Generali outlines protection gap plan with UNDP

Malaysia, Thailand first in line for the new program

Generali outlines protection gap plan with UNDP

Catastrophe & Flood

By Kenneth Araullo

Generali, in collaboration with the United Nations Development Programme (UNDP), has revealed a strategic partnership with a focus on bolstering economic resilience in Asia, commencing in Malaysia and Thailand.

The primary objective of this alliance is to bolster small and medium-sized enterprises against the adverse effects of climate change, thus enhancing economic stability in the region. The partnership underscores the significance of insurance in delivering economic security for SMEs in developing nations and aligns with Generali and UNDP's commitment to narrowing the protection gap for vulnerable communities globally.

During the launch, the Insurance Innovation Challenge Fund was also introduced, representing a significant step towards encouraging the creation of innovative insurance products in vulnerable markets. This initiative will provide financial support to winning entries for their first year of development, totalling up to US$100,000. The focus of the challenge is to nurture value-added solutions that enhance insurance accessibility for SMEs in Malaysia, consequently increasing their overall resilience.

Generali and UNDP are also actively developing a loss prevention framework tailored for SMEs to better utilise data and comprehend the risks facing their businesses. This framework will be hosted on an online platform offering valuable advice on protecting business activities amidst climate challenges.

“SMEs are the bedrock of the Asian economy, yet despite their contribution to socio-economic growth development, they remain highly vulnerable to risks. Insurance provides the safeguard that businesses need to flourish in the face of those risks, boosting economic development and prosperity. This innovative partnership with UNDP is seeing Generali utilise its expertise from across the world, and locally in Asia, to help boost an insurance culture which will be essential for the region’s future success,” Generali International CEO Jaime Anchústegui Melgarejo said.

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