A Message from Fatou Assah, Global Head, Advisory Services, Financial Institutions Group (FIG)

As we celebrated Women’s History Month in March, Fatou Assah reflects on GIIF’s gender achievements and continued commitment to inclusion in insurance: “As we commemorated Women’s History Month in March, we reaffirmed our focus on closing gender gaps and scaling impact where it matters most. GIIF continues to contribute to IFC’s gender flagging commitments to promote gender-smart solutions and the integration of inclusive insurance across the industry. In 2023, the global insurance sector experienced a 7.5% rise in premiums. Yet Africa accounted for just 1% of global premiums and had a penetration rate of 2.4%, far below the global average of 6.8%, highlighting immense untapped potential across the continent.

IFC’s SheforShield report underscores the opportunity in focusing on women, estimating that the women’s insurance market could grow from $100 billion in 2013 to between $570 billion and $875 billion by 2030, with women driving growth both as customers and insurers. With over 14 million agricultural insurance policies that have reached nearly 70 million people globally, a significant portion of those served are women. GIIF’s ongoing research efforts have been instrumental in identifying critical gender gaps and informing the development of its gender strategy. Insights gained from participating in discussions hosted by the Centre of Excellence on Gender-Smart Solutions, along with access to their resources, are helping shape this strategy, particularly in support of women farmers and gender-responsive policy reforms. Our experience also underscores the need for targeted support to ensure that women, especially in vulnerable sectors like smallholder farming, have the tools to protect their livelihoods and thrive.

Collaboration is at the heart of our work. GIIF is proud to advance gender-responsive climate and disaster risk finance strong partnerships with A2ii, the Insurance Development Forum (IDF), and the Global Shield initiative. Together, we are enhancing parametric insurance and expanding inclusive insurance solutions that empower women and foster resilience in communities most affected by climate risks.”

Driving Change in African Insurance Leadership: FANAF Gender Study: In partnership with IFC’s Women’s Insurance team, GIIF co-supported a landmark gender study with FANAF, encompassing over 208 insurance firms across 27 African countries. The study, which was officially launched in February 2024, was presented during FANAF’s 49th General Assembly, held under the theme: “Women: A Driving Force in the Growth of the Insurance Industry in the FANAF Region.” The study provides a comprehensive snapshot of female representation within FANAF-member insurance firms. Findings revealed that while women make up nearly half of Sub-Saharan Africa’s workforce and 50% of insurance sales teams, only 15% of CEO roles in FANAF member companies are held by women. This highlights a significant gender gap in leadership positions within the sector. The study also identified key priorities to bridge this gap, such as investing in leadership pathways, embedding gender equality in company policies, and enhancing regulatory frameworks to dismantle structural barriers. The event concluded with a strong commitment to gender inclusion, uniting industry stakeholders around actionable steps for systemic change, an effort GIIF remains dedicated to advancing, particularly in promoting women’s leadership in insurance. 

Spotlight on Zambia: As part of IFC's broader Gender Strategy 2024–2030, efforts are underway to tackle persistent gender gaps in financial inclusion. Currently, only 39.1% of women report using insurance services, compared to 60.9% of men. Through the Africa Inclusive Climate Risk Insurance Program, IFC, the Pensions and Insurance Authority (PIA), and with support from BMZ-Germany, are working to embed gender considerations into Zambia’s insurance sector. A recent workshop in Lusaka brought together 125 stakeholders to co-develop a Gender Mainstreaming Strategy and Action Plan. The aim is to promote women’s leadership and empower them to take a central role in the insurance landscape. 

Looking Ahead: Building on March Momentum: From groundbreaking research to high-level advocacy, March was a month of momentum. GIIF remains committed to advancing inclusive insurance solutions that empower women, not just as clients, but as innovators and leaders. Together with our partners, we’re shaping a more equitable and resilient future, one policy, one product, one woman at a time.

Author: Doris E Ibekwe