Inclusive Insurance and Risk Financing in Ethiopia
March 31, 2023
Stakeholders from the insurance industry, government representatives and development partners met in Addis Ababa on 28 March 2023 to identify and design a mechanism to address key challenges and ultimately move Ethiopia’s insurance and risk financing effort to the next level.
The workshop was organized by the United Nations Development Programme in Ethiopia through the UNDP Insurance and Risk Finance Facility and in partnership with the Microinsurance centre at Milliman, a risk management, benefits and technology firm based in the USA.
Ethiopia recently joined the Tripartite list of countries. The inception workshop is part of the overall diagnostic process and was organised to roll out the initiative to engage stakeholders in the country.
The workshop helped assess the current state of the insurance and finance sectors, develop recommendations for UNDP and other stakeholders to address gaps and challenges, and engage public, private, and development sector stakeholders around inclusive insurance and risk finance activities.
Based on the outcome of the diagnostics, including the inception workshop, a programme will be designed on how Ethiopia can scale up risk financing and micro-insurance program, and develop interventions to address ecosystem-level challenges, including in policy influencing.
While addressing the participants, Mr Turhan Saleh, UNDP Ethiopia’s Resident Representative, highlighted that Ethiopia experienced multiple risks such as COVID-19, conflict and climate change that led to drought in the Eastern and southeastern parts of the country. All of these issues led to a significant impact on the lives and livelihoods of people in Ethiopia, pointing to the need for a risk-sharing mechanism as aid would not offer a lasting solution.
A brief presentation on the inception report on inclusive risk finance conducted by Milliman microinsurance centre was followed by separate discussions on three topics: Inclusive Insurance, Disaster Risk Finance, and Global Actuarial initiative working sessions. The workshop came to an end with a plenary reflection on the group discussions and the outcomes.
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