The Microinsurance Network applauds the adoption of the 17 Sustainable Development Goals (SDGs) and 169 targets, and recognises the global efforts in driving the process in an open and participatory way.
The Microinsurance Network calls its members for action to implement the SDGs, while monitoring their progress towards financial inclusion, social protection, universal health coverage and improving the livelihoods of smallholder farmers. It also acknowledges that efforts should be streamlined in order to adapt to climate change and build population resilience against severe climatic events. This cannot be done without proper microinsurance plans - subsidised or not - that give the right product to the right consumer, while raising awareness on risk management strategies and ways to improve economic sustainability.
Although it is true that the SDGs are very ambitious, they are certainly reachable. Goal 2 targets food security and agriculture development and calls for ending hunger. Agriculture is the largest source of income and jobs for poor, rural households, providing livelihoods for 40% of today’s global population. 500 million smallholder farms provide up to 80% of food consumed in a large part of the developing world. Investing in smallholder farmers and providing agriculture insurance in the face of extreme climatic events, will increase food security and nutrition for the poorest, as well as food production for local and global markets.
Goal 3 represents the powerful concept of Universal Health Coverage, which includes investing in health systems, improving resilience to health emergencies and providing integrated care and services. With only half of the women in developing regions receiving the recommended amount of healthcare, microinsurance products could help counteract this trend and reduce out-of-pocket expenses in case of health emergencies.
The Microinsurance Network is only one player in the development community. The next challenge is to make the right partnerships work with businesses, NGOs, public and private entities, in order to promote microinsurance benefits for the poor and make the world a better place.
The challenge is ours, so let’s make it happen.
Read the CGAP working paper on "Achieving Sustainable Development Goals" here.