Recognising that the cooperative/mutual insurance sector is critical to the delivery of the United Nations’ Sustainable Development Goals (SDGs), the United Nations Development Programme (UNDP) and ICMIF have formed a partnership that aims to deepen their collaboration through a number of inter-related elements, including inclusive insurance (microinsurance) and responsible investing.
ICMIF has led the way for several years in connecting the cooperative/mutual insurance sector to sustainable, socio-economic development which supports a number of the SDGs. Some ICMIF members have already placed the SDGs at the centre of their business strategies, while other ICMIF members have expressed their wishes to further increase their commitment to the Goals. There is potential across the entire ICMIF membership to contribute even more to the SDGs, building on the work members undertake, which aligns with the UNDP’s mission. This partnership between ICMIF and the UNDP aims to support these objectives.
The importance of sustainable development
The UNDP will work with ICMIF to increase awareness at senior and technical levels of the importance of ICMIF members’ provision of inclusive insurance that connect to the SDGs.
The UNDP activities in this area focus on convening, advocacy and knowledge-sharing. ICMIF members bring insurance practitioners’ experience from 41 organisations in 25 countries, which work in the field of inclusive insurance.
In-country programmatic inclusive insurance
The UNDP, ICMIF and ICMIF members will work together at country level to:
a) develop the enabling environment in critical countries
b) deliver specific inclusive insurance projects.
Expanding the provision of inclusive insurance both within countries where there is pre-existing work and into countries there is little or no cooperative/mutual insurance is key.
Activities will be largely at the country level and involve joint technical assistance to governments, advocacy and education to stimulate markets, and the delivery of bespoke initiatives that allow access to inclusive insurance for vulnerable communities.
Direct work on the SDGs with ICMIF members
Direct technical assistance will be given to ICMIF members to deepen their work on the SDGs at both a strategic and practical delivery level.
The activities under this area are broadly direct collaboration with ICMIF to design and deliver development-focused support to ICMIF members.
While a number of ICMIF members have led the industry in responsible investing for more than 15 years, many more now have a significant interest in building their expertise in this area. This is an opportunity for the UNDP and ICMIF to work together, leveraging the investment side of insurance to deliver the SDGs. Responsible investing includes, but is not limited to, impact investing and green bonds.
Activities in this area can create a major contribution to the SDGs and build on the work that ICMIF members and the UNDP are already doing. The work will include defining best practice and how to measure the impact of responsible investments.