Despite growing awareness of gender disparities in financial services, women around the world continue to face a significant protection gap in insurance coverage—leaving millions vulnerable to illness, disaster, and old age without adequate safeguards.
In much of Asia and the Pacific, fewer than half of women receive any form of social protection, and fewer than one in three contributes to a pension plan. This imbalance is rooted in systemic challenges: lower wages, career interruptions for caregiving, and high levels of informal employment. By the time they reach retirement, women’s lifetime earnings are typically 25–33% lower than men’s—despite having a longer life expectancy.
Yet the insurance industry has long structured its offerings around the uninterrupted careers of men. Policies often carry outdated assumptions, penalizing women with higher premiums or excluding essential coverage like maternity and fertility care. Non-working spouses are frequently offered limited coverage based solely on their husband’s income.
A lack of financial literacy and direct access to insurance agents further compounds the problem, particularly for women in rural or low-income areas. In places like Manila or Jaipur, policies may go unclaimed simply because beneficiaries are unaware of their rights or unable to interpret complex paperwork.
However, several innovative programs across the globe are redefining what inclusive insurance can look like. India’s Pradhan Mantri Jeevan Jyoti Bima Yojana, a low-cost micro-life policy, uses automatic deductions from bank accounts to deliver reliable death benefits to policyholders. In Japan, female agents have developed life insurance products that focus on women-specific illnesses such as breast cancer.
Similarly, Kenya’s Linda Jamii and the Philippines’ CARD MRI bundle affordable health, life, and disaster insurance tailored for low-income women, offering vital support in times of need. In flood-prone regions of Nepal and the cyclone-affected plains of Bangladesh, micro-insurance programs for crops and livestock have provided financial resilience for women farmers. New parametric insurance products in India now offer automatic payouts when extreme temperatures are reached—replacing lost earnings without cumbersome claims processes.
These examples point toward the potential of a more inclusive system. Insurers can begin by integrating trustworthy insurance practices, such as designing policies around women’s life stages, and embedding maternity and fertility care as standard features—not optional add-ons. Pricing models must evolve to fairly reflect part-time and interrupted careers, while regulatory bodies can require greater transparency and portability of benefits, especially for gig and informal workers.
Technology firms also have a role to play. Incorporating femtech data—from fertility trackers to menopause apps—into underwriting processes could improve personalization, provided there is full consent and robust privacy safeguards. Automated enrollment systems should ensure nominee information is complete before issuing policies, reducing the risk of unclaimed benefits.
Equally critical is ensuring women understand how to utilize their coverage. Regular policy reviews, accessible documentation, and education on filing claims can make the difference during emergencies. Community outreach through health workers, microfinance groups, and local media can help demystify insurance language and build awareness at the grassroots level.
The business case for inclusion is strong. According to the SheForShield Report, insurers could tap into $1.7 trillion in new annual premium revenue by 2030 by properly serving the women’s market. But beyond profits, fully insured women are less likely to deplete savings, withdraw children from school, or depend on extended family in times of crisis.
A more equitable approach to business insurance coverage and personal policies alike is not just good practice—it’s a strategic investment in families, communities, and a more resilient global economy.
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