As the global insurance landscape continues to evolve, 2024 has been a defining year, bringing innovative solutions to address risks, expand financial inclusion, and respond to climate change. The insurance industry has seen significant strides in leveraging technology, data analytics, and public-private partnerships to provide tailored solutions for emerging risks, particularly in underserved and vulnerable communities.
A key trend this year has been the rise of inclusive insurance. With millions still lacking access to basic insurance coverage, insurers are increasingly focusing on expanding financial inclusion by offering affordable and accessible products. Digital platforms, microinsurance, and parametric insurance are transforming how low-income populations manage risks. These developments are creating financial safety nets for those most impacted by climate-related disasters, economic volatility, and health risks.
Climate change continues to dominate discussions on risk management, with insurers and governments recognizing the need for more proactive approaches. Innovative products that build climate resilience, particularly in regions susceptible to extreme weather, are emerging as critical tools in mitigating the financial impacts of natural disasters. In 2024, the insurance sector has accelerated its efforts to integrate climate risk strategies into mainstream insurance offerings, contributing to sustainable development goals.
IRDAI – Insurance Regulator in India has committed to enable ‘Insurance for All’ by 2047, where every citizen has an appropriate life, health and property insurance cover and every enterprise is supported by appropriate insurance solutions and also to make Indian insurance sector globally attractive.
In this context, The Insurance Times is proud to be the media partner for the 20th International Conference on Inclusive Insurance (ICII 2024), taking place from 21–25 October 2024 in Kathmandu, Nepal. This event will bring together industry leaders, policymakers, and practitioners to explore innovative ways to enhance insurance inclusion and climate risk resilience worldwide. We look forward to engaging in dynamic discussions that will shape the future of global insurance practices and policies.
