in addressing this gap and earn up to $1.7 trillion by 2030 from women alone—half of it in emerging economies if they target women, according to IFC’s 2015 SheforShield Report. Hence, IFC is partnering with the private sector to better serve the market and increase financial protection and risk-mitigation mechanisms for women and women-owned SMEs.
IFC works with insurers to create products targeted to the needs of women at various stages of their lives as well as for women-owned SMEs—while creating income generating opportunities for women as insurance agents and distributors.
IFC also partners with other stakeholders such as GIZ, the German development agency; BMZ, the German Federal Ministry for Economic Cooperation and Development; A2ii, Access to Insurance Initiative; and Women’s World Banking to further increase knowledge on the business rationale for expanding insurance coverage for women.
IFC recently collaborated with some of its partners to produce a collection of notes and case studies, Mainstreaming Gender and Targeting Women in Inclusive Insurance: Perspectives and Emerging Lessons, covering a number of topics related to demand and supply of insurance products for women. We also work with the Chartered Insurance Institute to further promote peer-to-peer learning within the insurance industry.