Page 25 - Insurance Times April 2022

WOMEN

INSURANCE -

NEGLECTED &

DISOWNED

T he mission of any government has been to end they have less financial protection than men. It is estimated

that by 2030, the global market for insurance for women
poverty and promote shared prosperity. The
journey out of poverty is not easy, but personal
could reach $1.45-1.7bn. In emerging markets, the potential
or natural disasters can be major setbacks. That's
grow to between $570 and $890bn.
why access to insurance services has an essential role in growth is exponential. It is estimated that the market could
poverty eradication.
Insurance industry has not adopted a strategic approach
The penetration of insurance, measured by premiums to towards increasing women's adoption of insurance. This
Gross Domestic Product (GDP) is just 2.9% in emerging could be due to particular circumstances faced by women.
markets (markets that have some characteristics of a Insurance provided by employers is not tailored to the needs
developed market, but does not fully meet its standards), of women. In developed and emerging markets a significant
as against over 7% in the US and over 9% in the UK. This proportion of women are engaged in part-time or unpaid
suggests strong growth potential in countries where GDP work.
per capita is up to $5,000.
In a report by the Chartered Insurance Institute (CII) even
Women are key to increasing penetration of insurance, as in the UK, 42% of women work part-time, compared with
13% of men. In emerging markets, more women are in the
informal sector, with no 'employer' in the traditional sense.
About the author Since most insured have policies through their employers,
women's access to insurance is almost zero.
Dr. K Raja Gopal Reddy
Principal Officer Women have different needs, especially in health insurance.
Insurancepe These, in emerging markets, are not met by standard

The Insurance Times, April 2022 25