Kathmandu. Generali and the World Bank Group (WBG) have signed a landmark agreement to address the climate insurance gap in Asia.
A memorandum of understanding (MoU) was signed during the annual meeting of the WBG and the International Monetary Fund (IMF) in Bangkok. The agreement aims to mobilize private capital, strengthen resilience, and expand insurance and investment solutions targeted at emerging markets.
The partnership aims to advance investment solutions and insurance products for emerging markets. On the investment front, Generali and WBG will jointly develop investment opportunities. This can help attract institutional capital to emerging markets. In addition, it will also meet Generali’s investment needs.
In terms of insurance solutions, initially focusing on Asian markets, the partnership will focus on three key areas: developing insurance options tailored to the needs of an aging population in line with WBG’s ‘Silver Economy Programme’; providing targeted support for climate and crop insurance in the agriculture sector and strengthening resilience against disasters and climate risks.
The two sides will also cooperate to promote risk integration in emerging sectors. They will create diverse and scalable frameworks for disaster risk coverage and develop new and innovative risk integration mechanisms related to climate risks. – Agency
