Across much of Africa, women continue to face significant barriers in accessing the rights, opportunities, and markets available to men. According to the International Finance Corporation (IFC), the gender gap in sub-Saharan Africa remains at 32% across four critical dimensions: political participation, economic opportunity, education, and health. At the current pace of progress, the IFC has warned, it will take an estimated 95 years for the continent to achieve gender parity.
“Insurance isn’t just about covering losses, it’s a powerful tool for empowerment,” says Molebatsi Langa, Head Retail Strategic Accounts at Old Mutual Insure. “Women often balance a range of responsibilities from running businesses to caring for families, so it is important that they see insurance as a proactive strategy rather than a backup plan.” Old Mutual Insure’s performance over the past twelve months shows a clear trend: education and access are driving a steady rise in insurance adoption. In over a year, the company has seen premiums increase by 10%, thanks in part to more focused risk assessment and cost control. This growth reflects a broader industry shift towards creating products that better serve women and their evolving financial realities.
Furthermore, Langa notes that many women still hesitate to fully engage with insurance. “There’s a tendency to settle for the bare minimum, especially with short-term or life cover,” she explains. “Misunderstandings around pricing or policy complexity often hold people back, and that can be risky.” In fact, Old Mutual’s data shows that about a third of policyholders have either downgraded or switched to lower-cost short-term insurance in recent months often in response to economic pressures. While it makes sense to manage expenses carefully, Langa cautions against cutting coverage too deeply. “When things go wrong, being underinsured could leave you exposed or disadvantaged without sufficient cover”
For women looking to protect themselves and their families, personalised advice is essential. Langa recommends taking the time to understand how different types of insurance can work together—whether it’s protecting valuable assets, ensuring access to healthcare, or securing future income through life cover. There is an increasing focus on key environmental factors. With climate-related events like floods and fires becoming more frequent, insurers are using data analytics to help clients assess their risk. “Women need to know how unplanned life events can affect what they’re covered for,” Langa adds.
Looking ahead, Langa believes insurance should be seen as an essential part of long-term financial planning. “It’s not just about protecting what you have now it’s about planning for the life you want. Insurance goes side-by-side with saving, investing, and building a secure retirement.” Langa further encourages women to take a more active role in understanding their policies and confidently asking the right questions.
Women in insurance continue to drive innovation, leadership, and diversity within the industry, contributing valuable perspectives and expertise that help shape a more inclusive and resilient future in conclusion Langa expresses that “When women are looking to get adequate cover they must always know the options at their disposal. They should also never be afraid to negotiate for a deal that suits them and makes them feel comfortable. The future is female, building her stability, and her peace of mind”., Langa adds.
