Our commitment to SDGs



The Microinsurance Network applauds the adoption of the 17 UN Sustainable Development Goals (SDGs) and calls on the global insurance industry to support them. Insurance and development experts must recognise that insurance is a critical enabler if we are to attain many of the US SDGs. The Microinsurance Network is committed to advocating for the recognition of the role of inclusive insurance in the attainment of the SDGs, particularly of the six SDGs for which insurance fulfils a primary role in target achievement. These are: no poverty, no hunger, good health, gender equality, good jobs and economic growth, and protect the planet. Five more SDGs have been identified that rely on insurance playing a secondary role: quality of education, innovation and infrastructure, reduced inequalities, sustainable cities and communities, and partnerships for the goals. Risk management and insurance at all levels – micro, meso and macro – are needed to build up the resilience that underpins the sustainable development agenda.

The Microinsurance Network is committed to advocating for the recognition of the role of inclusive insurance in the attainment of the SDGs, particularly of the six SDGs for which insurance fulfils a primary role in target achievement. These are: no poverty, no hunger, good health, gender equality, good jobs and economic growth, and protect the planet. Five more SDGs have been identified that rely on insurance playing a secondary role: quality of education, innovation and infrastructure, reduced inequalities, sustainable cities and communities, and partnerships for the goals. Risk management and insurance at all levels – micro, meso and macro – are needed to build up the resilience that underpins the sustainable development agenda.

The Microinsurance Network calls its members for action to implement the SDGs, while monitoring their progress towards financial inclusion, social protection, universal health coverage and improving the livelihoods of smallholder farmers. It also acknowledges that efforts should be streamlined in order to adapt to climate change and build population resilience against severe climatic events. This cannot be done without proper microinsurance plans - subsidised or not - that give the right product to the right consumer, while raising awareness on risk management strategies and ways to improve economic sustainability.
 
Although it is true that the SDGs are very ambitious, they are certainly reachable. Goal 2 targets food security and agriculture development and calls for ending hunger. Agriculture is the largest source of income and jobs for poor, rural households, providing livelihoods for 40% of today’s global population. 500 million smallholder farms provide up to 80% of food consumed in a large part of the developing world. Investing in smallholder farmers and providing agriculture insurance in the face of extreme climatic events, will increase food security and nutrition for the poorest, as well as food production for local and global markets.
 
Goal 3 represents the powerful concept of Universal Health Coverage, which includes investing in health systems, improving resilience to health emergencies and providing integrated care and services. With only half of the women in developing regions receiving the recommended amount of healthcare, microinsurance products could help counteract this trend and reduce out-of-pocket expenses in case of health emergencies.

Read the CGAP working paper on "Achieving Sustainable Development Goals".
Read the GIZ publication "Inclusive Insurance and the Sustainable Development Goals".
Read our press release on this topic
Find out about our partnership with the UN Principles for Sustainable Insurance Initiative