Page 78 - The Insurance Times December 2024

Excerpts: The session focused on Financial Resilience for cli- Climate risks, parametric insurance, and public-private
mate adaptation. Mr Ajay Karan Singh shared insights on partnerships have now become central to the discus-
their initiatives, including a digital portal for agricultural sions.
insurance knowledge and training for all stakeholders, as The role of fintech and platforms has grown signifi-
well as a national crop insurance portal that has become
cantly, driving insurance inclusion.
the backbone of their efforts in recent years.
Eduardo Morón shared insights from Peru's microinsurance
Patricio Salas Guzmán, spoke about Ecuador, emphasising market, which covered 5.23 million people in 2023 with a
the country's vulnerability to catastrophic risks and the need
penetration rate of 20%. Trust remains a challenge, but
to protect small farmers, who contribute significantly to food COVID-19 underscored the vital need for coverage.
production. They are working on a new scheme to protect
small farmers, specifically through parametric insurance for
maize and rice producers. Lemmy Manje highlighted lessons in market development,
focusing on demand stimulation and supply responsibility
while reflecting on the need to balance scale and value.
Key Takeaways:
The role of climate insurance in achieving development Farzanah Chowdhury took us through Bangladesh's journey,
goals and enhancing resilience among low-income com-
emphasising patience, technology adaptation, and women's
munities.
engagement as key success factors. Challenges remain in
The potential of integrating digital solutions like satel- claims payouts, trust, and distribution channels.
lite data and mobile payments to streamline insurance
claims for climate impacts. Summary:
Successful government-led models, such as PMFBY in This plenary session celebrated two decades of the Interna-
India, can be adapted to different countries to protect tional Conference on Inclusive Insurance, reflecting on the
vulnerable agricultural communities. progress and challenges of microinsurance globally. Eduardo
Morón discussed Peru's journey in inclusive insurance, high-
Plenary 7: 20th International Conference lighting the pivotal role of government policy in broadening
on Inclusive Insurance - Looking Back at insurance access. Farzanah Chowdhury shared Green Delta
Insurance's accomplishments in Bangladesh, emphasizing
Key Trends, Successes, and Failures the company's focus on women's insurance and the lessons

Hosted by: Munich Re Foundation learned in creating gender-sensitive products. Lemmy Manje
reviewed trends in Africa, particularly Zambia's journey
Speakers: toward expanding microinsurance through regulatory
Eduardo Morón, President of APESEG, The Peruvian innovation.
Association of Insurance Companies (via video)
Farzanah Chowdhury, MD and CEO, Green Delta In- Key Takeaways:
surance, Bangladesh The critical role of government and policy support in
establishing sustainable microinsurance frameworks.
Lemmy Manje, CEO & Founder, FinProbity Solutions,
Zambia Case studies underscoring the importance of adapting
products to local needs, such as Green Delta's gender-
Facilitators: Dirk Reinhard, Vice Chair, Munich Re Foundation, sensitive insurance.
and Craig Churchill, Chief, ILO's Social Finance Programme
Reflecting on both successes and failures in inclusive
insurance can provide valuable insights for future de-
Excerpts : Craig Churchill highlighted key milestones and the velopments.
evolution of the sector:
From early focus on national strategies and agriculture, Closing and Outlook for 2025
to the rise of technology and its impact.
The shift from microinsurance to inclusive insurance, Speakers:
broadening the focus to women, smallholder farmers, Pujan Dhungel Adhikari, Director, Nepal Insurance Au-
and small businesses. thority (NIA), Nepal

The Insurance Times December 2024 71