BUENOS AIRES, 15 November 2024

During Day 3 Session 1 of the ICMIF Biennial Conference, titled Partnerships to Create More Resilient Communities, Miguel Solana, Senior Advisor on Insurance and Risk Finance Facility at the United Nations Development Programme (UNDP), shared key insights into the vital role insurance plays in fostering sustainable development and resilience. The session, moderated by Rob Wesseling, Chair of ICMIF and President & CEO of Co-operators (Canada), highlighted how collaboration between ICMIF members and the UNDP drives innovative insurance solutions that strengthen community resilience. 

The discussion focused on integrating insurance into development efforts, particularly in addressing challenges like climate change, economic instability, and social justice. Solana emphasized how insurance plays a crucial role in protecting development gains and supporting the achievement of the Sustainable Development Goals (SDGs), especially for small and medium enterprises (SMEs) and vulnerable populations. 

A cornerstone of Solana’s presentation was the UNDP-ICMIF Insurance Innovation Challenge (IIC), a pioneering initiative aimed at empowering mutual and cooperative insurers to deliver impactful solutions tailored to vulnerable communities. “We launched the UNDP-ICMIF Insurance Innovation Challenge to create a window for mutual and cooperative insurers to showcase how their unique position, being close to communities and clients, can provide innovative solutions that work for everyone,” Solana stated. 

The IIC provides cooperative insurers with technical assistance and resources to scale their efforts and target underserved populations. The four projects currently supported are: 

• CIC in Kenya: A health insurance product tailored for low-income households, enhancing access to critical healthcare services. 

• CIC in Malawi: A life and health insurance solution designed to strengthen financial security among rural populations. 

• SANASA in Sri Lanka: A life insurance product with add-ons on health, funeral, and investment components to address diverse community needs. 

• MiMAP (RIMANSI) in the Philippines: A life insurance product to strengthen resilience of vulnerable families. 

Solana highlighted the unique strengths of cooperative insurers, whose grassroots engagement ensures solutions are deeply aligned with the needs of local communities. By working closely with clients, these insurers build trust and deliver financial security, reinforcing the vital connection between insurance and resilience. 

The session concluded with a reaffirmation of the UNDP's commitment to fostering public-private partnerships to scale these insurance solutions and ensure long-term resilience. Solana emphasized that partnerships like the one between UNDP and ICMIF showcase the potential of mutual and cooperative insurers to drive global change.