Generali expanded its SME EnterPRIZE project in Asia, building on the engagement carried out over the past three years with thousands of small and medium-sized enterprises (SMEs) from across Europe to celebrate and nurture a culture of sustainability.

The project’s expansion in Asia took place on the occasion of the event organized in Kuala Lumpur, Malaysia, by Generali and the United Nations Development Programme (UNDP) to present concrete solutions on how to boost SME resilience against climate change and other risks.

During the event, which saw the participation of representatives from the Malaysian Ministry of Finance, Bank Negara Malaysia, the SME Association of Malaysia and the insurance and financial communities, Generali and UNDP presented:

• “Building MSME Resilience in Southeast Asia”, a Generali–UNDP joint research with a country focus on Thailand and Malaysia,
• The ‘SME Loss Prevention Framework’, a digital platform enabling Malaysian SMEs to better understand and manage growing climate and weather-related risks,
• and innovative insurance solutions to protect SMEs in Malaysia in the framework of the Insurance Innovation Challenge Fund Malaysia.

SMEs, the essence of the socio-economic fabric

In Asia as in Europe, small and medium enterprises are the bedrock of the economy in their respective countries. If we also consider micro enterprises (fewer than 10 employees and an annual turnover or balance sheet below €2 million) in the picture, in the ASEAN region MSMEs account for:

Therefore, protecting and supporting MSMEs means contributing to the economic stability and wellbeing of the region. These businesses must in fact face several risks, from the effects of climate change to business interruption and limited access to capital markets – and less than 5% has any form of insurance, which makes them particularly exposed to risk.*

Generali’s commitment to sustainability

Sustainability is at the heart of Generali’s strategy, as the Group is committed to acting as a responsible insurer, investor, employer, and corporate citizen. Supporting the transition of SMEs towards environmentally and socially responsible business models is a fundamental component of this commitment: promoting a culture of sustainability among small and medium enterprises, contributing to their financial resilience in the face of today’s challenges, means in fact promoting sustainable development in their areas of operation and reducing the protection gap for the most vulnerable communities.

*Source: UNDP-Generali joint report, Building MSME Resilience in Southeast Asia