Excellencies, distinguished delegates, esteemed colleagues, and partners, 

It is both a privilege and a pleasure to welcome you to this important side event, jointly convened by the United Nations Development Programme and the Insurance Development Forum, as part of the Fourth International Conference on Financing for Development. 

As we gather here in Sevilla, we do so at a pivotal moment. Countries are stepping forward to take greater ownership of their financing strategies, aligning national priorities with the resources needed to achieve the Sustainable Development Goals. Yet, the reality we face is stark: an estimated USD 4 trillion annual financing gap continues to separate aspiration from implementation. 

To bridge this gap, the role of the private sector is indispensable. In particular, the insurance industry—often overlooked in the development finance architecture—brings an untapped breadth of capabilities: risk analytics, risk reduction services, pre-arranged and shock-responsive finance, and long-term capital investment. 

The global insurance industry today manages over USD 40 trillion in assets. This immense pool of capital presents a critical opportunity to align financial flows with climate action, resilience-building, and SDG advancement. At the same time, insurance institutions already contribute USD 5 trillion per year in claims and benefit payouts, mostly in advanced economies—an illustration of the financial protection that remains largely inaccessible to many vulnerable communities in developing countries. 

The correlation between insurance coverage and development outcomes is increasingly well understood. For instance, every 1% increase in Property and Casualty insurance penetration corresponds to an average 5.8-point rise in the SDG Index. This is more than a statistical relationship—it is evidence of insurance as an enabler of inclusive growth, poverty reduction, and sustainable investment. 

The just-released report from the Bridgetown Initiative and the Insurance Development Forum—From Risk to Resilience—rightly positions insurance as a foundational component of a reformed, more responsive international financial architecture. The message is clear: viable and inclusive insurance markets are not peripheral—they are core to a financial system that works for the vulnerable. 

UNDP is proud to be at the forefront of this agenda. Through our Insurance and Risk Finance Facility, and in collaboration with our partners in the Tripartite Agreement—the IDF and the German Federal Ministry for Economic Cooperation and Development—we are supporting governments in 27 countries to expand access to financial protection and to unlock investment in climate and development priorities. 

In Nigeria, we have worked with the Lagos State Government to launch a parametric insurance product that could protect an estimated 1.7 million flood-prone households—benefiting more than 8 million people. 

In Uzbekistan, alongside the Ministry of Agriculture, we are supporting the scale-up of an agricultural insurance scheme now reaching 16,000 smallholder horticulture farmers across five regions—building resilience to climate shocks and strengthening rural livelihoods. 

In Ethiopia, in partnership with the Gates Foundation, we supported the creation of a Rural Finance Service Unit—a critical building block for a more resilient, inclusive agricultural finance and insurance market. 

And in Argentina, in a truly innovative initiative, we partnered with the Misiones Provincial Government and Rio Uruguay Seguros to launch the world’s first insurance policy to protect endangered jaguars—an approach that compensates livestock losses while safeguarding biodiversity. 

These examples highlight the multiple dimensions of insurance as a development tool: from de-risking infrastructure and agriculture to promoting financial inclusion and biodiversity protection. But they also demonstrate what is possible when the public and private sectors work together to strengthen domestic insurance markets. 

The role of the Insurance Development Forum has been instrumental in delivering these outcomes. As a public-private platform, co-founded by UNDP in 2015, the IDF is now in its 10th year and has released a new vision to expand its impact across every territory and country where UNDP operates.  

We must now go further. Many insurers in developing markets face regulatory and capital constraints that limit their ability to invest in resilience-building or SDG-aligned projects. Addressing these barriers will require coordinated action by governments, supervisors, international financial institutions, and industry. 

Policymakers and regulators can play a catalytic role—by prioritizing insurance as a development instrument, integrating it into public policy, and enabling business models that both protect and invest in communities. We are pleased to see the strong emphasis placed on insurance and disaster risk finance in the FFD4 outcome document. This is not just recognition—it is a call to action. 

The Insurance Development Forum, or IDF, stands as a vital bridge—connecting the insurance industry with the development community. It is a key partner for UNDP as we work together to put the recommendations of this important document into practice. 

But our ambitions must go further. 

One of the flagship initiatives under the Seville Platform for Action is the launch of a global coalition—bringing together countries, organizations, and institutions—to scale up pre-arranged finance from just 2 percent to 20 percent by the year 2035. 

This is not just about increasing the numbers—it is about transforming how we prepare for crises. Through a series of deliberate actions and reforms, we can move from a system that reacts to disasters to one that is ready for them. 

The IDF and the insurance industry will be absolutely pivotal in making these pre-arranged financing solutions a reality. 

So let us continue to work together—to ensure that the vast expertise and resources of the insurance sector are not only leveraged, but fully integrated into the global effort to build resilience, protect hard-won development gains, and accelerate our progress toward achieving the Sustainable Development Goals. 

In closing, I want to sincerely thank all of our partners, speakers, and participants for being with us today. 

I look forward to continuing this important journey together.