Generali Thailand has partnered with the United Nations Development Programme (UNDP) in a significant initiative aimed at building a risk assessment tool. This tool is designed with a crucial purpose in mind – to boost the preparedness and resilience of Thai micro, small, and medium enterprises (MSMEs). Moreover, it seeks to narrow the protection gap by offering tailored insurance solutions.
This new initiative, known as the Social Protection Framework, comes on the heels of the release of a 2024 joint research report titled “Building MSME Resilience in Southeast Asia”. The report shines a light on the various challenges that MSMEs in Thailand and Malaysia are currently facing. It’s worth noting that in Thailand, MSMEs make up an overwhelming 99.6% of all businesses, and in Malaysia, they account for 97.4%. Clearly, these enterprises play a pivotal role as key drivers of socio-economic development in both countries.
In the context of Thailand specifically, the collaboration between Generali Thailand and the UNDP has several key goals. Firstly, it aims to raise entrepreneurs’ awareness of resilience strategies, enabling them to better navigate the uncertainties that come their way. Secondly, enhancing the operational capabilities of these MSMEs is another focus, which will help them function more efficiently. Lastly, expanding employee protection is vital to address risks arising from economic changes, natural disasters, and climate challenges. As Generali Thailand Country Manager & CEO Arsh Kaumi pointed out, risks such as climate-related challenges, natural disasters, and financing constraints are significant issues that are having a real impact on the health and stability of MSMEs. The partnership thus holds great promise in strengthening these vital businesses and safeguarding the economic fabric of Thailand.
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