Despite significant progress in financial inclusion, there remain large gaps in women’s access to and full benefit from insurance services. Women uniquely face a set of specific risks related to their health, social and economic roles, and longevity, making insurance protection critically important for them.

According to the weekly bulletin of the Insurance Companies Union, women’s insurance needs are closely linked to distinctive demographic, social, and economic characteristics:

• Longer life expectancy: Women often live longer than men, which means a greater need for financial planning for retirement and protection against depletion of savings.
• Specific health risks: Women face health risks related to pregnancy, childbirth, and diseases such as breast and cervical cancer, which require costly medical care.
• Dual economic role: Women often bear responsibility for managing household affairs alongside working outside the home, making their financial stability essential for the stability of the entire family.
• Economic vulnerability: Low female participation in the labor market and their concentration in the informal sector make them more susceptible to financial shocks.

How does insurance contribute to women’s financial protection?

Protection from health risks:

• Coverage of high costs: Health insurance alleviates the financial burden on women and their families in cases of chronic illnesses, surgeries, or long-term care needs.
• Focus on women’s diseases: Some insurance policies offer specific coverage for diseases such as female cancers, encouraging early detection and effective treatment.
• Preserving savings: Health insurance prevents the depletion of family savings during medical emergencies, preserving women’s financial capital and protecting them from falling into poverty.

Achieving long-term financial security:

• Income insurance: In case of disability or injury preventing a woman from working, income insurance provides a regular income to replace lost wages.
• Life insurance: Life insurance protects the wife and children from the devastating financial consequences of the death of the main breadwinner (husband or father), ensuring their continuity in education and living standards.
• Retirement savings: Life insurance products with a savings component are an effective tool for women to save systematically for retirement, especially given pension gaps.

Empowering women economically:

• Ensuring business continuity: Microinsurance contributes to financing small and medium enterprises owned by women and protects them from risks of interruption due to fire, theft, or third-party liability.
• Enhancing creditworthiness: Having an insurance policy can be a positive factor when applying for a loan to finance a project, reassuring lenders of a woman’s ability to cope with shocks.

How does insurance contribute to women’s social protection?

Enhancing independence and confidence:

Insurance gives women a sense of financial independence and the ability to face future risks without complete reliance on others (husband, father, brother), boosting their self-confidence and status within the family and society.

Achieving family stability:

When a woman is insured, she transforms from a “potentially vulnerable” person in times of crisis to a “strong pillar protecting the family.” She can manage health or financial crises without causing the family’s financial system to collapse.

Protection in cases of divorce or widowhood:

Many women face economic vulnerability after divorce or the death of a spouse. Life insurance returns or savings from insurance policies can be a lifeline helping them overcome difficult transitional phases and finance their rehabilitation to enter the labor market.