Women are an increasingly important demographic for insurers, but their needs may differ from those of men.
Women now represent 85% of primary decision makers for household insurance purchases, and they control 75% of discretionary spending overall. Spending on premiums among women is forecast to reach $1.7 trillion by 2030.
Women are also increasingly pursuing higher education: in 2024, 40.1% of women over the age of 25 held a bachelor's degree or higher. Just 37.1% of men held similar degrees. Women's salaries have increased accordingly, though women still earn roughly 81 to 85 cents per dollar compared to men.
When it comes to insurance, women differ from men in a few key ways. In auto insurance, women tend to have fewer and less severe claims, though risk calculations in some states often mean they pay higher premiums than men. In home insurance, women tend to be more risk-averse than men, choosing higher coverage options.
For insurers, small adjustments may be necessary to reach and serve the growing female demographic. Communications shouldn't assume a male head of household, and women tend to favor products that can be tailored to their exact needs.
Increasing the number of women in agent positions as well as in company leadership can also improve the understanding of risks and needs that are important to female consumers.
The slideshow above highlights key stats about women and finance according to The Zebra.
Photo credit: Zivica Kerkez/Adobe Stock
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