The CII and IFC (International Finance Corporation), a member of the World Bank Group, have signed a memorandum of understanding, joining forces to tackle the protection gap faced by women, increase their knowledge of risk and access to insurance.
The organisations will collaborate on research data and raising the profile of women and risk through the CII's Insuring Women's Futures (IWF) initiative and the IFC's programme of work into developing women's insurance in emerging markets.
IWF and IFC both understand that although women have growing incomes and buying power globally, the financial risks they face are also increasing, amplifying their need for protection.
Moreover, women's access to and engagement with insurance remains limited both in mature and emerging markets.
To date, IWF has focused on the needs of women as consumers in the UK, and IFC is dedicated to expanding private sector investment in developing countries, with financial inclusion as a strategic priority. The signing of the MOU recognizes the natural synergies for further collaboration and links with the CII's international work.
Sian Fisher, CII Chief Executive Officer, said: "We are delighted to announce we are working with IFC on this key initiative. Even in mature markets such as the UK, women have a significant protection gap. It is not simply a question of emerging markets learning from or following mature markets- we too can learn a lot from the innovative approaches already under way as part of IFC's Women and Insurance programme in emerging markets.
"By working together with IFC we believe we can make a greater impact globally to ensure we fight for better outcomes for women across the world."