Generali Thailand has joined forces with the United Nations Development Programme (UNDP) to strengthen the resilience of micro, small, and medium enterprises (MSMEs) in Thailand.
The initiative, which builds on their existing global partnership, focuses on addressing key challenges faced by MSMEs while promoting their long-term sustainability through enhanced risk management and tailored insurance solutions.
As part of the collaboration, the partners are introducing a Social Protection Framework specifically designed for MSMEs.
The tool aims to help businesses better understand their risk exposure, improve preparedness, and close gaps in protection.
The initiative underscores the critical role of MSMEs in Thailand’s economy and their need for robust strategies to navigate a range of risks.
In 2024, Generali and UNDP released a joint study, “Building MSME Resilience in Southeast Asia,” which highlighted the role of MSMEs as economic drivers in Thailand and Malaysia.
According to the report, MSMEs account for 99.6% of businesses in Thailand and 97.4% in Malaysia.
The study pointed to challenges such as limited access to financial products, climate change impacts, and low insurance penetration among these enterprises.
The research stressed that a better understanding of the unique characteristics and risks faced by MSMEs is essential for developing effective insurance products. It also proposed new approaches to risk management that could support MSMEs in maintaining business continuity during crises.
The Thailand-focused initiative seeks to address two main objectives: enhancing awareness of risk management among MSMEs and strengthening their operational resilience.
It also aims to extend protections to employees, promoting better quality of life in the face of challenges such as climate change, economic uncertainty, and natural disasters.
Irina Goryunova, UNDP deputy resident representative, noted the pressing need for targeted solutions.
“The growth of Thai MSMEs is increasingly threatened by various risks to business continuity, including climate risks, and by the redirection of scarce resources away from investment toward shock recovery,” she said.
She added that insurance can play a vital role in recovery, yet challenges such as mismatched products and limited awareness persist.
“Insurance solutions tailored to the distinct risks faced by MSMEs, combined with holistic risk management, are critical to enabling them to thrive and continue driving the Thai economy,” Goryunova said.
Roberto Leonardi, Generali Asia regional officer, emphasised the local focus of the initiative.
“MSMEs are the beating heart of the Thai economy as well as so many others in Asia. Working with them to build resilience and develop solutions to overcome real, local challenges is what our work with the UNDP is all about,” he said.
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Generali Thailand CEO Arsh Kaumi highlighted findings from the research, which identified risks such as financing difficulties, natural disasters, and health crises.
He said the collaboration with UNDP focuses on equipping MSMEs with financial protection and risk management tools to address these challenges.
“We look forward to working closely with UNDP to support MSMEs in building resilience that will benefit future generations and provide a platform for MSMEs sustainable growth,” he said.
The partnership was formally launched at Generali Thailand’s headquarters in Bangkok, with opening remarks delivered by HE Paolo Dionisi, Italian Ambassador to Thailand. The event included discussions involving UNDP representatives, the Office of Small and Medium Enterprises Promotion (OSMEP), and executives from Generali’s regional offices.
