Investing in Women
Insurance industry associations and companies around the world have long worked to empower women by promoting their financial stability, investing in their futures, and advancing gender equity in employment. But they recognize that more can be done.
To gauge the industry’s progress, the Global Federation of Insurance Associations (GFIA) recently conducted a survey of its member national insurance associations, including the American Council of Life Insurers (ACLI). Results show that:
- Insurers are working to meet and promote the financial security needs of women and invest in their futures. For example, according to the Insurance Bureau of Canada, Canadian insurers have established programs focused on the Philippines and West Indies protecting the livelihoods of farmers and local workers amidst weather disasters and promoting economic participation and financial security among low-income individuals, particularly women.
- Insurers on every continent are addressing the financial protection gap by better tailoring products and services to fit the financial needs of women. For example, the All-Russian Insurance Association reports that insurers in Russia – among many other nations – sell products exclusively for women which offer voluntary protection in case of gender specific priorities.
- Insurers also support gender equity and inclusion in the workplace. For example, the Mexican Association of Insurance Companies reports that 50% of leadership positions within the Mexican life insurance industry are held by women. According to the French Insurance Federation, women hold 60% of all insurance industry positions in France. Insurers also go above and beyond to retain female employees, offering and promoting paid family and medical leave plans in many nations.
The survey results will continue to be analyzed and coordinated with GFIA, ACLI’s Economic Empowerment and Racial Initiative, and others involved with the initiative in the coming months.
U.S. life insurance companies are working to increase the representation by women and other underrepresented groups. ACLI launched its Economic Empowerment and Racial Equity Initiative with concrete actions to address inequities. The insurance industry firmly believes that businesses can be a formidable force for positive change. By investing in women, insurance businesses and associations are providing vital support to families and communities around the world.