Kathmandu. Women have a strong hold and dominance in Nepal’s micro life insurance market.
According to the Nepal Insurance Authority’s TAG_OPEN_em_10 study ‘Insurance through a Gender Lens: A Fema Meter Assessment in Nepal‘, women not only have a majority of the share of small life insurance but their average claim payment is also higher than that of men.
According to the NRA’s data, women account for 62 per cent of the total insured and insured population of micro life insurance, while men account for only 38 per cent. Women are also marginally ahead in insurance premiums. For micro insurance, women pay an average annual premium of Rs 489 while men pay Rs 398. The overall average insurance premium in the sector is Rs 454.
The most notable aspect is seen in the claim payment amount. The average claim payment amount received by women towards short life insurance is around Rs 1,30,000. On the other hand, the average claim amount received by men is around Rs 96,000. The overall average claim amount in this market is Rs 1,15,000.
The report states that the presence of women in this sector has been strengthened as microfinance and low-income targeted financial programs mainly give priority to women. Also, this result is due to the important role of women in managing household finances and taking care of health.
The NRA has stressed on the need of providing easy and affordable insurance plans to women entrepreneurs, small traders, farmers and self-employed women.
