Women now make up a third of the world’s business owners, and their individual spending on insurance premiums will grow to triple its current size—up to a total of $1.7 trillion—by 2030. Nearly half of that business will come from just 10 emerging economies.
According to SheforShield: Insure Women to Better Protect All, a study conducted by AXA, the International Finance Corporation and Accenture, women are looking for ways to expand their businesses and contribute more to the wealth and security of their families. Yet relatively few insurers are positioning themselves to best target this market.
“The industry has overlooked the fact that women, who are more risk-aware, are driving a shift in spending patterns, focusing more on things such as education, health, savings and overall the holistic protection of their households,” wrote Denis Duverne, deputy CEO of AXA Group. “They are also risking the entrepreneurial leap and creating their own businesses. This grows their protection needs faster than those of men, and insurers have a genuine interest in filling in this growing protection gap.”
The report suggests the industry gather intelligence about women’s insurance needs, develop targeted value propositions for female clients, and improve distribution to women in emerging economies.