Globally, women’s income is projected to reach $6 trillion by 2017, and, by 2028, women are expected to control close to 75 percent of discretionary spending worldwide. Changes in women’s socioeconomic status, while different across regions, are increasingly empowering women to influence and make decisions. That means women are not just earning more, they are increasingly deciding how their wealth, and that of their households and businesses, is spent.
For insurers, the women’s insurance market represents a significant and exciting growth opportunity. Currently, the annual premium value of the global women’s retail insurance market across life, non-life and health product lines is $770 billion, 17 percent of the $4.6 trillion in total global retail and commercial insurance premium volume. By 2030:
- The women’s health insurance market is expected to triple or quadruple, reaching up to $184 billion.
- The value of annual premiums for women’s retail insurance is expected to reach $770 billion.
- The women’s insurance market as a whole is projected to double in size.
In addition to being a fast growing segment, women exhibit behaviors that make them a highly valuable customer base for insurers. From their lower tolerance for fraud to their role as advocates for insurance, they represent an opportunity for insurers to capture significant growth at potentially better margins.
Finally, providing better protection for women is an investment in society. Women tend to reinvest up to 90 percent of their income into their children’s education, nutrition and health needs, which makes them a vehicle for growth for their families’ and societies’ well-being. Women’s focus on education and health also helps grow these industries, which are critical to the development of economies. Thus, by helping women protect and increase their income and assets, and empowering women through informed risk taking, insurers are indirectly helping to grow society overall.
To learn more, register to download the SheforShield: Insure Women to Better Protect All report.