Women's Access to Insurance - Public Dialogue
Also in Public Dialogues
The A2ii and IAIS welcomed close to 100 participants during the Public Dialogue on Women’s Access to Insurance.
The dialogue was moderated by Suzette Vogelsang, Head of Banking and Insurance at the South Africa Reserve Bank (SARB). Katherine Miles, A2ii consultant and technical expert on women’s financial inclusion, presented some insights from the upcoming A2ii report on ‘The Role of Insurance Supervisors in Boosting Women’s Access to Insurance’. Her presentation covered how the insurance sector and regulatory approaches can help increase women’s access to insurance, the current status of women’s access to insurance, and the particular need for data on supply and demand. She highlighted how gender-diverse leadership in insurance companies can improve performance – both in terms of targeting women, as well as productivity and recommendations which can facilitate better access to high quality insurance for women.
A panel discussion followed, featuring Susan Neely, President and CEO of the American Council of Life Insurers (ACLI), Renu Audit, Director of Authorisation and Supervision, at the Financial Services Commission (FSC) Mauritius, and Shree Kant Kumar, CEO of VimoSEWA. The discussion began with an overview of some of the critical barriers limiting women’s access to financial services and insurance. VimoSEWA shared their experience in India and how they have addressed these barriers, while FSC Mauritius touched on their work in promoting gender equity at a national level in Mauritius, including supervisory challenges and opportunities. The regulator is also playing a broader role in fostering access to insurance for women through financial education initiatives and increasing the composition of women within the labour force at the FSC. In terms of global efforts, ACLI emphasised the recently launched B20 special initiative on Women’s Empowerment and what it seeks to achieve in addressing challenges that women face and enabling their access to financial services. To wrap up, all speakers shared their insights on how the insurance sector can leverage on various digitalisation efforts to address traditional barriers that hinder access to insurance for women.
Keep an eye on our Knowledge Hub here where A2ii’s report on ‘The Role of Insurance Supervisors in Boosting Women’s Access to Insurance’ will soon be published.
A gender gap persists when it comes to women’s access to financial services, including insurance. Women’s access to insurance and associated gender considerations are emerging priorities for stakeholders in the insurance sector and there is a clear and present need for integrating a gender perspective in insurance regulation and supervision. The gender gap in women’s access to insurance is often attributed to challenges like lack of data, socio-cultural barriers and low levels of financial literacy, particularly for low-income women in developing and emerging economies. To bridge this gap, it is essential to design products that meet women’s specific needs and raise awareness of the transformative potential of gendered approaches in regulation and supervision. Promoting women’s access to insurance will also contribute to the achievement of broader policy objectives and the sustainable development goals, particularly SDG 5: Gender Equality.
On 27 May, the A2ii and IAIS will be discussing women’s access to insurance in our Public Dialogue. Insights from A2ii’s upcoming report on the theme will be presented. The participants will hear from industry experts as well as supervisory authorities who will share their experiences related to enhancing women’s access to insurance in emerging markets.
The dialogue will be moderated by Suzette Vogelsang, Head of Banking and Insurance, South African Reserve Bank.
This webinar will be open to all stakeholders and will take place at 14:00 CEST in English (with simultaneous Spanish and French interpretation). It will last one hour and will take place via WebEx.
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