Session at the ICII 2023: Using data to close the gender protection gap – Supervisory and policy perspectives
Event report:
Parallel session on "Using data to close the gender protection gap – Supervisory and policy perspectives” | 25 October, Accra, Ghana
At the 2023 International Conference for Inclusive Insurance, A2ii held a parallel session on "Using data to close the gender protection gap – Supervisory and policy perspectives."
The speakers were Yizaso Musonda, Manager, Market Development - Insurance, Pensions and Insurance Authority, Zambia, Lebohang Mabataung Moletsane, Section Head Long term Insurance and Microinsurance, Central Bank, Lesotho, and Jibran Paracha, Additional Joint Director, Insurance Division, Policy Regulation & Development Department, Securities and Exchange Commission, Pakistan. The session was facilitated by Milena Kozomara, A2ii.
An opening message from Natalia Lopez Uris presented Argentina’s efforts in collecting sex-disaggregated data, and the panellists from Zambia, Pakistan, and Lesotho discussed the importance of collecting and utilising data with a purpose, emphasising that every jurisdiction has unique dynamics that must be addressed.
A key takeaway was that data alone is insufficient. The data needs to be transformed into actionable information. Women may be low risk but are highly vulnerable and this should be represented in the market. Therefore, it is vital to know where and why it is necessary to collect sex-disaggregated data to avoid burdening regulators and the industry. The A2ii FEMA-Meter toolkit for data collection simplifies data compilation for supervisors and aims to mainstream data collection throughout various jurisdictions.
From the panel, a clear message to fellow regulators emerged:
Lead by example through organisational equality and use data on why women are excluded, as statistics only reveal the gap's size.
Supervisors should create an inclusive environment, fostering diversity in regulatory bodies and industries. Women's representation in leadership positions is vital.
Gender is not the only protection gap. Data-driven policies and inclusive products are necessary.
Industry and regulators should be more responsive to broader inclusivity, and internal capacity building is essential for sustainable change.
Event announcement:
A2ii will be hosting a parallel session at the International Conference on Inclusive Insurance in Accra, Ghana. The session “Using data to close the gender protection gap – Supervisory and policy perspectives” will take place on 25 October from 9:00 - 10:30 am local time.
Many stakeholders in the insurance industry, including regulators and supervisors, express their commitment to treat women and men as equal. However, gender-neutral approaches to insurance, though well-intended, create a disproportionate impact on women. Through pre-existing biases women are being unintentionally left behind with their specific needs not being considered.
Without sufficient knowledge about the actual magnitude and nature of gender protection gaps, there cannot be gender equality.
In this panel, some of the questions that will be discussed include:
Where are the gender data gaps and how do they contribute to women’s financial exclusion?
What kind of data would be needed and how would it need to be aggregated, analysed and used to address the gender protection gaps?
What are good practices in collecting this data and how can they be scaled up?
Find out more on the ICII website.
