The Chartered Insurance Institute (CII) and IFC (International
Finance Corporation), a member of the World Bank Group, have signed
a memorandum of understanding, joining forces to tackle the
protection gap faced by women, increase their knowledge of risk and
access to insurance.
The organisations will collaborate on research data and raising
the profile of women and risk through the CII's Insuring Women's
Futures (IWF) initiative and the IFC's programme of work into
developing women's insurance in emerging markets.
IWF and IFC both understand that although women have growing
incomes and buying power globally, the financial risks they face
are also increasing, amplifying their need for protection.
Moreover, women's access to and engagement with insurance remains
limited both in mature and emerging markets.
To date, IWF has focused on the needs of women as consumers in
the UK, and IFC is dedicated to expanding private sector investment
in developing countries, with financial inclusion as a strategic
priority. The signing of the MOU recognizes the natural synergies
for further collaboration and links with the CII's international
Sian Fisher, CII Chief Executive Officer, said: "We are
delighted to announce we are working with IFC on this key
initiative. Even in mature markets such as the UK, women have a
significant protection gap. It is not simply a question of emerging
markets learning from or following mature markets- we too can learn
a lot from the innovative approaches already under way as part of
IFC's Women and Insurance programme in emerging markets.
"By working together with IFC we believe we can make a greater
impact globally to ensure we fight for better outcomes for women
across the world."
Marcos Brujis, IFC's Finance Investment Group Director, added
"We are delighted to be partnering with CII in this important area.
Increasing the availability and awareness of appropriate insurance
products will help women and their families and communities manage
their risks. The insurance industry also has the potential to
provide employment opportunities for women, both in insurance
companies and as distributors.
"The partnership with CII will enable us to increase awareness
of women's needs and accelerate innovation and knowledge sharing
among industry players to develop business opportunities in
emerging and mature markets."
IWF and IFC will focus on gathering different stakeholders
within the insurance profession to facilitate knowledge sharing and
innovation to better address the needs of women and create better
protection solutions for women consumers.
IWF was launched in March 2016 with the aim of reducing the
gender risk imbalance within society; improving access, awareness
and take up of insurance products and services by women, and also
creating a more diverse and inclusive insurance market, which
actively addresses women's risks.
IFC has a long track record of gender initiatives in emerging
markets. In 2015, IFC together with AXA and Accenture, launched the
SheforShield: Insure Women To Better Protect All report, which
estimated the market opportunity for women's insurance will reach
over $1.7 trillion USD premiums by 2030. Half of the opportunity is
within emerging market economies.