Day 4 of ICII 2024: Focus on Women’s Role in Insurance and Climate Resilience
Kathmandu, On the fourth day of the 20th International Conference on Inclusive Insurance (ICII), attention turned to the vital role of women in the insurance sector and the need for stronger climate resilience strategies. With over 500 global experts in attendance, the conference explored how inclusive insurance could drive financial protection, especially in emerging markets.
A key session emphasized the growing influence of women in household spending and the industry’s missed opportunity in addressing their distinct risk profiles. Experts noted that targeting women with tailored insurance products could generate up to $1.7 trillion in additional revenue by 2030. Increasing the number of women employed in the sector, particularly in distribution roles, was seen as essential to designing more relevant insurance products.
The session also introduced In4Women, a year-long initiative by the IFC and the ILO, which sought to increase the industry’s knowledge of the women’s insurance market and support insurers in becoming employers of choice for women.
Another highlight of the day was the discussion on climate adaptation and financial resilience, hosted by the UNDP. Experts reviewed the role of climate insurance in supporting vulnerable populations and driving development outcomes. The session addressed the challenges and opportunities in implementing technology-driven insurance solutions for low-income communities affected by climate change and pandemics. Additionally, the valuable insights into global progress of Inclusive Insurance over the past 20 years was also highlighted.
As the ICII 2024 progressed, participants continued to exchange ideas on how inclusive insurance could mitigate risks for underserved populations.
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