On Monday, November 11, 2024, the Bangladesh Microinsurance Market Development Programme (BMMDP), with support from the Swiss Agency for Development and Cooperation (SDC) through the Embassy of Switzerland in Bangladesh, will unveil two transformative challenge funds: Udoy - Climate Microinsurance Innovation Fund and Abhoy - Climate Risk Resilience Fund. Titled "Impetus for Innovation", the event promises to bring together a distinguished audience, including representatives from the Embassy of Switzerland, policymakers, development partners, and leaders from the insurance industry. This collective gathering offers a valuable platform to foster strategic discussions on building climate resilience in Bangladesh’s agriculture sector.

Designed to address Bangladesh's vulnerability to climate risks, these funds focus on empowering smallholder farmers and micro, small, and medium-sized enterprises (MSMEs) involved in agriculture, particularly in the areas of crops, livestock, and aquaculture. With Bangladesh’s agricultural sector facing heightened exposure to climate-induced hazards, the Udoy Fund will support the development of innovative microinsurance products tailored to these risks, engaging key stakeholders from the insurance industry. The Abhoy Fund, on the other hand, aims to enhance the capabilities of reinsurers, ensuring that climate risk coverage reaches the communities that need it most. Together, Udoy and Abhoy are set to pave the way for a more climate-resilient agricultural landscape in Bangladesh.

The day’s highlight will be an in-depth panel discussion titled “Innovation Landscape for Climate-Resilient Agricultural Microinsurance in Bangladesh.” The panel will feature a lineup of experts with a range of perspectives on climate resilience, innovation, and financial inclusion, and the discussion will explore critical areas such as the importance of innovation in agricultural microinsurance, the role of challenge funds in driving innovation, and the collaborative approaches needed to strengthen the microinsurance ecosystem.

In addition, the panel will delve into the transformative role of technology in creating accessible and effective microinsurance solutions, drawing insights from successful global initiatives and experiences. The knowledge shared in this session will be invaluable for anyone invested in Bangladesh’s journey toward a climate-resilient agricultural sector.

The launch of Udoy and Abhoy is a significant milestone for Bangladesh, marking a new chapter in the nation’s fight against climate-related vulnerabilities in agriculture. We invite all interested parties to join us to be part of this groundbreaking initiative and contribute to a future of resilience and innovation!