CII event lays bare the extent of women’s risks

The Chartered Insurance Institute (CII) today hosted an event, called Insuring Women’s Futures Live 2018, to highlight the risks faced by women.

Attendees included insurance and financial planning professionals, policymakers, the third sector and consumer groups.

The CII hopes that the event will generate innovative ideas that will help the profession address and better understand the challenges posed by women’s risks.

In her opening address, CII president and Lloyd’s chief executive, Inga Beale said that she is “not surprised” by the situation, citing wealth inequality as a huge factor in increasing risks.

“As a profession, we’ve got to do a better job of being inclusive,” Beale cautioned.

Beale said that 70% of the global population has 3% of the wealth, while a staggering 85% of the world’s wealth is held by just 8.6% of people.

“The gap between the haves and have-nots is getting bigger,” said Beale.

According to CII research, ‘millennial’ women are becoming increasingly indebted with non-mortgage debt compared to men, while 18-24 year old women are less confident in managing their money than men.

Whereas 48% of men aged 18-24 feel confident managing their money, 34% of women in the same age bracket felt the same.