How can insurance play a positive role in gender and income inequality?
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Inequality between women and men is a strong contributing factor to overall income inequality in society and lack of access to financial products blocks advancement opportunities for disadvantaged segments of the population. Such a pattern is unjust and weakens the fabric of society while also being a source of economic inefficiency.
Both inequality and financial inclusion are determined by structural factors, such as welfare state arrangements and legislation e.g. right to vote and right to title. In this regard, policy change can be a strong enabler or disabler; the question is who, in practice, can lead the establishment of the different structural conditions needed for more equitable outcomes? Is it purely the responsibility of the public sector or can the private sector proactive seek to collaborate for impact, rather than just comply with regulation? Can we imagine public-private partnerships for equity?
On 3 June 2022, Swiss Re had the pleasure to host a webinar together with Women's World Banking to tackle these questions and explain the positive role of insurance in helping to close the gender and income gap.
Veronica Scotti, Chairperson Public Sector Solutions hosted the session and was joined by Mary Ellen Iskenderian, President and CEO of Women's World Banking who gave insights from her book "There’s Nothing Micro about a Billion Women: Making Finance Work for Women" on the power of financial inclusion for women. Swiss Re Institute Chief Economist Jerome Haegeli introduced the latest sigma report on "Reshaping the social contract: the role of insurance in reducing income inequality" and explained how post-COVID economic growth is under threat and a toxic mix is in the making unless we act now.
In the subsequent panel discussion Mario Wilhelm, Head Middle East and Africa, Swiss Re Public Sector Solutions joined Jerome and Mary Ellen and brought examples of what he and his team have done to address income inequality and financial inclusion in the Middle East and Africa.
If you'd like to find out how the blockers can be overcome and better results achieved through public/private sector collaboration, please watch the recording below.