The United Nations Development Programme (UNDP), the German Federal Ministry for Economic Cooperation and Development (BMZ), global insurer Generali Group, and the International Cooperative and Mutual Insurance Federation (ICMIF) Foundation have announced early results from their joint global initiative, the world’s largest inclusive insurance innovation programme, set to benefit 2.7 million people across 30 countries.
Supported by US $2.9 million in catalytic funding from its founding partners, the initiative aims to bridge the world’s growing protection gap, which reached US $1.8 trillion in 2023.
So far, 11 new insurance products have reached over 250,000 people, offering a glimpse of how inclusive insurance can transform livelihoods. Among them are an index-based policy for rice farmers in Viet Nam, flexible health coverage for motorcycle delivery drivers in Tanzania, and the first jaguar protection insurance in Argentina.
Twenty-five additional products are under development, including AI-driven livestock insurance for producers in Nepal, a parametric plan to safeguard Colombia’s wetlands from wildfires, and accident insurance for women entrepreneurs in Ecuador that also provides guarantor-free loans and advisory services to strengthen small enterprises.
The global protection gap—the difference between total financial losses and what insurance covers, remains vast, leaving nine out of ten people in developing countries without coverage when disasters like floods, droughts, or crop losses occur. The new programme is designed to narrow that gap through innovation, partnership, and investment.
Marcos Neto, UN Assistant Secretary-General and Director of UNDP’s Bureau for Policy and Programme Support, commented: “The insurance innovation programme is driving a new generation of affordable, accessible solutions that empower women to build resilience and plan for the future, and strengthen the ability of whole households, smallholder farmers and small businesses to make bold decisions, even in times of uncertainty.”
Dr. Katharina Stasch, Director-General of Multilateral Development Policy; Transformation; Climate at BMZ, emphasised Germany’s commitment to the initiative: “People on the frontlines of climate change and economic uncertainty need meaningful pathways to build their resilience and recover from shocks. Germany is proud to partner with UNDP on this bold insurance innovation agenda, which contributes to the Global Shield for Climate Risks, and is strengthening the financial protection and resilience of vulnerable countries around the world.”
Lucia Silva, Chief Sustainability Officer at Generali, highlighted the importance of supporting small enterprises: “MSMEs are a key part of the growth and development of the global economy, yet they are highly vulnerable to risks from climate change, geopolitical tensions and market disruptions. As a global player focused on retail and SME clients, our partnership with UNDP recognizes these growing risks and our joint insurance innovation challenges are designed to support MSMEs’ access to the solutions they need to become more resilient and more sustainable.”
The announcement comes ahead of COP30 in Belém, where global leaders will gather to address intensifying climate risks. With climate disasters expected to cost US$145 billion in 2025, insurance is gaining renewed attention as a mechanism to finance resilience, reduce vulnerability, and support adaptation efforts.
To ensure these solutions reach scale, UNDP and its partners are working closely with governments, regulators, and the insurance industry to improve financial literacy, develop supportive policy environments, and strengthen local market capacity. Technical assistance from UNDP also helps insurers and insurtech startups measure impact, plan strategically, and attract financing to expand their reach in line with the Sustainable Development Goals (SDGs).
These joint efforts contribute to the Compromiso de Sevilla, endorsed by 192 countries in July 2025 as a shared plan to close the US$4.3 trillion SDG financing gap and extend financial protection to more people worldwide.
Sabbir Patel, Chief Executive Officer of the ICMIF Foundation, added: “Mutual and cooperative insurers have long worked hand in hand with communities to create a safer, more resilient world. Together with UNDP, we are scaling that cooperative model to reach women and low-income households around the world, demonstrating that inclusive insurance can be designed from the ground up to deliver real, lasting impact.”
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