Page 79 - The Insurance Times December 2024

Lorenzo Chan, CEO, Pioneer, The Philippines, and Chair of knowledge-sharing between countries to build a resilient
of the Board, Microinsurance Network, Luxembourg and inclusive global insurance landscape.
Dirk Reinhard, Vice Chair, Munich Re Foundation
Outlook for 2025:
Patricio Salas, Executive Secretary, FEDESEG, Ecuador
ICII 2025 will continue to focus on innovative solutions, ex-
panding financial resilience, and deepening collaboration
Excerpts: Dirk Reinhard (Munich Re Foundation), com-
mencing the closing ceremony of ICII2024 in Kathmandu, across countries and sectors to advance inclusive insurance
Nepal, emphasised that while the conference may be com- and adapt to emerging challenges.
ing to an end, the journey to close the protection gap con-
tinues. He encouraged everyone to take the insights and Day 5 (October 25, 2024) - ICII 2024 Field
energy gained back to their respective countries and work Trip
towards meaningful change.
The final day of the International Conference on Inclusive
Insurance (ICII) 2024 included an organized field trip to
Lorenzo Chan highlighted the importance of collaboration Kageshwori Manahara Metropolitan Council in Gagalphedi,
in bridging the insurance protection gap and driving change. Nepal. This visit allowed participants to gain a firsthand
He stressed that while taking action may come at a cost, understanding of Nepal's agricultural and household insur-
the cost of inaction is far greater. Lorenzo urged participants ance landscape and observe the direct impact of inclusive
to build on the momentum from the event and work to- insurance policies on local communities. The field trip pro-
gether for significant results.
vided valuable insights into the successes, challenges, and
future plans of the insurance system in rural Nepal.
This message was echoed by Pujan Dhungel who encouraged
attendees to apply the knowledge gained and continue col-
laborating to foster positive change in the insurance sector. Key Statements from Speakers
Pujan also emphasised the privilege of engaging with Chunky Chhetry, CEO of Sagarmatha Lumbini Insurance and
professionals from around the world, underscoring the im- President of the Nepal Insurers' Association, highlighted that
portance of inclusive insurance in building a more resilient "inclusive insurance is not just a financial product; it is a tool
society. for empowerment and resilience." He emphasised how it
helps communities recover from losses and break free from
Finally, Patricio Salas Guzmán expressed gratitude for the the cycle of poverty, especially in the wake of disasters.
opportunity to participate in ICII 2024 and highlighted the
event's significance as a global forum for discussing inclu- Echoing this sentiment, Matthew Genazzini, Executive Direc-
sive insurance. He also emphasised Ecuador's readiness to tor of Microinsurance Network, urged a holistic approach to
host the 2025 conference, underscoring the need to address risk management, stating, "Insurance is just one of the many
the protection gap and enhance financial inclusion in the tools we have at our disposal," and underscored the impor-
region. tance of continuously improving it to deliver value to clients.
Summary: Renate Bleich, Chair of Munich Re Foundation, pointed out
The conference concluded with remarks from key organiz- the urgent need for protection against climate risks, noting
ers and stakeholders, who reflected on ICII 2024's accom- that "inclusive insurance is not just about climate risk but
plishments and outlined the agenda for ICII 2025. Pujan about protecting low-income and vulnerable people against
Dhungel Adhikari emphasized Nepal's role in inclusive insur- all kinds of risks." She emphasised that by doing so, insur-
ance and the need for continued collaboration. Lorenzo Chan ance can significantly contribute to achieving the UN Sus-
highlighted Pioneer's initiatives in inclusive insurance, shar- tainable Development Goals.
ing insights on product design and the power of partnerships.
Dirk Reinhard expressed appreciation for the progress in Arup Chatterjee, Principal Financial Sector Specialist at the
inclusive insurance over the last two decades and under- Asian Development Bank (ADB), raised concerns about the
scored Munich Re Foundation's ongoing commitment to this millions who are uninsured or underinsured in Asia. He ad-
cause. He also pointed out the significant potential of a stra- vocated for strategies that focus on "affordability, accessi-
tegic, nation-wide approach to increase insurance outreach, bility, awareness, administration, and trust" to help these
as seen in Zambia. Patricio Salas discussed the importance individuals better utilise insurance and financial products.

72 December 2024 The Insurance Times