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On November 11, 2024, the Bangladesh Microinsurance Market Development Programme (BMMDP), funded by the Embassy of Switzerland in Bangladesh, launched two innovative funding initiatives, Udoy – Climate Microinsurance Innovation Fund and Abhoy – Climate Risk Resilience Fund, at a sustainability-centered event at The Westin Dhaka. Titled “Impetus for Innovation: Introducing Udoy and Abhoy,” the event brought together policymakers, insurers, development organizations, and agricultural stakeholders to explore the role of microinsurance in mitigating climate-related challenges.
The two catalytic funds aim to empower smallholder farmers and micro, small, and medium enterprises (MSMEs) in agriculture—covering crops, livestock, and aquaculture—who are particularly vulnerable to climate risks. The Udoy fund focuses on fostering innovative microinsurance solutions, while Abhoy works to strengthen the capacity of reinsurers to deliver effective climate risk coverage.
The highlight of the event was the panel discussion, “Innovation Landscape for Climate-Resilient Agricultural Microinsurance in Bangladesh.” Moderated by Md. Rubaiyath Sarwar, Managing Director of Innovision Consulting, the session explored the current innovation landscape, the role of technology, and strategies for deeper stakeholder collaboration.
The discussion covered the need for robust regulatory frameworks, data-driven product development, and public-private partnerships to scale microinsurance. Panellists highlighted the critical role of technology and international collaboration in designing accessible and affordable insurance solutions.
The launch event reflected a shared commitment to addressing the challenges posed by climate change and fostering sustainable solutions. By prioritizing sustainability in both its format and objectives, the event set a benchmark for environmentally conscious planning.
Sustainability was at the heart of the event, which featured:
- ZERO single-use plastic, with only 4% recyclable plastic used in branding materials.
- Printed materials on FSC-certified paper and biodegradable ink to minimize environmental impact.
- Decorations made of reusable, natural materials and sustainable gifting crafted from metal.
As Bangladesh continues to face growing climate risks, the launch of Udoy and Abhoy represents a significant step in building a climate-resilient agricultural sector for the country. These initiatives reflect BMMDP’s broader mission to enhance the agricultural landscape by introducing sustainable solutions and fostering financial inclusion. By leveraging innovation, collaboration, and capacity building, BMMDP aims to empower farmers, strengthen agricultural value chains, and ensure that Bangladesh’s rural communities are better prepared to face climate challenges.