Takaful, a Shariah-compliant alternative to insurance still accounts for only 2% of the total global Islamic finance assets.
UNDP Pakistan
Anesu Freddy/UNDP Zimbabwe
Development is under threat. Our changing climate undermines development progress and exploits entrenched vulnerabilities, while people continue to be left behind by growing poverty and inequality, technological disruption and environmental degradation. The devastating impacts of COVID-19 have highlighted the fragility of our country and community resilience. Insurance and risk-finance are critical to building resilience and protecting people’s lives and livelihoods from these increasingly interconnected crises.
How do we protect communities and build resilience?
Faced with increasing health, climate and socio-economic crises, insurance and risk financing protect critical assets, lives and livelihoods, helping prevent people from entering a downward spiral of debt and vulnerability. By building social protections, fostering entrepreneurism and creating new opportunities & freedom of choice, insurance and risk finance also underpin economic growth.
Working with industry and governments across 5 interrelated workstreams, we innovate scalable insurance, risk finance and investment solutions to help countries achieve the Sustainable Development Goals (SDGs).
Integrating the analytical capacity and expertise of the insurance industry into development.
Providing a critical pathway to protect communities and broaden financial inclusion.
Providing countries with assistance to deliver risk finance solutions across development, recovery and humanitarian settings.
Investing in risk and resilience that protect natural assets while decreasing community vulnerability.
Pivoting insurance investors towards SDG-aligned projects in developing countries.
Resources and tools for scaling Insurance & Risk Finance solutions
In collaboration with industry, governments and other partners, the Facility produces policy advice, guidance, tools, methodologies & networks to strengthen country and community resilience to socio-economic, health, climate and other shocks.
Micro-, small and medium-sized enterprises (MSMEs) are the backbone of the Association of Southeast Asian Nations (ASEAN) economies and are key engines of growth in the region. This joint UNDP Generali report on 'Building MSME Resilience in Southeast Asia’ details key risks MSMEs are exposed to in the ASEAN and a new approach to building MSMEs' financial resilience - with a country focus on Thailand and Malaysia.
This scoping study looks at the obstacles and prospects for developing insurance and risk financing in the Western Balkan region, which includes Albania, Bosnia and Herzegovina, Kosovo*, Montenegro, North Macedonia and Serbia. The report presents an overview of the current state of the insurance market and risk financing mechanisms in these countries and territories, identifying significant hurdles and potential areas for growth that could benefit from external intervention. Additionally, the report suggests appropriate solutions for these countries and territories and pinpoints promising opportunity areas.
*All references to Kosovo shall be understood to be in the context of the Security Council Resolution 1244 (1999).
This paper highlights the opportunities, challenges and recommendations for Takaful - a Shari’ah-compliant alternative to conventional insurance - to build the financial resilience of at-risk Muslim communities against rising climate risks. This high-level knowledge product has been jointly developed by UNDP’s Insurance and Risk Finance Facility, the Islamic Development Bank (IsDB) and the IsDB Institute. It will be followed by more detailed guidance focusing on the development and distribution of Takaful solutions for specific economic sectors and risks.
Available in English, French, and Spanish
A Guide to Designing Inclusive Insurance Products and Markets
UNDP’s Insurance Risk and Finance Facility (IRFF) has developed this Navigator to address the needs of insurers, distribution channels and other stakeholders interested in developing inclusive insurance products and markets. Starting from scratch in this market can be daunting, costly and time-consuming. To make it easier, this Navigator leverages lessons learned by experts over the past decade and condenses them into practical applications that can be used by practitioners who have varying degrees of experience in inclusive insurance and research methods.
The report summarizes the key findings of an inclusive insurance and risk finance country diagnostic carried out by the IRFF and UNDP Ethiopia. The publication presents key risks, the current state of inclusive insurance and risk finance in the country, and recommendations to advance inclusive insurance, risk finance and overall development in Ethiopia. This report is the thirteenth in a series of summary country diagnostics.
Global Partnerships & Commitments
The Facility delivers on both the Sustainable Development Goals (SDGs) and the InsuResilience Global Partnership Vision 2025. Global partnerships include the Tripartite Agreement between BMZ, UNDP and the Insurance Development Forum, with thanks to the German Government for providing significant financial support.
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UNDP Sustainable Finance@UNDP_SDGFinance?️ CALL for INTERNSHIPS @UNDP Join UNDP's #Insurance4SDGs team in Geneva ?? and be part of a mission of boosting… twitter.com/i/web/status/1…
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Jan Kellett@JanKellett@UNDP_SDGFinance @UNDP Protecting farmers, securing incomes, building financial resilience of small business, & wo… twitter.com/i/web/status/1…
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UNDP Sustainable Finance@UNDP_SDGFinanceToday @UNDP launched the #Insurance & Risk Finance initiative, a partnership between @UNDPIndonesia, ?? government,… twitter.com/i/web/status/1…
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UNDP Sustainable Finance@UNDP_SDGFinance?Exciting Announcement!? @UNDP’s #Insurance4SDGs team worked with industry to #StopRedSeaSpill by securing insuranc… twitter.com/i/web/status/1…
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UNDP Tanzania@undptzAre you interested in attending the International Certification in #InclusiveInsurance in Tanzania? ?️ APPLY NOW… twitter.com/i/web/status/1…
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ICMIF@ICMIF_WebCALL FOR APPLICATIONS: Mutual/cooperative insurers working to strengthen the financial resilience of people in deve… twitter.com/i/web/status/1…
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UNDP Sustainable Finance@UNDP_SDGFinance@UNDPNepal and IRFF’s @DianaAlmoro convened stakeholders to wrap up the diagnostic study, kick-off the actuarial ca… twitter.com/i/web/status/1…
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UNDP Sustainable Finance@UNDP_SDGFinanceUNDP’s IRFF is not only proud to support the @NetworkFlash 2022 Landscape report but sees it as a way to enhance th… twitter.com/i/web/status/1…
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ICMIF@ICMIF_WebCALL FOR APPLICATIONS: Mutual/cooperative insurers working to strengthen the financial resilience of people in deve… twitter.com/i/web/status/1…
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ICMIF@ICMIF_WebCALL FOR APPLICATIONS: Mutual/cooperative insurers working to strengthen the financial resilience of people in deve… twitter.com/i/web/status/1…
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UNDP Sustainable Finance@UNDP_SDGFinanceStakeholders from the insurance industry, government, and development partners met in Addis Ababa to identify mecha… twitter.com/i/web/status/1…
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ICMIF@ICMIF_WebCALL FOR APPLICATIONS: Mutual/cooperative insurers working to strengthen the financial resilience of people in deve… twitter.com/i/web/status/1…
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ICMIF@ICMIF_WebCALL FOR APPLICATIONS: Mutual/cooperative insurers working to strengthen the financial resilience of people in deve… twitter.com/i/web/status/1…
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UNDP Ethiopia@UNDPEthiopia#Today a high-level workshop brought together stakeholders from the insurance industry and government to identify &… twitter.com/i/web/status/1…
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ICMIF@ICMIF_WebCALL FOR APPLICATIONS: Mutual/cooperative insurers working to strengthen the financial resilience of people in deve… twitter.com/i/web/status/1…
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ICMIF@ICMIF_WebCALL FOR APPLICATIONS: Mutual/cooperative insurers working to strengthen the financial resilience of people in deve… twitter.com/i/web/status/1…