A recently released report by the Chartered Insurance Institute raised concerns about the
financial risks that women face in our fast paced ever changing world. As a
specialist in a wide range of areas revolving around insurance law as well as
an advocate of financial abuse victims, it was particularly fascinating to see
the nexus between the two areas I have focused on for a number of years.
In the report titled “Risk, exposure and resilience to risk in Britain today”, the
need to mitigate the financial risks that women face was strongly highlighted.
Baroness Ros Altmann raised important issues pertaining to the trajectory of
women that often leaves them exposed to larger risks, with very little financial
resources available to protect themselves.
The report has been widely applauded by commentators within the insurance industry who
recognise the need to innovate in a way that will help drive change and bring
in flexible solutions for vulnerable groups. Women tend to be part of the group
and are unable to earn and save for their pension because of low earnings, care
responsibilities or are exposed to risks such as domestic violence or financial
The findings in the report and recommendations can be seen as a call to action in addressing
the need to improve later life income particularly for women whose careers are
often interrupted as they undertake unpaid caring roles which often results in
many not being able to have savings for a “rainy day” and are less likely to be
prepared in the event of family breakdown or other life risks.
There is no doubt that the insurance profession will take on many challenges to drive
change and innovation as seen in a recently launched campaign by InsuranceAge
aimed at helping vulnerable insurance customers.
Many are now hoping that the findings of the chartered Insurance Institute on women’s risks
in Life will prompt action from the government, employers and the insurance
profession in accelerating the pace of change to safeguard a good number of women
who remain exposed to the “risks of life in the 21st century”.
Category: Funding longer lives, Other
Location: United Kingdom