The Bangladesh Microinsurance Market Development Programme (BMMDP) is an initiative funded by the Swiss Agency for Development and Cooperation (SDC) in 2017 and implemented by Swisscontact to tackle risk management challenges in the agriculture sector. Recently, BMMDP introduced two transformative funds: the Udoy Climate Microinsurance Innovation Fund and the Abhoy Climate Risk Resilience Fund. These initiatives are aimed at strengthening climate resilience for farmers and MSMEs (Micro, Small, and Medium Enterprises) by advancing innovative microinsurance solutions that address critical climate-related risks.
The Udoy Fund focuses on creating climate-aware microinsurance products, while the Abhoy Fund aims to strengthen reinsurers’ capacity to deliver climate risk coverage for vulnerable communities. Parvez Mohammad Asheque, Team Leader of BMMDP at Swisscontact, highlighted that these funds address the specific needs of farmers and MSMEs, supporting climate resilience and economic growth.
Moderated by Md Rubaiyath Sarwar, Managing Director of Innovision Consulting, a panel on “Innovation in Climate-Resilient Agricultural Microinsurance” brought together experts to discuss solutions tailored to Bangladesh’s agricultural sector. Rubaiyath emphasized the importance of accessible insurance that supports farmers and rural businesses facing climate challenges such as floods, droughts, and cyclones.
Corinne Henchoz Pignani, Deputy Head of Mission at the Embassy of Switzerland, emphasized Switzerland’s commitment to financial inclusion, underscoring microinsurance’s importance in protecting rural communities from climate and economic risks.
These initiatives are seen as essential steps towards building a resilient microinsurance market in Bangladesh, which would contribute to greater financial security and economic stability for farmers and small businesses impacted by environmental risks.