Global insurer and asset manager Generali has partnered with The United Nations Development Programme (UNDP) to develop insurance and risk finance solutions to enhance the resilience of communities and local businesses.
Under this multi-year partnership, Generali has committed technical and financial resources to UNDP’s Insurance and Risk Finance Facility (IRFF) in order to increase the socioeconomic wellbeing of some of the world’s most vulnerable people and places.
The partnership will provide financial and technical resources to design digitally enabled parametric insurance solutions that aims to protect vulnerable families and small businesses, develop large-scale risk finance solutions with a focus on cost-effectiveness, and promote thought leadership on human development and social innovation.
In addition, under Generali’s social philanthropy movement – The Human Safety Net – the partnership will look at the role of venture philanthropy in protecting lives and livelihoods, especially those of children and refugees. Over the course of this multi-year collaboration, both organisations will encourage innovative social entrepreneurship projects in the space of insurance and risk finance.
UNDP administrator, Achim Steiner, said, “On average, the world’s poorest countries lose $29bn every year from disasters yet a meagre 3% of these losses are covered by insurance.
“This new partnership with Generali will allow UNDP to extend much-needed insurance solutions to vulnerable families and businesses – from smallholder farmers suffering in the face of drought; defending natural capital at risk from climate change in coastal communities; or rolling-out financial protection for people displaced by conflict and instability.”
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