Health emergencies are one of the most common triggers of financial distress globally. With most health costs borne directly by households, the World Health Organization estimates that more than 100 million people are pushed into extreme poverty each year due to out-of-pocket medical expenses. Such shocks not only devastate families but also create credit risk for low-income individuals as well as micro, small or medium-sized enterprise clients and their businesses. Recognizing the detrimental effects, especially on women’s financial resilience, Women’s World Banking designed the Caregiver programme, a hospital-cash health microinsurance product bundled with microloans and with no exclusions.98 Automatic enrolment ensures wide reach, and customers receive a fixed daily payment during hospitalization, providing flexible funds to cover medical, household or business expenses without jeopardizing loan repayment. Piloted in 2010 with Microfund for Women in Jordan, where many claims were maternity-related, the programme demonstrated both client and institutional value.99 It showed strong health outcomes, such as encouraging hospital visits and allowing sufficient recovery time, as well as positive financial outcomes, including higher loan repayment rates and reduced reliance on savings to cover hospitalization costs. The programme also significantly boosted customers’ confidence in their ability to manage healthcare expenses. A 2024 study on the Caregiver programme conducted in Nigeria found that the confidence level of customers who submitted a claim through the Caregiver solution was three times higher, and 1.5 times higher even among those who had not submitted a claim. Today, Caregiver operates in four countries in Africa and the Middle East and has covered more than 2 million lives – women and their families – with strong uptake and claims rates that underscore its relevance. The programme is simple, offers quick payouts and maintains a focus on women entrepreneurs. It highlights how insurance can achieve meaningful social impact while remaining economically sustainable – an approach increasingly vital as climate-related health and financial risks intensify.CASE STUDY 1 The Caregiver programme from Women’s World Banking Many organizations have also developed innovative programmes to extend services or coverage. Notable examples of employer-led initiatives include: –Diageo has partnered with La Isla Network to address the growing risks of heat stress faced by agricultural workers, particularly in the sugar- cane sector.100,101,102 Through this collaboration, they are piloting occupational safety and health programmes that use physiological and environmental monitoring – such as heart rate, metabolic load, temperature and humidity – to quantify worker exposure and guide preventive measures. Supported by the Bonsucro Impact Fund, the initiative aims to establish globally adaptable protocols that can be applied across supply chains to build resilience to climate- related health risks. –Anglo American’s Thriving Communities framework outlines community health and safety areas (CHSA) in regions such as South Africa and Latin America.103,104 Its health programmes cover HIV/AIDS, NCDs, environmental impacts and pandemic resilience, focusing on integrated health action for host communities.105 The company operates the world’s largest private- sector voluntary HIV/AIDS and TB counselling, testing and treatment programmes, and has extended these benefits to employees and contractors since 2003, significantly reducing co-infection rates. Since 2012, it has aimed to extend these health and welfare standards to contract labour across South African operations, ensuring parity with direct employees.106 4.2 Employer-led solutions for workforce and community health Captives are often vehicles where flexibility and direct control by sophisticated firms offer room for innovation. This is certainly an area where I’ve seen significant innovations being developed in the life as well as the general insurance space. Paolo Marini, Global Head, Broker Relationship Management, Integrated Benefits, Zurich Insurance Company Workforce Health Across the Value Chain: Organizational Insights to Mitigate Risk and Create Sustainable Growth 22

Workforce Health Across the Value Chain 2025