International Conference on Inclusive Insurance (ICII) 2024: A Landmark Event in Kathmandu

Kathmandu- The International Conference on Inclusive Insurance (ICII) 2024, organized by the Nepal Insurance Association, Life Insurance Association Nepal, and the Nepal Insurance Authority in collaboration with Munich Re Foundation and the Micro Insurance Network, commenced with great anticipation. The five-day conference, held in the capital city of Kathmandu, aims to foster innovation and broaden insurance access for underserved populations worldwide. The event drew over 500 participants from more than 41 countries, including around 300 international delegates.

Day 1: Pre-Conference Focus on Inclusive Insurance

The pre-conference kicked off with workshops that set the stage for the broader discussions ahead. The International Labor Organization (ILO) hosted a workshop on the key challenges and opportunities in inclusive insurance, emphasizing the benefits for underserved populations.

The second workshop explored practical tools for pricing health and life insurance products, with experts stressing the need for actuarial expertise to ensure sustainability. Climate risk insurance also emerged as a major topic, with participants discussing flexible solutions for managing climate-related risks.

The United Nations Environment Programme (UNEP) shared insights from their study on climate-smart insurance solutions. UNEP’s FI-V20 Sustainable Insurance Global Coordinator, Brandon Mathews, led the discussion, which looked at how the industry could adapt to the growing challenges posed by climate change. Data management was also a significant focus, with experts presenting strategies for improving data-driven insurance solutions.

Day 2: Grand Inauguration and Keynote Addresses

On the second day, the conference was officially inaugurated by Nepal’s Vice President Ram Sahaya Yadav, who lit the ceremonial lamp in a grand opening ceremony. The event, held in the presence of Nepal Insurance Authority Chairman Surya Prasad Silwal, marking the beginning of discussions.

The Chair of Munich Re Foundation, Renate Bleich delivered a keynote address emphasizing the critical role of insurance in disaster risk management, particularly in light of recent floods and landslides in Nepal. She underscored how inclusive insurance strategies could alleviate the financial burden on governments during such crises, and stressed the need for raising public awareness about insurance’s role in disaster preparedness and recovery.

Day 3:  Gender Empowerment and Innovation

The third day of the conference featured twelve key sessions expanding insurance access on underserved population. The key session focused on balancing profitability and client value in inclusive insurance. Executives from EFU Life Assurance and AXA EssentiALL shared insights on the need for more responsive insurance products, particularly for smallholder farmers, to ensure payouts reflect real-world conditions.

The conference also focused on women’s empowerment to gender protection gaps and engaged in collaborative discussions within Inclusive insurance Innovation lab, and mutual insurance models were highlighted for effectiveness in serving low-income demographics. Startups also pitched their inclusive insurance projects, seeking partnerships and funding.

 Day 4: Focus on Women’s Role and Climate Resilience

Discussions on fourth day, focused on women’s influence in the insurance industry, emphasizing that tailored insurance products targeting women could generate significant revenue growth while addressing the specific needs of women globally. The session introduced the “In4Women” initiative, a joint effort by the International Finance Corporation (IFC) and ILO to increase industry awareness and support the inclusion of women in the insurance workforce

The discussions also focused on climate resilience, with the United Nations Development Programme (UNDP) hosting a session on how climate insurance can drive development outcomes for vulnerable communities. Experts explored the implementation of technology-driven insurance solutions to assist low-income populations affected by climate change and natural disasters. The conference also reflected on two decades of progress in inclusive insurance, with participants sharing lessons learned and looking ahead to future challenges and opportunities.

As the ICII 2024 progresses, it continues to serve as a platform for global experts to exchange ideas and strategies to drive inclusive insurance initiatives. The discussions are expected to result in actionable solutions that will help close the protection gap and expand financial security to low-income populations and micro, small, and medium-sized enterprises (MSMEs) worldwide. The conference will conclude on October 25, with participants optimistic about the future of inclusive insurance in addressing global risks.