The Chartered Insurance Institute has launched a committee to help insurance products respond to the risks faced by women.
The committee is part of the Insuring Women’s Futures programme which is aimed at “challenging accepted convention” and ensuring insurance and financial planning products respond to the risks faced by both genders.
Sian Fisher, chief executive of the CII and chairman of the committee, said women are less engaged with insurance protection than men and as a result are under-protected.
She said: “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.”
Inga Beale, chief executive at Lloyd’s, will act as patron while Jane Portas, a partner at PwC, Barbara Schönhofer, chief executive of Schönhofer Executive Search and Denis Duverne, chairman of Axa, will be on the committee.
They will be joined by Barbara Merry, chairman of iWIN, and John O’Roarke, chairman of Horwich Farrelly.