BMMDP launches two funds to boost climate resilience

FE Team | Published: November 12, 2024 23:58:38

The Bangladesh Microinsurance Market Development Programme (BMMDP), funded by the Embassy of Switzerland in Bangladesh and implemented by Swisscontact, has launched two key initiatives aimed at boosting climate resilience.
The Udoy Climate Microinsurance Innovation Fund and the Abhoy Climate Risk Resilience Fund were introduced at an event recently, says a statement.
These funds are designed to advance climate resilience for farmers and MSMEs (micro, small, and medium enterprises) by driving innovation in microinsurance solutions that address critical climate-related risks.
Udoy focuses on the development of innovative, climate-aware microinsurance products, while Abhoy aims to enhance the capacity of reinsurers to deliver robust climate risk coverage for at-risk communities.
"These funds represent a significant step forward in building financial resilience against climate challenges," said Parvez Mohammad Asheque, Team Leader of BMMDP at Swisscontact, at the event.
"By addressing the specific needs of farmers and MSMEs, Udoy and Abhoy empower communities to adapt and thrive in the face of environmental risks, contributing to sustainable economic growth and poverty reduction."
Corinne HenchozPignani, Deputy Head of Mission at the Embassy of Switzerland, highlighted Switzerland's commitment to advancing financial inclusion through innovative microinsurance.
"Microinsurance is crucial for protecting rural communities against climate risks, health emergencies, and economic shocks," she said.
She emphasised the role of technology such as mobile phones and satellite data in delivering affordable insurance products tailored to smallholder farmers' needs, and reaffirmed Switzerland's dedication to scaling innovative solutions that enhance financial security for farmers and support Bangladesh's sustainable development goals.
The event featured a panel discussion moderated by Md. Rubaiyath Sarwar, Managing Director of Innovision Consulting, on the "Innovation Landscape for Climate-Resilient Agricultural Microinsurance in Bangladesh."
Experts from the Embassy of Switzerland, Chartered Life Insurance, Blue Marble Microinsurance Inc., mPower Social Enterprises Ltd., and KM Dastur & Co Ltd. shared insights on fostering innovation, strengthening collaboration, and leveraging global expertise to build a resilient climate-focused microinsurance ecosystem.
The Udoy and Abhoy initiatives underscore BMMDP's commitment to building a sustainable microinsurance market in Bangladesh, with the support of the Embassy of Switzerland. By strengthening the resilience of vulnerable communities, these funds serve as impactful models for financial solutions that can be replicated in other climate-sensitive regions.