Global inclusive insurance innovation program to be implemented in 30 countries

The United Nations Development Programme (UNDP), the German Federal Ministry for Economic Cooperation and Development (BMZ), the Generali Group, and the International Cooperative and Mutual Insurance Federation (ICMIF) have reported progress on their joint initiative, the Inclusive Insurance Innovation Program,which aims to extend insurance coverage to 2.7 million people across 30 countries.

Launched in 2023, the program provides more than 40 products and services designed to protect low-income individuals, small businesses, farmers, and vulnerable communities from financial risks.

To date, 11 solutions have already been launched, including index-based insurance for rice farmers in Vietnam, health coverage for motorcycle couriers in Tanzania, and an innovative policy to protect jaguars in Argentina.

Additional products are currently under development, such as AI-based livestock insurance for cattle and buffalo farmers in Nepal, a parametric system to safeguard Colombia’s wetlands from forest fires, and accident insurance tailored for women entrepreneurs in Ecuador.

Supported by initial funding of 2.9 million USD, the initiative seeks to help close the global protection gap, in other words the difference between total financial losses and insured losses, which reached 1.8 trillion USD in 2023.