International Conference on Inclusive Insurance 2024

This year Nepal hosted The International Conference on Inclusive Insurance. It was held during 21-25 October 2024 at the historic Lal Durbar Convention Center at the Yak and Yeti Hotel in Kathmandu.

The 20th anniversary year of the conference saw experts from 50+ countries gather to discuss and identify ways of accelerating growth and economic viability in inclusive insurance for emerging markets. Over 500 delegates attended the conference, which was hosted by the Nepal Insurance Association, Life Insurance Association Nepal, Nepal Microinsurance Association and the Nepal Insurance Authority in cooperation with Munich Re Foundation and the Microinsurance Network.

Here are the highlights of the key speeches at the conference.

Alluding to the recent catastrophic floods in Nepal, Matthew Genazzini, Executive Director of the Microinsurance Network, underscored the urgent need to better manage disaster risks, particularly in Asia, the world's most disaster-prone region. In 2022 alone, over 80 disasters impacted 50 million people, according to the World Meteorological Organization. While insurance plays a crucial role in managing these risks, he urged exploring the holistic approaches that combine insurance with other mechanisms, such as savings, credit, and capacity-building services. He pointed out a study in Senegal which showed that clients valued risk education more than the insurance product itself, highlighting the potential for integrated solution to enhance resilience.