Generali has partnered with the United Nations Development Programme (UNDP) to roll out its Insurance Innovation Challenge in Thailand, aiming to close coverage gaps for workers at the country’s micro, small, and medium enterprises (MSMEs).
The initiative marks the Italian insurer’s regional expansion of MSME-focused projects following a similar programme in Malaysia, which was launched in 2023.
Rob Leonardi, Generali’s Asia Regional Officer, said the programme’s expansion underscores the need for insurance solutions tailored to Thai market conditions and MSME realities. Generali Thailand CEO Arsh Kaumi added that safeguarding MSME workers is key to maintaining competitiveness across ASEAN markets, stressing the importance of workforce protection in mitigating risks linked to health and productivity.
According to Generali, the challenge seeks to address a gap between Thailand’s progress on universal health coverage and the rising medical costs that continue to weigh on MSME workers, resulting in absenteeism and reduced productivity.
Applications will remain open until 30 September, with two winning solutions to be announced in November. Selected projects will receive support to further develop their proposals, with funding available of up to US$40,000.
MSMEs play a crucial role in Thailand’s economy, contributing over 35% of GDP and employing more than 70% of the workforce, yet many employees remain excluded from formal social protection schemes.
The Thailand challenge comes as Generali strengthens its Asian operations, with the region’s life new business value jumping to US$238.45m in H1 2025. The insurer also officially rebranded its Indian joint ventures as Generali Central Life Insurance and Generali Central Insurance following the establishment of a new joint venture with Central Bank of India.
