Generali and World Bank Group Sign Agreement to Address Climate Insurance Gap in Asia
Generali and the World Bank Group have signed a memorandum of understanding to address the climate insurance gap in Asia. The partnership aims to mobilize private capital, strengthen resilience, and expand targeted insurance and investment solutions in emerging markets.
Kathmandu . Generali and the World Bank Group (WBG) have signed a significant agreement to address the climate insurance gap in Asia. The memorandum of understanding (MoU) was signed on the sidelines of the WBG and International Monetary Fund (IMF) annual meetings in Bangkok.
The agreement aims to mobilize private capital, strengthen resilience, and expand targeted insurance and investment solutions in emerging markets. The partnership will advance investment solutions and insurance products for emerging markets.
On the investment front, Generali and the WBG will jointly develop investment opportunities, which can help attract institutional capital to emerging markets. This will also meet Generali's investment needs.
Regarding insurance solutions, with an initial focus on Asian markets, the partnership will concentrate on three key areas:
- Developing insurance options to meet the needs of a growing aging population, in line with the WBG's 'Silver Economy Program';
- Providing targeted support for climate and crop insurance in the agricultural sector; and
- Strengthening resilience against disaster and climate risks.
Similarly, both parties will support promoting risk integration in emerging regions. They will create diverse and scalable frameworks for disaster risk coverage and develop new and innovative risk integration mechanisms related to climate risks. –Agency