Generali teams up with UN for insurance solutions in Malaysia
Generali teams up with UN for insurance solutions in Malaysia | Insurance Business Asia
Catastrophe & Flood
Generali teams up with UN for insurance solutions in Malaysia
An initiative to encourage the development of the sector was also announced
Catastrophe & Flood
By
Kenneth Araullo
Global insurer Generali and the United Nations Development Programme (UNDP) recently convened a meeting aimed at enhancing resilience in small and medium-sized enterprises (SMEs) in the face of climate change.
The meeting includes representatives from the EU Commission – Directorate General for International Partnerships, the Malaysian Embassy to Italy, and the Operating Committee for the G7 Italian Presidency.
During the event, the launch of the “Insurance Innovation Challenge Fund” was also announced. This initiative seeks to encourage and support the development and introduction of innovative insurance products and services in Malaysia. The fund will operate through an open selection process in the country, offering the winners US$100,000 for the first year to aid in developing insurance solutions, including financial and technical support.
Built upon the existing partnership between Generali and the UNDP, it aims to reduce the protection gap for vulnerable communities globally by providing access to insurance and risk finance solutions. These discussions align with a broader commitment to raise awareness and pave the way for insurance to provide security for SMEs in developing nations.
Generali and the UNDP are also actively working on a loss prevention framework for SMEs, leveraging data, awareness, and risk understanding for businesses in vulnerable communities. In addition to the challenge fund, an Asian edition of Generali’s flagship SME EnterPRIZE project is in the works, extending the successful model that has operated in Europe for the past two years.
The SME EnterPRIZE Asia edition will encompass countries across the Asia region, expanding geographically and building on Generali’s engagement with thousands of SMEs across Europe to promote a culture of sustainability in these businesses.
Addressing the protection gap in Malaysia
UNDP and Generali’s SME resilience initiatives in Asia are primarily focused on the Malaysian market concerning the loss prevention framework and the Insurance Innovation Challenge Fund.
The forthcoming loss prevention framework, set to launch in the coming months, will be hosted through an online platform, providing guidance to businesses on protecting their operations in the face of climate challenges.
The broader Generali-UNDP partnership also underscored the insurance group’s commitment to public-private partnerships and supporting public bodies in achieving their objectives. The partnership aligns with the InsuResilience Vision 2025, aiming to cover 500 million vulnerable people against climate and disaster shocks, including 150 million through parametric insurance solutions. It also emphasizes integrating insurance innovation into the UN’s Sustainable Development Goals and the 2030 Agenda.
In the coming months, UNDP and Generali will also introduce the first parametric insurance framework aligned with the overall SDG Agenda, followed by Generali’s commitment to parametric solutions supporting the UN’s Sustainable Development Goals. The collaboration will involve boosting research and advocacy efforts with key stakeholders, including moments like the European launch of the Human Development Report in early 2024. The exchange of development tools and expertise across the two organizations will also be a significant aspect of their collaborative efforts.
“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,” said Jaime Anchústegui Melgarejo, Generali International CEO.
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