UNDP and the ICMIF Foundation are launching a new mechanism to promote innovative mutual insurance schemes to better protect the most vulnerable in developing countries

The United Nations Development Programme (UNDP) and the ICMIF Foundation today launched the Insurance Innovation Challenge Fund. The Fund, initially funded with USD 600,000, will enable mutual insurance initiatives to strengthen financial resilience of people with low income. Mutual and cooperative insurers will have to compete for technical and financial resources to develop and distribute innovative and affordable insurance products specifically serving the needs of most vulnerable households.