Insurance plays a vital role in economic development by helping individuals and families manage risk and deal with uncertainty. Women are at the forefront of economic development in many markets, representing not only an engine for growth but a large potential market for insurers. They are also a high-potential salesforce for insurers, with particular skills in developing long-term client relationships.
The International Finance Corp., AXA and Accenture have partnered to produce SHEforSHIELD: Insure Women to Better Protect All, a comprehensive report on the state of the women’s insurance market globally — and particularly in developing markets. This report looks at the size and growing importance of this market for the insurance industry worldwide, but it also explores the need for insurance as part of the social safety net for women entering the workforce, accumulating assets and establishing their own enterprises.
The report estimates that women’s individual spending on insurance premiums will grow to $1.4-1.7 trillion by 2030 — three times its current size. Women entrepreneurs are now one-third of the world’s business owners, and they are looking for ways to expand their businesses and contribute more to the wealth and security of their families. Despite this, relatively few insurers are targeting the women’s market.
About the author
Thomas Meyer@Thomi_Meyer
Thomas Meyer is the insurance lead for Accenture in Europe, Africa and Latin America, and the managing director for Accenture Switzerland. He has been a consultant with Accenture since 1987, specializing in the execution of complex international projects in multiple sectors. His primary focus now is on conceiving, planning and implementing new business models and business process change, and supporting them through information technology and innovative partnerships which are built to last.
