Empowering Women Through Insurance: A Path to Gender Parity in Africa

Across much of Africa, women face significant barriers in accessing rights, opportunities, and markets compared to men. The International Finance Corporation (IFC) reports a 32% gender gap in sub-Saharan Africa across critical dimensions such as political participation, economic opportunity, education, and health. At the current pace, achieving gender parity on the continent is estimated to take 95 years.

Empowerment Through Insurance

Molebatsi Langa, Head Retail Strategic Accounts at Old Mutual Insure, emphasizes the importance of insurance as a tool for empowerment. By viewing insurance as a proactive strategy rather than just a backup plan, women can navigate their various responsibilities with more confidence. Old Mutual Insure has seen a 10% increase in premiums over the past year, showcasing the growing adoption of insurance among women driven by education and improved access.

Breaking Barriers

Despite progress, some women still hesitate to fully engage with insurance due to misunderstandings around pricing and policy complexity. Langa warns against settling for minimal coverage, as being underinsured can leave individuals vulnerable in times of need. It is essential for women to understand different types of insurance and how they can work together to provide comprehensive protection.

Looking Towards the Future

As climate-related events pose increasing risks, insurers are leveraging data analytics to help clients assess their vulnerabilities. Langa stresses the importance of women understanding how unexpected life events can impact their insurance coverage. She believes that insurance should be a fundamental component of long-term financial planning, aligning with saving, investing, and securing a stable retirement.

Empowering Women in Insurance

Women in the insurance industry play a vital role in driving innovation, leadership, and diversity. Their perspectives and expertise contribute to a more inclusive and resilient future. Langa encourages women to be proactive in understanding their policies and advocating for deals that align with their needs and comfort.

Ultimately, the future is female, with stability and peace of mind being key priorities. By equipping women with adequate insurance cover and knowledge of available options, they can confidently navigate financial uncertainties and build a secure future.