Generali has partnered with the United Nations Development Programme (UNDP) to launch an ‘Insurance Innovation Challenge Fund’ (IICF), which aims to help develop innovative insurance solutions that enhance climate resilience and reduces the protection gap among small and medium-sized enterprises (SMEs) in Malaysia.
Entrants will be able to participate through an open selection process in Malaysia and the winners will receive US$100k to help develop their insurance solution, along with financial and technical support.
Jaime Anchústegui Melgarejo, CEO International of Generali, commented: “SMEs are the bedrock of the Asian economy, yet despite their contribution to socio-economic growth development, they remain highly vulnerable to risks.”
He added, “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.”
Jan Kellett, Team Leader, UNDP’s Insurance and Risk Finance Facility, commented: “In leveraging the significant expertise and experience of the insurance industry, exemplified by Generali, this public-private partnership has the potential to foster economic development, resilience, and prosperity in regions like Asia.”
Commitment to Asia
Along with the launch of the IICF, Generali concurrently announced two further ESG initiatives they are working on for Asia.
First, Generali’s SME-focused EnterPRIZE project, which has successfully run in Europe for the past two years, will now be complemented by a dedicated Asian edition.
The project aims to support SMEs’ sustainable transition, stimulate public debate, and highlight significant examples of responsible businesses.
Second, Generali and UNDP also announced they are developing a loss prevention framework to offer advice for SMEs through “the power of data, awareness and understanding of risks for businesses in vulnerable communities.”
The framework will be launched in the coming months and will help SMEs better understand how they can protect their business activities.
