COVID-19 and the Insurance Industry: Why a Gender-Sensitive Response Matters

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According to IFC’s 2015 SheforShield report, due to women’s improving socioeconomic status, by 2030, they will represent a $1.7 trillion opportunity for the insurance industry, and 50 percent of this growth will be in emerging economies. According to Swiss Re, global insurance premium growth is driven by emerging markets as a result of innovations in insurance, and the narrowing of the insurance protection gap. However, despite this positive outlook for industry growth in emerging markets, as IFC has reported, most insurers fail to see women as a key consumer segment.

The global response to the pandemic has highlighted new approaches that insurers should consider, including customer-centric digital tools and other innovations that respond to stakeholders’ needs. It has also become increasingly clear that insurers need to tailor their products and processes to the differing risks and needs of men and women and commit to mitigating the extent to which this pandemic widens the gender gap.

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Susan Holliday, Senior Advisor, Insurance, Financial Institutions Group, IFC

Prapti Sherchan, Operations Officer, Women’s Insurance Program, Gender Business Group, IFC

Sarah Ebrahimi, ET Consultant, Women’s Insurance Program, Gender Business Group, IFC

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17

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