Generali and the United Nations Development Programme (UNDP) have introduced an Insurance Innovation Challenge in Thailand to enhance the financial and operational resilience of micro, small, and medium-sized enterprises (MSMEs).
These businesses contribute more than a third of the nation’s GDP and employ roughly 70% of the workforce but face increasing exposure to market fluctuations and global risks.
Although Thailand has achieved broad universal health coverage, many MSME workers remain outside formal social security schemes.
Limited access to healthcare and insurance protection can increase economic vulnerability for employees and reduce business productivity.
The challenge is designed to identify and support innovative insurance solutions that are locally adapted, improving social protection for workers while integrating with Thailand’s wider social safety net.
Applications close on Sept. 30, with two solutions expected to receive awards of up to US$40,000 (approximately THB 1.3 million) in November.
Rob Leonardi, Generali’s Asia regional officer, said the programme builds on prior experience in Malaysia and emphasises tailoring solutions to the specific conditions faced by Thai MSMEs.
“MSME resilience is a critical issue around the Asia region, and certainly in Thailand, and this initiative puts innovation at the heart of our efforts to boost resilience. It’s also important that solutions reflect the experience of MSMEs in Thailand and are designed with the local context in mind,” he said.
UNDP Thailand’s resident representative, Niamh Collier-Smith, said insurance products that reflect the particular vulnerabilities of small businesses – combined with a comprehensive risk management approach – are crucial to sustaining operations.
“The sustainability of Thailand’s MSMEs is increasingly threatened by rising risks, and insurance is a key risk management tool that can help these businesses recover from financial shocks. Insurance solutions tailored to the distinct risks faced by MSMEs, combined with a holistic risk management approach, are critical to enabling them to thrive and continue driving the Thai economy,” she said.
Generali Thailand CEO Arsh Kaumi noted that protecting employees from health and other risks is central to ensuring the long-term stability of MSMEs.
“MSMEs are only as strong as their workforce, which puts a priority on keeping employees protected in the face of health and other risks. We’re glad to be launching this Insurance Innovation Challenge to encourage innovative solutions and support Thailand MSMEs in being competitive on the global stage,” he said.
Assicurazioni Generali reported an 8.9% rise in its first-quarter operating result for 2025, reaching €2.07 billion.
The increase was supported by all business segments, with property and casualty (P&C) operations showing notable improvement.
Gross written premiums were €26.5 billion, and life insurance net inflows exceeded €3.0 billion, up 30.4% from the prior year.
