A programme designed to ensure insurance and financial planning products fully respond to the risks faced by women as well as men has been launched by the Chartered Insurance Institute.
The Insuring Women’s Future’s (IWF) programme aims to challenge accepted convention and drive education and innovation to ensure insurance and financial products meet the needs of both genders.
IWF starts from the viewpoint that currently women are less engaged with insurance protection products and services than men and as a consequence are under-protected.
Lloyd’s CEO Inga Beale will act as patron, with other key appointments including Barbara Merry, chair of iWIN, Barbara Schönhofer, CEO Schönhofer Executive Search and PWC partner Jane Portas.
Denis Duverne, chairman of Axa will become IWF global non-executive chair, while Horwich Farrelly chairman John O’Roarke will become IWF UK non-executive chair.
CII CEO Sian Fisher will become executive chair of the body.
Fisher says: “Women represent just over half of the UK population, and yet their access to and use of, insurance and financial protection is limited when compared to their male counterparts. This is at a time when in today’s society, women are exposed to an array of risks distinct from men, including different health risks, increased life expectancy and in their role as carers and working parents – essentially, we need to reinvent insurance for women.
“This new committee seeks to better understand women’s risks in life, both now and in the future, and the role of insurance protection and long term savings in solving and mitigating these. This is not a ‘gender’ issue, it is a risk for society and we are keen to fully engage our male as well as female colleagues in tackling it. I am delighted that so many senior people from within the profession are giving their time and expertise to champion this cause and look forward to working with them.”
