Page 40 - The Insurance Times December 2024

Conference Report

International Conference on Inclusive Insurance

(ICII) 2024

Media Partner: The Insurance Times

T he 20th edition of the International Conference The conference addressed barriers like regulatory chal-
lenges, distribution hurdles, and consumer awareness.
on Inclusive Insurance (ICII) concluded on a high
Discussions shed light on effective strategies for over-
note in Kathmandu, Nepal, after five days of in-
sightful discussions, interactive workshops, and
collaborative networking. Hosted by the Nepal Insurers' coming these obstacles and making inclusive insurance
solutions both practical and impactful.
Association in partnership with the Life Insurance Associa-
tion Nepal, Nepal Micro Insurance Association, Nepal Insur- ICII 2024 concluded with a call to action, encouraging in-
ance Authority, Munich Re Foundation, and the surers, regulators, and development partners to work to-
Microinsurance Network, the conference brought together gether toward building a sustainable inclusive insurance
around 500 participants from around the globe. The Insur- ecosystem.
ance Times was the media partner in the event.
The conference's success underscored the importance of
Key Themes and Focus Areas innovation and collaboration in building a resilient, inclusive
insurance industry capable of addressing the diverse risks
Themed "Innovation and Collaboration in Inclusive Insur-
ance: Addressing Climate Risk, Leveraging Digital Solutions, faced by vulnerable populations.
and Breaking Barriers," ICII 2024 centered on advancing
insurance solutions for underserved and vulnerable commu- As ICII 2024 drew to a close, participants departed with
nities, especially in the face of growing climate challenges. fresh insights, strengthened partnerships, and a renewed
This year's agenda featured 24 sessions, covering various commitment to advancing inclusive insurance for the bet-
aspects of inclusive insurance, from climate risk and resil- terment of communities worldwide. The conference high-
ience to digital innovation and public-private partnerships. lighted Nepal's role as a valuable host, demonstrating the
tangible impacts of inclusive insurance in action, with valu-
able lessons that resonate far beyond its borders.
The conference emphasized three main areas:
1. Climate Risk Insurance: Sessions highlighted how cli-
mate risk insurance could protect low-income popula- Key Statements from Speakers
tions from natural disasters. Experts shared insights on Shri Ram Sahaya Yadav, Hon'ble Vice President of Nepal,
scalable insurance models that offer resilience against emphasised that the main objective of inclusive insurance
climate-induced losses, underscoring the importance of is to provide coverage to all sections of society, enabling the
accessible and affordable insurance in climate-vulner- poor and marginalised to achieve economic security. He
able regions. called for education about the importance of insurance and
collaboration between governments and insurance compa-
2. Digital Innovations in Microinsurance: Digital technol- nies to ensure access for all, regardless of location.
ogy was a major focus, with discussions on how mobile
technology, big data, and AI are transforming
Renate Bleich, Chair of Munich Re Foundation, pointed
microinsurance. Participants explored case studies on out the urgent need for protection against climate risks,
how these digital advancements make insurance more noting that "inclusive insurance is not just about climate risk
accessible and affordable for underserved communities.
but about protecting low-income and vulnerable people
3. Overcoming Barriers to Scaling Inclusive Insurance: against all kinds of risks." She emphasised that by doing so,

36 December 2024 The Insurance Times