Page 54 - The Insurance Times January 2025

Inclusive Insurance for Women

Addressing Gender Gaps in Risk Protection

Introduction products often fail to address risks specific to women,
such as maternity, childcare, and violence.
In India, gender disparities persist across various dimen-
sions, including financial inclusion and risk protection. De- Understanding Women's Unique Insur-
spite women's growing contribution to household income
and the economy, their access to insurance remains signifi- ance Needs
cantly lower than men. Women face unique risks related to 1. Health Insurance:
health, income security, and their roles as caregivers, yet Women face distinct health risks, including mater-
traditional insurance products often fail to address these nity-related complications, reproductive health is-
specific needs. sues, and higher susceptibility to certain chronic

illnesses.
Inclusive insurance for women is critical not only for empow-
They often prioritize family health over their own,
ering them but also for building a resilient society. Tailoring
insurance products to women's unique requirements, com- leading to delayed treatments.
bined with effective distribution strategies, can bridge the 2. Life Insurance:
gender gap in risk protection and enhance overall financial Women in informal sectors or homemakers contrib-
inclusion. ute indirectly to household income through
caregiving. A life insurance policy tailored for them
The Gender Gap in Insurance: An Indian can mitigate the financial impact of their absence.

Perspective 3. Income Protection:
Women are disproportionately affected by job loss
India has made strides in increasing financial inclusion, but
women remain underrepresented in insurance. According or income instability, particularly in sectors like ag-
to the Global Findex Database 2021, only 20% of Indian riculture and textiles, which are vulnerable to eco-
nomic shocks.
women have insurance coverage, compared to 30% of men.
The gap is even wider in rural areas, where cultural norms, 4. Coverage for Domestic Violence:
lack of awareness, and financial dependency limit women's Women face the risk of domestic abuse, which can
access to insurance. lead to physical, emotional, and financial distress.
Insurance products addressing violence recovery
Key barriers include: costs are essential.
1. Cultural and Social Norms: Women's financial decisions 5. Microinsurance for Entrepreneurs:
are often influenced or controlled by male family mem-
Women-led micro and small enterprises often lack
bers. access to affordable business insurance, making
2. Economic Inequality: Women typically earn less than them vulnerable to losses from theft, fire, or natu-
men and are more likely to work in informal sectors ral disasters.
with no insurance benefits.
Strategies for Designing Inclusive Insur-
3. Lack of Awareness: Many women are unaware of in-
surance products or their benefits. ance Products for Women
4. Gender Bias in Product Design: Traditional insurance To address these unique needs, insurance products must be

48 January 2025 The Insurance Times