The held its annual member meeting in the Grand Duchy of Luxembourg on 27 and 28 June. At the meeting, microinsurance experts from across the globe concluded that insurance has a critical role to play in helping vulnerable people around the world manage their risks.
As a financial shock absorber and an enabler of economic activity, insurance is most effective when complemented by risk-reducing strategies and measures that help prevent losses in order to make insurance solutions more accessible, affordable and sustainable. Supporting the development of the microinsurance sector entails the development of sector infrastructure, including research and data collection.
“Insurance and development experts must recognise that insurance is a critical enabler if we are to attain many of the United Nations’ Sustainable Development Goals (SDGs),” emphasised Katharine Pulvermacher, the newly appointed Executive Director of the Microinsurance Network.
“To help achieve the SDGs and the pledge ‘that no one will be left behind’, it is key for the insurance industry to work together with its stakeholders to deliver risk management services that help poor and vulnerable people better understand and reduce risk, and affordable insurance products that cater to their needs and circumstances,” said Butch Bacani, Programme Leader of UN Environment’s Principles for Sustainable Insurance Initiative (PSI), the largest collaborative initiative between the United Nations and the insurance industry.
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