Generali, UNDP collaborate to boost SME strength against climate and other risks

The partnership is aimed to reduce the protection gap for vulnerable communities by providing access to insurance solutions.

Insurance and asset management provider, Generali, has partnered with the United Nations Development Programme (UNDP) to provide progressive solutions against climate change and other risks for small and medium-sized enterprises (SMEs).

Both entities brought together representatives from the Malaysian Ministry of Finance, Bank Negara Malaysia, the SME Association of Malaysia and the insurance and financial communities to consolidate this partnership.

The partnership is aimed to reduce the protection gap for vulnerable communities by providing access to insurance solutions. 

Through initiatives like the SME EnterPRIZE project, Generali worked to promote sustainability among SMEs in the region.

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A joint research report titled "Building MSME Resilience in Southeast Asia" highlighted the need to understand the risks faced by SMEs and develop tailored solutions. 

The report focused on priority value chains and proposed holistic approaches to building resilience, including risk transfer and mitigation tools.

Generali and UNDP also introduced the SME Loss Prevention Framework, a digital tool to raise awareness and readiness of SMEs to climate and other risks, starting with flood risk in Malaysia.

Furthermore, the "Insurance Innovation Challenge Fund" aimed to incentivize the development of innovative insurance products and services in Malaysia to enhance SME resilience.