Source: UNDP
Generali and the United Nations Development Programme (UNDP) have announced an Insurance Innovation Challenge to strengthen the resilience of Thailand’s micro, small and medium-sized enterprises (MSMEs). MSMEs contribute over 35% of the country’s GDP and employ more than 70% of its workforce, but are under increasing strain from global risks and market volatility.
Despite significant progress in achieving universal health coverage in Thailand, many MSME workers remain excluded from social security schemes and are vulnerable to financial hardship due to rising medical expenses. Limited access to healthcare and financial protection can lead to increased absenteeism, reduced productivity, and economic insecurity for both workers and the MSME’s that employ them.
Rob Leonardi, Asia Regional Officer, Generali, said: “Following a successful experience in Malaysia, it’s great to see the UNDP-Generali Innovation Challenge coming to Thailand. MSME resilience is a critical issue around the Asia region, and certainly in Thailand, and this initiative puts innovation at the heart of our efforts to boost resilience. It’s also important that solutions reflect the experience of MSMEs in Thailand and are designed with the local context in mind. Together with UNDP, I’m confident that our Innovation Challenge will have a big and positive impact on MSME workers and address their needs in a rapidly evolving world.”
Niamh Collier-Smith, UNDP Resident Representative in Thailand, said: “The sustainability of Thailand’s MSMEs is increasingly threatened by rising risks and insurance is a key risk management tool that can help these businesses recover from financial shocks. Insurance solutions tailored to the distinct risks faced by MSMEs, combined with a holistic risk management approach, are critical to enabling them to thrive and continue driving the Thai economy. With the launch of this new innovation challenge to help Thai MSMEs, UNDP is proud to continue our global collaboration with Generali, with our shared focus on helping MSMEs better understand and manage their risks.”
Arsh Kaumi, CEO, Generali Thailand, said: “In Thailand, as in many ASEAN nations, MSMEs play an outsized role in our economic growth and development. Ensuring they are resilient and equipped to navigate disruptions is an indispensable part of our work with UNDP in Thailand. MSMEs are only as strong as their workforce, which puts a priority on keeping employees protected in the face of health and other risks. We’re glad to be launching this Insurance Innovation Challenge to encourage innovative solutions and support Thailand MSMEs in being competitive on the global stage. I’m looking forward to the impact we will make and how we can further build the resilience of this essential business community.”
Read the full article: https://www.undp.org/thailand/press-releases/undp-and-generali-launch-insurance-innovation-challenge
