A study carried out by IFC, AXA and Accenture estimates that women represent a business opportunity for the insurance sector between US$1.5 and US$1.7 billion in cousins by 2030. The same study indicates that women They are willing to spend between 10% and 15% of their income on insurance.
The continuous and accelerated advancement of technology, accompanied by the globalization of marketsthey generated a new consumer profile increasingly demanding and looking for products that adapt in a personalized way to their needs. Although with advances and setbacks, due to the resistance of social structures, women advance in their fight to defend and conquer rights and companies insurers They see in them an interesting niche to bet on in their development of efficient products that allow a market of insurance more plural.
In the previous government administration, the National Insurance Superintendency (SSN) considered that “the statistical particularities of the risks faced by the female population entail a rate difference compared to the risks faced by the male or unisex population.”
Insurance opportunities for women
In Argentina, the insurance sector has a great opportunity for growth, especially in the segment of People insurancewhich concentrates just 14.3% of the premiums issued.
The Technical and Regulatory Management of the SSN, developed the general contractual conditions of insurance for womenwhich take into account the statistical particularities of the risks to which it is exposed the female population and provide protection to aspects inherent to the gender that until now were unprotected.
From this clause, developed within the framework of a public-private table with the insurance sectorcompanies can create products for women, incorporating the coverage present in Resolution 532/2023 and presenting rates developed entirely from female statistics. The latter is of special importance, taking into account that, in unisex products, many times the insured end up paying higher premiums than the corresponding ones due to their true risk status.
To illustrate the rate difference between men and women, accidental death coverage was taken as an example. According to Vital Statistics of the Directorate of Statistics and Health Information (DEIS)Of the total deaths of males of insurable age, 6.9% are caused by accidents. For the women, This percentage is reduced by almost 60%, settling at around 2.7%.
This means that, using a unisex rate as occurs today in all insurances that offer this coveragethe insured end up paying a premium that is disproportionate to their real risk.
The objectives of insurance for women
By encouraging this differentiation, it generates positive discrimination that will contribute to reducing the economic gender gap in our country, where women receive incomes that, on average, are 27.7% less than those masculineaccording to the Permanent Household Survey (EPH) of the INDEC to the second quarter of 2023.
Along these lines, public policy is also a great contribution to the fulfillment of the Sustainable Development Goals (SDG) of the United Nations, in particular SDG 5 inherent to achieving gender equality and empowering all women and girls, thereby reducing the gender gap.
Finally, this measure contributes to streamline the processes for approving plans and provide greater legal security for the insured.
The release of this is provided public policy as a starting point for the creation of products with a gender perspective that contribute to reducing the economic gap, fostering innovation and promoting the development of our insurance market.
Source: Ambito
