Gender gaps in financial inclusion remain a challenge in Zambia, with disparities in both access to financial services including insurance products, and limited leadership opportunities for women in the financial sector. Currently, only 39.1% of women have used insurance services compared to 60.9% of men, highlighting a gap in access to and use of affordable financial products and services. This disparity prevents women from protecting their businesses, families, and livelihoods from financial shocks. Addressing this gap is key to building a more resilient insurance sector and achieving broader economic inclusion.

To help, IFC, in collaboration with the Pensions and Insurance Authority (PIA) and with support from the Federal Ministry of Economic Cooperation and Development (BMZ-Germany), is working to mainstream gender in Zambia’s insurance sector through the Africa Inclusive Insurance Program in the county. This initiative aims to ensure that insurance products, policies, and opportunities are designed to serve the needs of all individuals, including women, who remain underserved. A key component of this work is the development of a Gender Mainstreaming Strategy and Action Plan, which will guide Zambia’s insurance industry in embedding gender considerations into its offerings and expand opportunities for women’s leadership within the sector.

As part of these efforts, IFC recently convened a three-day Gender Mainstreaming Stakeholder’s Workshop in Lusaka, bringing together 125 key decision-makers and technical specialists from the insurance industry to discuss gender-inclusive insurance and provide feedback on the strategy. The workshop provided a platform to share insights, challenges, and solutions while reinforcing the importance of gender-responsive policies and product design in strengthening financial resilience. Additionally, IFC through the Africa Inclusive Climate Risk Insurance Program (AIIP), and the Pensions and Insurance Authority (PIA) facilitated knowledge exchange on best practices in developing gender-responsive financial products through a panel discussion featuring a leading bank and a Kenyan insurance company, bringing together key voices to drive industry dialogue.

Key takeaways from the discussions included:

• Integrating gender-sensitive solutions drives business growth by ensuring products and services meet the diverse needs of men and women.
• Despite progress, only 6 out of 34 insurance CEOs are women, highlighting the need for more female leadership to drive inclusivity.
• Leveraging data helps identify gender disparities, informing better product design and interventions to increase women's access to insurance.
• Regulatory support and industry collaboration are crucial. PIA is actively supporting gender-focused insurance solutions through collaboration with IFC.

This work aligns with IFC’s broader commitment to gender and economic inclusion. Through its Roadmap 2030 for Gender and Economic Inclusion, IFC is supporting the private sector in implementing the World Bank Group Gender Strategy 2024-2030, which aims to close gender gaps in access to finance, entrepreneurship, and economic opportunities. 

Moving forward, PIA will identify insurance companies that are interested in designing and piloting products that integrate gender considerations, while also leveraging existing consumer financial surveys to gain deeper insights into inclusive, gender-responsive insurance. This marks an important step toward building a more equitable and accessible insurance sector and financial landscape.