Despite the support that societies provide to women in order to protect them against any risks, they can impede their role in the development of society as the main pillar for building any present or future, but the protection umbrella that must be available to them is still in its infancy, as women represent 70% of The income-deprived and the poor in the world, which makes them more vulnerable to health and financial risks, and despite the need for insurance protection to face these dangers, there is still a lack of awareness in addition to the lack of data on those with limited income, which led to the insurance sector continuing to serve this sector less than it should be, The percentage of premiums paid in the insurance market for women is expected to double its current size from 1.45 trillion dollars to 1.7 trillion dollars in 2030, and there are currently large gaps in meeting women’s needs, including, for example, the provision of full, affordable insurance coverage, And tangible and provide peace of mind.
According to a study by the Egyptian Insurance Federation, insurance companies should go beyond the traditional micro-insurance coverage and design insurance products such as micro-pension plans, simple hospitalization products, multi-risk products, family coverings, life insurance with the advantage of preserving the cash-value option, and other Additional coverage and benefits that are based on the size of the risks that women may be exposed to, and insurance companies can create basic insurance products at a low cost and are specially designed for women with limited income and their families, that lead to attracting and retaining them as loyal customers.
There is little question that micro-insurance has well-tried its importance particularly for girls with restricted financial gain.Covering gender-related risks like “mother’s health” and “loss of financial gain thanks to stopping work to require care of a loved one.” However, ladies still want a lot of sum of money (protection).Women with low financial gains also are a lot of probably connected the burden of providing income for his or her families alone; so, providing micro-insurance coverage for the pinnacle of the family or the breadwinner woman prevents financial shocks that may be exposed to the family, and insurance companies can benefit from the behavior of women in the field of savings by providing insurance products related to savings. In this way, long-term savings and pension plans can reach a wider group of women, not just the entrepreneurs who are typically targeted by financing products.
Helping women provide for their families
Women of all classes prioritize the education of their children, and this is especially evident among low-income women, as they acknowledge the importance of education in helping their children overcome their financial situation. The majority of borrowers from the low-income population are women, and many loan-related insurance offers do not provide coverage for the family and the husband, but only protect the borrower’s life, therefore, insurance companies can create products that cover the entire family, and extend beyond the loan period.
Women’s health needs
Women have special health needs like pregnancy, ovarian and cervical cancer, etc., and insurance companies can cover the costs of treating them. Moreover, health care costs place great pressure on poor families, and are the most common cause of depleting women’s savings and assets.
Low-income women do not have pension and pension schemes, as they tend to work in the informal sector. Women are also more likely to be older than their husbands. Often women are able to save small amounts of money, but they often lack the means to increase the volume of these savings enough to support them in old age, and to provide pension or savings products that allow small and flexible repayment options. It helps increase retirement financing.
Streamline claim processes and document drafting
Levels of financial literacy are often low for low-income women. The complex or lengthy requests or the many papers required to settle the insurance claim, in addition to the many procedures, increase distrust of insurance, and reduce the demand for purchasing or renewing insurance policies. The documents should be drafted in a common and understandable language, in addition to making the distribution and service delivery mechanisms simple and easy to understand, noting the restrictions that limit access to the customer sector and culture of this segment.
The percentage of women borrowers out of the total number of borrowers in Egypt is a large percentage. All of them will be insured with compulsory insurance according to the decision of the Financial Supervisory Authority to provide compulsory micro-insurance for all microfinance clients. Therefore, insurance companies should not stop at this point, but rather they must start In thinking of introducing additional new products designed primarily for women.
For its part, the Egyptian Insurance Federation called on industrial unions, chambers of commerce, investor associations, and other bodies interested in empowering women to join efforts in order to put in place the appropriate mechanism for the use of insurance products specially designed for women, and to raise awareness in work fields about the extent to which these products can serve women and help them overcome The problems it faces, whether in the field of establishing its own business or in assuming leadership positions, and the Egyptian insurance sector must contribute to projects of interest to women, by holding more meetings and discussions with other sectors, in order to reach points of agreement on the mechanism of cooperation in Areas of sustainable development and empowerment of women.