Learn more about the work being done by the UNDP-GAIN partnership

Unmanaged global risks are threatening our future in unknowable ways. Climate change, health crises and economic uncertainty are among these cascading risks and in developing countries, the financial burden of recovery falls directly on countries, businesses and households.

The global protection gap (the gap between the impact of crisis and how much of that is insured) for health, mortality, agriculture and natural hazards reached a record $1.8 trillion in 2022, influenced by rising numbers of climate-related hazards and extreme weather events (Swiss Re Institute, 2023).

With financial losses growing more significant and unpredictable, promoting a culture of risk awareness, risk reduction and financial resilience are essential for safeguarding sustainable development and protecting long term investments.

This joint UNDP and Milliman event unpacks the strains of colliding crises on current risk management toolkits. Insurers, regulators, actuaries, and development organisations will share insights and tools for decision-makers on better understanding and managing risks. Areas of discussions include the importance of accurately pricing new risks, developing innovative insurance products and the role of regulatory frameworks. The discussion highlights learnings from the UNDP-Milliman Global Actuarial Initiative (GAIN), currently working with 12 developing countries to support the management of growing risks by building actuarial capacity and deepening local insurance markets. Insights are shared on building risk awareness, establishing supportive governance mechanisms, market functions, regulations and policies.