Niloy Banerjee, Resident Representative, UNDP Malaysia, said: “With SMEs making up 48.2% of national employment and 38.4% of GDP, the crucial role they play in the economic ecosystem is beyond doubt. Yet they remain most vulnerable to shocks, whether from natural disasters exacerbated by climate change, pandemics or other disruptions to the manufacturing or logistics continuum. We must rapidly support the building of resilience and staying power of SMEs against all foreseeable risks through holistic and innovative instruments and solutions. Insurance would be one of the most significant safety nets for SMEs.”

Jan Kellett, Global and Corporate Lead on Insurance and Risk Finance, Head of the Insurance and Risk Finance Facility, UNDP, said: “In the ASEAN, where MSMEs make up 45% of regional GDP, their vulnerability to rapidly rising climate and other risks is not only a development challenge but an immense opportunity for public and private sectors to come to together and help businesses develop their capacity to understand and manage these risks”

Jaime Anchústegui Melgarejo, CEO International of Generali, said: “The MSME community in Malaysia, Thailand and the broader Asia region are an indispensable part of the growth and development stories of these markets. However, they face very real and intensifying risks from climate change and other factors that are affecting business continuity and their ability to capture emerging opportunities. Insurance is at the heart of the solution for making SMEs and MSMEs more resilient and is the driving force behind Generali’s partnership with UNDP. Bringing SME EnterPRIZE to Asia, launching our SME Loss Prevention Framework and progressing our Insurance Innovation Challenge Fund are key milestones in our effort to support vulnerable businesses in Asia. I’m eager to continue our collaboration with UNDP and find new ways to make a lasting impact.”

Rob Leonardi, Regional Officer International – Asia, Generali, said: “MSMEs have long been a key driver of growth and innovation in Asia. Their contributions to the development of this region are indisputable, yet they are increasingly vulnerable to risks flowing from climate change, geopolitical tensions and market disruptions. Our partnership with UNDP recognises these challenges and is aimed at utilising insurance and risk finance solutions to increase coverage among MSMEs and boost their resilience. The various initiatives are all designed to meet businesses where they are in their journeys and ensure they have access to the solutions they need to thrive. I’m grateful for the hard work that has gone into this partnership so far, and I look forward to what more we can achieve together in the future.”