Page 41 - The Insurance Times December 2024

insurance can significantly contribute to achieving the UN 2. Pricing Health and Life Insurance Products:
Sustainable Development Goals. o Milliman and UNDP introduced the Global Actuarial
Initiative (GAIN) toolkit, a tool for pricing
Arup Chatterjee, Principal Financial Sector Specialist at microinsurance products sustainably. The session
the Asian Development Bank (ADB), raised concerns about highlighted the SUAVE framework (Simple, Under-
the millions who are uninsured or underinsured in Asia. He stood, Accessible, Valuable, Efficient) for develop-
advocated for strategies that focus on "affordability, acces- ing models tailored to low-income populations.
sibility, awareness, administration, and trust" to help these
individuals better utilise insurance and financial products. 3. Climate Risk Insurance for MSMEs in V20 Coun-
tries:
Jeffrey Sachs, Director of the Center for Sustainable De- o This session delved into integrating climate risk in-
velopment at Columbia University, President of the UN surance into MSME financing. Speakers from UNEP
Sustainable Development Solutions Network, SDG Advo- and regional organizations shared strategies for
cate for UN Secretary General António Guterres, USA, as- creating climate-resilient credit portfolios.
serted that "insurance is a fundamental feature of any well-
functioning economy." He expressed concern over the loss of 4. Data-Driven Insurance Supervision:
insurance coverage due to climate shocks and called for re- o The Access to Insurance Initiative (A2ii) discussed
designed public policies to enhance insurance accessibility. advanced analytics and collaboration in regulatory
frameworks, focusing on ethical data usage and
Surya Prasad Silwal, Chairman of the Nepal Insurance predictive modeling for effective supervision.
Authority (Insurance Regulatory), spoke to the unprec-
edented challenges posed by climate change and social in- Day 2: Plenary Sessions
equalities. He stressed that insurance is critical in times of
increasing uncertainty, providing "hope and certainty to the 1. Opening Session:
most vulnerable." o Distinguished speakers, including Nepal's Vice Presi-
dent Ramsahay Prasad Yadav, emphasized the role
of inclusive insurance in addressing vulnerabilities
Chunky Chhetry, CEO of Sagarmatha Lumbini Insurance
caused by natural disasters and socio-economic
and President of the Nepal Insurers' Association, high-
lighted that "inclusive insurance is not just a financial prod- challenges. Jeffrey Sachs linked the discussions to
the UN Sustainable Development Goals (SDGs),
uct; it is a tool for empowerment and resilience." He
emphasised how it helps communities recover from losses advocating for cross-sector collaboration.
and break free from the cycle of poverty, especially in the 2. Landscape of Microinsurance:
wake of disasters.
o This session revealed findings from the 2024 Land-
scape of Microinsurance report. Discussions de-
Matthew Genazzini, Executive Director of Microinsurance
Network, urged a holistic approach to risk management, bunked myths about the scalability and effective-
ness of microinsurance, emphasizing the potential
stating, "Insurance is just one of the many tools we have at for growth in underserved markets, especially for
our disposal," and underscored the importance of continu-
women and low-income groups.
ously improving it to deliver value to clients.
3. CARD Pioneer Microinsurance Inc. (Philippines):
Pre-Conference Workshops o The success of CARD Pioneer Microinsurance was
Day 1 featured workshops that laid the groundwork for the showcased as a model of trust-driven partnerships
event, focusing on foundational issues and practical solutions: and digital innovation. Their gender-sensitive ap-
1. Introduction to Inclusive Insurance: proach and disaster-specific products highlighted
o Hosted by the International Labour Organization the potential of microinsurance to empower com-
(ILO), this workshop provided an overview of inclu- munities.
sive insurance, emphasizing the importance of part-
nerships, tailored customer journeys, and valuable 4. Developing Inclusive Insurance Markets in Nepal:
offerings for underserved groups such as women o Speakers discussed Nepal's challenges, including low
and smallholder farmers. awareness, geographical barriers, and limited trust

The Insurance Times December 2024 37