Generali and UNDP build MSME resilience in Thailand
Generali and the United Nations Development Programme (UNDP) are expanding their continued commitment to build the resilience of micro, small and medium-sized enterprises (MSMEs) with a new collaboration in Thailand, building upon their global partnership. The initiative aims to enhance the growth and sustainability of MSMEs in the country, as they are crucial to its economic structure, and to help them prepare for future challenges.
The partnership in Thailand was launched during a dedicated event at Generali’s local headquarters, which saw the participation of the Ambassador of Italy to Thailand, H. E. Paolo Dionisi.
Focusing on the need to develop strategies for both loss prevention and social protection, the partnership aims to create an SME Social Protection Framework, a risk assessment tool designed to improve the overall readiness of entrepreneurs and raise awareness of the risks they face whilst also providing strategies to mitigate these. This includes narrowing the protection gap for business operators through insurance solutions designed to strengthen business stability and sustainability.
The collaboration follows the joint research report by Generali and UNDP launched in 2024, titled “Building MSME Resilience in Southeast Asia” with a focus on selected value chains in Thailand and Malaysia. The report proposes an alternative approach to identifying the risks and needs of MSMEs, developing appropriate risk management and insurance services and delivering these solutions to the local business community.
The research found that MSMEs make up most enterprises in Southeast Asia, comprising 99.5% of all businesses in Thailand and 97.4% in Malaysia. They act as both a pillar and a driver of socio-economic development. The research also emphasized that understanding the differences in MSME value chain characteristics, risk profiles and protection needs is important to offer suitable insurance solutions.
The findings will now be applied in Thailand, specifically with the aim to strengthen the risk management capabilities and support sustainable business practices of local MSMEs. The initiative has two main goals: raising awareness among entrepreneurs about resilience and enhancing their operational capabilities, as well as expanding employee protection to improve quality of life amid economic shifts, natural disasters, and climate change.
Roberto Leonardi, Generali Asia Regional Officer, said: “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 UNDP is all about. I’m really encouraged by the progress made so far in Malaysia and look forward to carrying this impact forward to the MSME community in Thailand. Insurance plays a central role in building resilience and mitigating risks in a rapidly changing environment, and I’m confident that we will equip entrepreneurs with the insights and guidance they need to achieve the growth they deserve.”
Lauren Carter, Deputy Team Lead, UNDP Insurance and Risk Finance Facility, remarked: “The growth of Thai MSMEs is increasingly threatened by risks to business continuity as scarce resources are often redirected from investment into recovering from unexpected shocks. Insurance can play a vital role in helping MSMEs recover from financial setbacks, yet the Thai insurance market remains underdeveloped, with limited product offerings, distribution channels, and awareness of risk protection. To truly support MSMEs, insurance solutions must be paired with comprehensive risk management strategies, enabling small businesses to stay resilient and continue driving Thailand’s economic growth. UNDP is proud to partner with Generali in Thailand and across Southeast Asia to empower MSMEs with the tools and knowledge to better understand and manage their risks."
The broader partnership between Generali and UNDP
Generali and UNDP have a multi-year partnership aimed at supporting the financial resilience of vulnerable communities, SMEs and global value chains to climate and other risks. Under this, Generali and UNDP’s Insurance and Risk Finance Facility (IRFF) are developing research and tools, incentivising the development of innovative insurance solutions, and advocating for holistic resilience solutions that blend risk transfer and management. The partnership blends Generali’s insurance expertise with UNDP’s long-term focus on financing and development.
Through their collaboration, Generali and UNDP are contributing towards the InsuResilience Vision 2025 to reach 500 million vulnerable people with coverage against climate and disaster shocks; protect 150 million vulnerable people through microinsurance solutions; and put insurance innovation at the heart of the UN’s Sustainable Development Goals and 2030 Agenda.
Moreover, by fostering dialogue and collaboration between SMEs and other stakeholders, Generali and UNDP aim to ensure that policies are not only tailored to the needs of SMEs but also implemented in a way that maximises their impact. By bringing together diverse perspectives and expertise, Generali and UNDP strive to create an enabling environment where SMEs can thrive, driving economic growth, creating jobs, and contributing to sustainable development.
