Nigerian women, particularly those who are entrepreneurs in the microeconomic environment, have the potentials to contribute the sum of $1.7 trillion to the insurance market by 2030, according to The International Finance Corporation (IFC).
The IFC is a member of the World Bank Group, which has the responsibility of offering investment, advisory, and asset management services to encourage private sector development in developing countries.
In a report, the Corporation emphasized on the need to engage women in the insurance marketing as they are observed to dominate the microeconomic sector. According to IFC, the significance of this anticipated leap presents a major new opportunity for sustainable and inclusive growth, targeted at women across the globe.
The report read that the insurance industry has largely overlooked women as a consumer segment despite significant market growth potentials. This must be overturned with specific measures and actions directed bringing women in the picture economic growth through the insurance market.
By effectively reaching out to women, the industry could significantly increase their economic participation and further support social and economic development in emerging markets, IFC insists.
The report also highlighted the contribution women can make as agents, marketing and sales leaders, and professionals who would expand coverage to clients in emerging markets.
“At IFC, we believe strongly in leveraging the opportunities that women present as a force for development—as consumers, employees, leaders, and entrepreneurs,” said IFC CEO Jin-Yong Cai.
“We are confident that the findings of this report can help plant the seeds for a thriving, women-focused insurance market, enabling women to better protect themselves, their families, communities and societies.”
The IFC based its recommendations on a series of in-depth interviews with industry representatives and associations, brokers, agents, customers, and regulators in the 10 markets, desk research, and econometric modeling. It shows how women’s increased income, improved socioeconomic status, and greater need for protection create a significant opportunity for insurers. It also describes how women’s preferences differ by country, income and lifecycle events, requiring insurers to tailor products and services.
Despite persistent gender gaps, women globally earn and own more than ever: Their income is projected to increase globally from $9.8 trillion in 2007 to $15.6 trillion by 2017.