A new study released this week by Trusted Choice®, the national consumer brand representing the members of the Big “I," reveals that 80% of women are responsible for the financial planning and decision-making in their households, and the same percentage is responsible for purchasing their household's insurance coverage, such as auto, homeowners or renters, personal umbrella and pet insurance. 

As women are celebrated during Women's History Month, the survey of 500 women also found that 72% would be more inclined to purchase insurance if the policy offerings were presented by another woman, according to the study.

“Women are critical in making financial decisions, which extends to insurance coverage. Independent agents across the country are in a prime position to help guide and empower women to navigate the complexities of insurance with confidence and clarity, particularly in this challenging market," said Angela Ripley, Big “I" executive committee member. “At independent agencies, women are increasingly working in leadership, management and principal roles, serving as trusted advisors to provide the support and personalized service desired by female insurance buyers."

The new survey comes after Liberty Mutual and Safeco's “2024 Agent for the Future" report highlighted that in an ever-changing market environment, women in insurance are rising to the challenge—with women-led insurance agencies offering a good cultural fit for female insurance consumers. 

Additionally, research shows that women's purchasing power will continue to grow with women predicted to own 75% of all discretionary spending by 2028, according to Nielsen.

“When it comes to personal lines of insurance, women are holding the decision-making and purchasing power," added Kasey Connors, vice president of marketing operations, Trusted Choice. “There is significant market potential for independent agents to recognize the power women yield in the insurance purchasing process, and ensure they are meeting the needs of this critical consumer base."

Olivia Overman is IA content editor.