Dirk Reinhard’s Post

Meet the speakers: Plenary 7 - #20th International Conference on Inclusive Insurance: Looking back at key #trends, #successes and #failures in selected countries The ICII 2024 marks the 20th International #Conference on #Inclusive #Insurance. Over the past 20 years, microinsurance has emerged as a critical tool for financial #inclusion and #risk mitigation in #underserved communities worldwide. Several key lessons have been learned during this time around the world. The session will highlight the Inclusive Insurance journey in countries that hosted the ICII in the past and aims at developing #lessons #learnt.   Eduardo Morón Farzanah Chowdhury Lemmy Manje Dirk Reinhard Craig Churchill #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

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

#inclusiveinsurance is possible, it can fuel #profitable growth, and it’s a secret weapon to insurance penetration in emerging markets. I’ll be speaking at the event together with other leaders who have successfully implemented inclusive insurance in different countries. The case studies and leading practices around this will be discussed at this event.

🌍 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

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

MICRO-REINSURANCE: A VITAL TOOL FOR SUSTAINABLE MICROINSURANCE PROGRAMS Micro-reinsurance is a crucial mechanism for managing risks in microinsurance, helping insurers distribute and mitigate their exposure. It involves transferring portions of risk from primary insurers to reinsurers to protect against significant losses. Micro-reinsurance specifically addresses the unique needs of microinsurance products, which cater to low-income individuals or small businesses. These products often cover risks like health, agriculture, life, and property on a smaller scale compared to traditional insurance. The primary goal of micro-reinsurance is to provide financial stability for small insurers by sharing risk with reinsurers. This process aids in managing capital requirements and avoiding bankruptcy in the face of large or catastrophic losses. Micro-reinsurance supports the creation of affordable and accessible microinsurance products by enabling insurers to offer low-cost policies while maintaining financial solvency. Reinsurers play a crucial role in risk assessment and pricing. However, micro-reinsurance faces challenges, including limited data for accurate risk assessment, varying regulations, and the need for cost-effective solutions that are viable for both small insurers and reinsurers. Examples of innovative micro-reinsurance solutions include parametric insurance in Latin America and the Caribbean, climate risk insurance for African governments, and weather insurance initiatives like R4 for farmers in Ethiopia, Senegal, Malawi, and Zambia. Additionally, projects like IBLI in Kenya and Ethiopia use satellite data to protect against drought. #microinsurance #reinsurance #sustainability #innovativemicroreinsurance 👇👇👇👇👇 https://lnkd.in/drSuAQYz

Chunky Chhetry, President - Nepal Insurers’ Association – CEO, Sagarmatha Lunbini Insurance: “#Empowering over 2 billion people in South Asia with accessible insurance is not just a goal; it's a necessity. At ICII 2024, let's shape strategies to ensure no one is left #vulnerable. Together, we can create a more secure tomorrow.” CALL FOR PROPOSALS #ICII2024 https://lnkd.in/dZfM2vtV The International Conference on Inclusive Insurance 2024 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 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 hashtag #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 cash … in the fields of #funeral insurance or family financial support covers after breadwinner death … 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 Submission deadline for proposals and draft papers: 9 May 2024 Pujan Dhungel Pioneer Insurance Craig Churchill Martin Eling Denis Garand Fatou Giwa 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 Miguel Solana UNCDF Digital UNDP Sustainable Insurance Forum (SIF) Access to Insurance Initiative (A2ii) The ILO's Social Finance Programme Microinsurance Master Global Shield against Climate Risks InsuResilience Solutions Fund (ISF) United Nations Environment Programme Finance Initiative (UNEP FI) Ekhosuehi Iyahen Insurance Development Forum Asia Insurance Review Asier Achutegui Insurance Regulatory and Development Authority of India IFC - International Finance Corporation The World Bank Group Arup Chatterjee Asian Development Bank (ADB)

Deadline ends in 6 days! “Access to insurance is typically affected by several factors. These include unconscious biases in marketing, cultural practices, limited digital access and general mistrust of insurance. At the ICII 2024, we will discuss how to overcome such challenges.” Anne Kamau, Co-Founder and Director, AB Entheos Limited, Kenya – Member of the Steering Committee of the ICII 2024 Submit your proposal to the #ICII 2024 now! #CALL FOR #PROPOSALS 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 Craig Churchill Martin Eling Denis Garand Fatou Giwa 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 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 Asier Achutegui IFC - International Finance Corporation The World Bank Group Arup Chatterjee Asian Development Bank (ADB) Ceandra Faria USAID Aistė Vyšniauskaitė

📣📣NEW STORY FROM Devex📣📣 Climate Resilience for All's Women's Climate Shock Insurance Initiative featured in in-depth reporting by Catherine Davison, with keen insights from Ekhosuehi Iyahen, Abhiyant Tiwari, and our CEO Kathy Baughman McLeod. "The financial protection has enabled the women to continue paying for essentials such as food and school fees even when they were unable to work, Baughman McLeod said. But it also helped them to avoid vicious debt cycles and potentially exploitative situations, and retain “self-respect, dignity, credit worthiness — status in the community,” she said. “Isn’t that all we want — for women to have choice and power and opportunity?” Catherine Davison of Devex astutely captures the nuances and promise of parametric insurance to address extreme heat for vulnerable communities - particularly when combined with other supports to reduce the risks and impacts of heat. She also explores the limitations and data challenges we have to overcome to expand, scale, and perfect these multifaceted approaches as climate-driven heat accelerates. ⭕️Key excerpts: ✅“We could do a much better job if we just spent a little bit more time putting money ahead of these disasters.” - Ekhosuehi Iyahen And ✅The broader impacts on development could be catastrophic. “Capital will not flow where it does not understand the risk,” Iyahen said. And from Abhiyant Tiwari of NRDC India: ✅Tiwari agrees that the focus needs to be on longer-term mitigation. He was involved in designing India’s first Heat Action Plan in Ahmedabad City, which uses a color-coded early warning system to disseminate alerts via SMS and radio and helps hospitals to prepare ahead of hot days. The initiative, which has since been rolled out across other cities in India, is estimated to avert over 1,100 deaths in Ahmedabad each year. Thanks Devex🙏 Rachel Kyte Emma Howard Boyd CBE Leslie Johnston, M.Sc. Francis Bouchard Nigel Topping, CMG Nathanial Matthews, PhD Emma Ludvigsson Jesper Hörnberg Mary McBryde Veronica Scotti Geraldine Henrich-Koenis Christina Stanton Visalaakshi Annamalai Elodie de Warlincourt Read more here: https://lnkd.in/eyRGN6YQ

Is Indian Insurance Ready for Climate Change? As climate change continues to alter weather patterns and increase the frequency of natural disasters, the Indian insurance industry faces a critical challenge: Are we prepared to handle the risks? The impact of climate change is already visible with more intense floods, cyclones, and heatwaves. These events underscore the urgent need for robust insurance solutions that can mitigate financial losses and help communities recover swiftly. Why is this important? - Enhanced Risk Assessment: Insurers must develop advanced models to accurately predict climate-related risks. - Awareness & Education: Policyholders need to understand the importance of climate risk insurance and how it can protect them. - Collaborative Efforts: Partnerships between insurers, government bodies, and environmental agencies are essential to build a resilient infrastructure. Relevant Statistics: - According to the World Bank, climate change could cost India $35 trillion in economic losses by 2050. - The Insurance Regulatory and Development Authority of India (IRDAI) reported that in 2023, insurance claims from natural disasters surged by 45% compared to the previous year. - A study by McKinsey & Company found that only 7% of Indian farmers are currently insured against climate risks, highlighting a massive gap in coverage. Who is Leading the Way? Several insurance companies in India are stepping up with innovative policies tailored to address climate risks: - ICICI Lombard: Offers weather insurance products for farmers to safeguard against unpredictable weather conditions. - Bajaj Allianz:  Provides comprehensive disaster insurance covering a range of natural calamities. - HDFC ERGO: Has developed a parametric insurance product that offers quick payouts based on predefined weather triggers. - Tata AIG: Focuses on catastrophe insurance, helping businesses recover from large-scale natural disasters. The journey towards climate resilience in the insurance sector is just beginning. It's time for more companies to innovate and for policyholders to proactively seek out these protections. Together, we can build a safer, more resilient future. What are your thoughts on India's readiness for climate change? Have you or your business taken steps to mitigate climate risks? Share your experiences, insights, and suggestions in the comments below! Let's drive this important conversation forward and work together towards a more resilient future. #ClimateChange #Insurance #RiskManagement #Sustainability #Resilience #IndianInsurance #ClimateRisk #DisasterRecovery #Innovation