Women’s Insurance space to grow four-fold by 2030: Bharti-AXA

The women’s insurance is set to grow two to four times to Rs 1.4-2.3 lakh crore by 2030, a study released by global asset management major AXA, in association with IFC and Accenture, has found. The current estimated premium paid (as of 2013) by women customers in India is close to Rs 65,000 crore.

The study lists increase in number of working women in the country, along with 20% growth in their income compared to 2008, among growth drivers for this segment. Other factors include concern around providing for children, increase in life expectancy and rise in number of female entrepreneurs (4.5% annually) as well as women’s unions.

While the growth prospects look bright, the study has also highlighted some concerns in this space. Female customers make up only 20-30% of insurers’ – life as well as general – portfolio. This apart, women lack awareness about insurance and remain underserved, stated the report. They tend to rely more on savings rather than insurance during medical emergencies. They also prefer female agents over male ones as they feel the latter do not address their needs “sufficiently.”

The study was conducted in emerging economies of Brazil, China, Colombia, India, Indonesia, Mexico, Morocco, Nigeria, Thailand and Turkey.