Arup Chatterjee’s Post

PART-4 My keynote address at the @International Conference on Inclusive Insurance #ICII2024, on 22nd October in Kathmandu, Nepal, on the theme "Insurance for All: Tackling Climate Challenges and Closing the Protection Gap," focused on ten key messages. See the video clip for : Message 5/10 — The threat of climate risk hangs over the protection gap, with some estimates indicating that the Asia-Pacific region is likely to suffer the worst economic consequences. Message 6/10 — Empowering ourselves with a clear understanding of the climate risks and how insurance can contribute to building societal resilience is therefore called for. NEPAL INSURANCE AUTHORITY (Insurance Regulatory) Nepal Insurers' Association, Munich Re Foundation Microinsurance Network, and Asian Development Bank (ADB) Beema Post #insurance #pensions #protectiongap #climaterisk #naturalhazards #disasters #regulation #consumerprotection #financialliteracy #inclusiveinsurance #microinsurance #innovations #livelihoods #resilience #insuranceforall #contingentliabilities #justtransition #biodiversity risk ##physicalrisk #transitionrisk #liabilityrisk #floods #heatwaves

PART-1 I delivered the keynote address at the International Conference on Inclusive Insurance #ICII2024 on 22nd October in Kathmandu, Nepal, in the opening plenary session presided over by the Rt. Hon'ble Ramsahaya Yadav, Vice President of Nepal. The theme was "Insurance for All: Tackling Climate Challenges and Closing the Protection Gap." My address focused on ten key messages: 1. Insurance has the power to transform. If we use it well, we can indeed create "insurance for all." 2. Insurance and its innovations can protect livelihoods and foster resilience against natural catastrophes and climate change. 3. Insurance also eases fiscal burdens as a countercyclical mechanism, better-preparing governments for shocks. 4. Asia suffers from a wide insurance and pensions protection gap—the difference between optimal financial protection and actual uptake among people and governments—which is a pressing global issue. 5. The threat of climate risk hangs over the protection gap, with some estimates indicating that the Asia-Pacific region is likely to suffer the worst economic consequences. 6. Empowering ourselves with a clear understanding of the climate risks and how insurance can contribute to building societal resilience is therefore called for. 7. The insurance industry can help people better tap into insurance by focusing on affordability, accessibility, awareness, and trust. 8. The insurance sector must firmly address the protection gap through innovation, technology, partnerships, better regulation, consumer protection, and monitoring and evaluation. 9. The Asian Development Bank can help close the protection gap by financing insurance projects and providing technical assistance for pilot programs, training, and other similar activities. 10. The Buddha's profound words— "In the end, only three things matter: how much you loved, how gently you lived, and how gracefully you let go of things not meant for you." —are the essence of the insurance industry's mission — to protect, to care, and to provide peace of mind. I want to express my heartfelt appreciation and gratitude to the NEPAL INSURANCE AUTHORITY (Insurance Regulatory) Nepal Insurers' Association, Munich Re Foundation Microinsurance Network, and Asian Development Bank (ADB). Your support and collaboration have been invaluable in sharing these critical insights. I will subsequently share each message as a separate video clip. #insurance #pensions #protectiongap #climaterisk #naturalhazards #disasters #regulation #consumerprotection #financialliteracy #inclusiveinsurance #microinsurance

Did you know we can predict some disasters and take action before they happen? That’s called Anticipatory Action. It gets even better with parametric insurance, which provides fast payouts based on set triggers (like a storm or flood reaching a certain intensity). My colleague, Mariam Parekhelashvili, will be facilitating this topic at #ICII this year. We’re excited to join the discussion with everyone in Nepal! 🇳🇵 #AnticipatoryAction #ParametricInsurance #DisasterRiskReduction #ClimateResilience #InclusiveInsurance #ICII2024 #DisasterPreparedness

Meet the speakers: Parallel session 9 - Leveraging #parametric #insurance as an #innovative #financing mechanism for #Anticipatory #Action (AA) Traditional #disaster response often reacts after disasters strike. The proposed session explores how to bridge this gap by integrating Anticipatory Action (AA) with parametric insurance to help protect more lives and livelihoods ahead of predictable crisis. This offers several benefits: predictable funding ensures timely implementation of preventive measures, incentivizes investments in risk reduction, fosters #accountability through clear #payout criteria, and enables rapid response based on forecasts rather than waiting for disaster impact. The Pacific Insurance & Climate Adaptation Program (PICAP) exemplifies this approach. The pilot programme, which provides cooperatives with pre-cyclone payouts for preparedness activities, demonstrates how AA can unlock financing through parametric insurance even before disasters happen to help communities better cope with #climate risks.  Anuj Kumbhat Praneel Pritesh Bikram Rana-CSPM(IAPM) Kate Sinclair Mariam Parekhelashvili Munich Climate Insurance Initiative #ICII2024 https://lnkd.in/d4zSZegm The #ICII2024 will take place from 21-25 October 2024 in Kathmandu, #Nepal. 400+ experts from 50+ countries will discuss and identify ways of accelerating growth and #economic #viability for households in inclusive insurance for emerging markets. The conference will be hosted by the NEPAL INSURANCE AUTHORITY (Insurance Regulatory), Nepal Insurers' Association, Nepal Microinsurance Association and the Life Insurance Association of Nepal in cooperation with Munich Re Foundation and The Microinsurance Network. REGISTER NOW! #microinsurance #sdgs #climate #insurancefordevelopment

የኢትዮጵያን የኢንሹራንስ ኢንዱስትሪ ለማነቃቃት እና ለማስፋት የ SIB/52/2020 መመሪያን መገምገም እና ማስተካከል በጣም አስፈላጊ ነው። Why Updating SIB/52/2020 Is Key for Ethiopia’s Insurance Industry Amid Capital Market Relaunch! With the relaunch of Ethiopian Capital Market Authority this is an ideal time to revisit this Insurance Industry Directive which currently limits insurers to conservative investments such as government securities, bank deposits, real estate, and company shares. Updating this directive to align with Ethiopian Capital Market Proclamation No. 1248—which broadly defines securities—would allow insurers to diversify into a wider array of fixed-income assets, including corporate and municipal bonds, units in collective investment schemes, short-term money market instruments like commercial paper, and (ETFs) Exchange-Traded Funds. Revising the directive to suit Ethiopia’s emerging capital market would offer insurance companies access to higher-yield investments and improved liquidity, enabling them to trade on the Ethiopian Securities Exchange (ESX) Securities Exchange (ESX). This shift would not only boost profitability for insurers but also contribute to overall economic growth. Why Update SIB/52/2020? Boost Profitability: Access to a variety of securities like commercial paper, corporate bonds, and municipal bonds allows insurers to diversify portfolios and tap into higher yields. Premium Stability: The Ethiopian insurance industry relies heavily on investment income to remain profitable, as core insurance operations alone yield limited returns. Without access to profitable investment options, insurers may be forced to raise premiums to cover their costs, impacting affordability for policyholders. Align with Global Standards: Expanding investment options aligns Ethiopia’s insurance sector with modern economies. Increase Market Stability: Insurance participation can enhance market liquidity and investor confidence. Drive Innovation: New options would stimulate demand for innovative financial products. Support Economic Growth: Insurance funds in diverse sectors create jobs and fuel development. Modernizing this directive and aligning it with the upcoming capital market is essential to empower Ethiopia’s insurance sector and support the country’s economic growth. #Ethiopia #Insurance #CapitalMarket #Ethiopiansecuritiesexchange #Nationalbankofethiopia #stockmarket #Ethiopiancapitalmarketauthority #nyalainsurancesc #ethiopianinsuranceassociation

Meet the speakers: Parallel session 11 - Growing #global #actuarial capacity to support #sustainable #economic and #inclusive #insurance #development In recent years, the United Nations has recognized the importance of effective #risk management in #sustainable #development and the critical role of #insurance in achieving this goal. A key component underlying risk management and insurance is actuarial capacity. However, in most developing countries, actuarial capability is weak or non-existent. The challenges these countries face in building actuarial capacity arise from lack of a) supply of actuaries; b) demand for actuaries; and c) the enabling regulatory environment. This session will explore the importance of building actuarial capacity in conventional and inclusive insurance markets. It will discuss key challenges faced by different players and the various interventions adopted to develop actuarial professions in some of the developing countries highlighting #Nepal’s experience as part of the UNDP-Milliman Global Actuarial Initiative. It will also examine the critical role of insurance #regulators and developing agencies in addressing the actuarial gaps in a more systematic way to ensure sustainable development of actuarial profession and delivery of inclusive insurance.  Prechhya Mathema International Actuarial Association Actuarial Society of Nepal Michael J. McCord MicroInsurance Centre at Milliman Pujan Dhungel #ICII2024 https://lnkd.in/d4zSZegm The #ICII2024 will take place from 21-25 October 2024 in Kathmandu, #Nepal. 400+ experts from 50+ countries will discuss and identify ways of accelerating growth and #economic #viability for households in inclusive insurance for emerging markets. The conference will be hosted by the NEPAL INSURANCE AUTHORITY (Insurance Regulatory), Nepal Insurers' Association, Nepal Microinsurance Association and the Life Insurance Association of Nepal in cooperation with Munich Re Foundation and The Microinsurance Network. REGISTER NOW! #microinsurance #sdgs #climate #insurancefordevelopment

🌍 The MicroInsurance Centre at Milliman is excited to be part of the International Conference on Inclusive Insurance 2024 happening in Kathmandu, Nepal! Join us on Day 3, October 23rd from 9:00 - 10:30 (UTC+5:45) during Parallel Session 2 for a deep dive into a crucial topic: “Dealing with Basis Risk: Minimizing the Pitfalls of Parametric Insurance.” Our session will bring together a diverse group of experts to explore the challenges of basis risk and strategies to address it. Basis risk, the discrepancy between an index trigger (such as the amount of rainfall detected in a pre-determined area) and actual losses experienced by policyholders, remains one of the biggest barriers to scaling index-based insurance. Without effective solutions, it can undermine trust and halt the growth of climate insurance schemes for smallholder farmers. Meet the speakers👇 Andrea Camargo – Lead Inclusive Climate Risk Financing, World Food Programme, UK Bethwel Murkomen – Microinsurance and Climate Resilience Senior Associate, One Acre Fund, Kenya Alastair Norris – Independent Climate and Disaster Risk Consultant, UK The session will be facilitated by Michael J. McCord, Managing Director, MicroInsurance Centre at Milliman, USA. 📅 Don’t miss this opportunity to engage with global leaders in inclusive insurance and learn how to make index insurance work better for vulnerable communities. 👉 Register for the conference and join us for an engaging discussion! https://lnkd.in/duuq5m_y #InclusiveInsurance #ClimateRisk #IndexInsurance #Microinsurance #ICII2024 #Nepal

Deadline today! ⏰ Share your proposal or draft paper for the #ICII2024 and feature on this year's agenda! 👇 #inclusiveinsurance #insurance

Meet the speakers: Parallel session 10 - Uninsurable? How the Natural Disaster Fund contributes to close the protection gap The #Natural #Disaster #Fund (NDF) is a donor-supported provider of #risk #capital for #SMEs, #agribusinesses, #MFIs and #nature-based solutions. Supported by a Technical Advisory Facility (TAF), the NDF provides targeted support for risk analysis and the development of parametric insurance products to meet the needs of vulnerable communities worldwide. The Mahila Housing Trust (MHT), which has been operating since 1994, is working with NDF manager Global Parametrics (GP) and Howden India to implement a climate risk insurance programme. Funded by the NDF Technical Assistance Facility (TAF), the programme covers three major industrial cities in #Gujarat and provides insurance cover against excessive urban heat to 26,000 #women members. This #index-based risk transfer solution, developed in collaboration, serves as a blueprint for improving the #resilience of cities to extreme heat. The aim of the session is to showcase the capabilities of the NDF and explore further potential use cases with the community. It will begin with a presentation of the heat insurance solution developed jointly with MHT and Howden India, illustrating how the NDF supports climate risk insurance solutions from concept to implementation. Stefan W. Hirche Mohammad Faizan Huq Daniela Zimmermann Hannover Re Kay Tuschen #ICII2024 https://lnkd.in/d4zSZegm The #ICII2024 will take place from 21-25 October 2024 in Kathmandu, #Nepal. 400+ experts from 50+ countries will discuss and identify ways of accelerating growth and #economic #viability for households in inclusive insurance for emerging markets. The conference will be hosted by the NEPAL INSURANCE AUTHORITY (Insurance Regulatory), Nepal Insurers' Association, Nepal Microinsurance Association and the Life Insurance Association of Nepal in cooperation with Munich Re Foundation and The Microinsurance Network. REGISTER NOW! #microinsurance #sdgs #climate #insurancefordevelopment

Deadline ends in 1 day! #CALL FOR #PROPOSALS “Insurance can make a critical contribution to global development. The International Conference on Inclusive Insurance is the main platform that brings together insurers and development professionals to advance this agenda.” Craig Churchill, Chief, ILO’s Social Finance Programme, Switzerland – Member of the Steering Committee of the ICII 2024 Submission #deadline for proposals and draft papers: 9 May 2024 #ICII2024 https://lnkd.in/dZfM2vtV The #ICII2024 will take place from 21-25 October 2024 in Kathmandu, #Nepal. 400+ experts from 50+ countries will discuss and identify ways of accelerating growth and #economic #viability for households in inclusive insurance for emerging markets. The conference will be hosted by the NEPAL INSURANCE AUTHORITY (Insurance Regulatory), Nepal Insurers' Association and the Life Insurance Association of Nepal in cooperation with Munich Re Foundation and The Microinsurance Network. To cover subjects that are currently of interest, the conference organisers are calling for proposals on the following topics: 1. The #business models for #inclusive #insurance 2. ICII 2024 #pitching session 3. #Digital solutions for inclusive insurance 4. New inclusive insurance products or #partnerships… … in the fields of #health or #hospital … in the fields of #funeral insurance or family financial support covers after breadwinner … in the field of (micro) #pensions 5. Coping with #climate and #pandemic risks 6. Enabling (#regulatory) environment 7. #Gender-sensitive #inclusiveinsurance 8. Consumer #education: build capacities of people, societies and institutions 9. Looking back: #successes and #failures in inclusive insurance 10. Learnings from #scientific #research Pujan Dhungel Pioneer Insurance Martin Eling Denis Garand Fatou Giwa Jeremy Gray Jeremy Gray Glenn Harrison Anne Kamau Richard Leftley Lemmy Manje Michael J. McCord Oliver Milosch Sabbir Patel Poshak Paudel, FLMI, ACS Matthias Range Dirk Reinhard Yugesh Shrestha United Nations Capital Development Fund (UNCDF) UNCDF Digital UNDP Sustainable Insurance Forum (SIF) Access to Insurance Initiative (A2ii) United Nations Environment Programme Finance Initiative (UNEP FI) Insurance Development Forum Asia Insurance Review Aistė Vyšniauskaitė IFC - International Finance Corporation The World Bank Group Arup Chatterjee Asian Development Bank (ADB) Ceandra Faria USAID