Generali and the United Nations Development Programme (UNDP) have outlined the next phase of their partnership to strengthen the resilience of micro, small, and medium enterprises (MSMEs) across Asia, unveiling new research and tools aimed at closing the region’s protection gap.
At a regional event held in Bangkok on 21 November, Generali and UNDP highlighted their findings, which show that although MSMEs account for nearly all businesses in South and Southeast Asia, the vast majority lack adequate insurance protection. According to their newly released joint research, up to 99.9% of businesses in South and Southeast Asia fall into the MSME category, yet 95% are not financially protected by insurance when market shocks occur or disasters strike.
The research proposes resilience-building solutions for key value chains in Thailand, Malaysia, and India, including the development of insurance products tailored for women-led MSMEs.
The partnership also launched the MSME Health & Well-being Toolkit, a publicly accessible resource designed to help Thai MSMEs manage health-related risks from air pollution—an issue the initiative identifies as a major vulnerability for small business operators.
Two winners of the UNDP-Generali Insurance Innovation Challenge in Thailand were also announced, with TruNord Technologies and Clean Technology and Innovation each awarded US$40,000 to support the development of localised insurance solutions.
UNDP Assistant Secretary-General Kanni Wignaraja underscored the scale of the protection gap, stating: “The 95% MSME protection gap across Asia Pacific isn’t just about a financial loss; it traps countless young entrepreneurs, particularly women, in highly vulnerable micro-businesses and restricts rebound and growth.”
Over the next three years, the partnership will expand activity beyond Malaysia and Thailand, beginning with India. Plans include scaling awareness, advancing product innovation, and promoting integrated risk management in response to climate-driven and economic challenges.
Roberto Leonardi, Generali Asia Regional Officer, said the collaboration aims to ensure MSMEs receive the support needed to build long-term stability. “By uniting around a common purpose, we have been able to put our strengths together to drive meaningful change and make insurance accessible to those businesses who need it most.”
