Study explores microinsurance that works for women

Microfinance Focus , Dec. 06, 2009 : Because of the unique challenges that poor women face – such as increased health risks associated with pregnancy and childbearing – Microinsurance products should be tailored to the individual needs of women as caregivers, said a study, “Microinsurance that Works for Women: Making Microinsurance Programs Gender-Sensitive,” published by Women’s World Banking (WWB), supported by the Microinsurance Innovation Facility of the International Labour Organization (ILO) and the Swiss Development Corporation. This is the first study ever to examine microinsurance from a gender specific lens.

In response to the needs of women and their households, this study aims to serve as a call to action to microfinance institutions  and other delivery channels (such as employers, unions, cell phone providers), as well as to donors, insurers, and the research community to develop gender-sensitive microinsurance programs, the study said.

Earlier this year, WWB and Zurich Financial Services announced a pilot program that aimed to establish a global microinsurance program to specifically help the primary caregiver in a low-income family. Data from the Caregiver pilot program contributed to the findings of the current study.

Insurance is a relatively new form of addressing poverty, but some innovative insurance companies are already leading the way. For example, Colombia’s La Equidad, a mainstream insurer of over 3 million people, structured the benefits of their microinsurance program to prevent families from having to cut children’s education or caloric intake to cope with the financial shock of the death of a parent.

Read the report : Microinsurance that Works for Women: Making Microinsurance Programs Gender-Sensitiv

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