UNDP’s Jordan’s insurance initiative promotes inclusive policies

UNDP’s Jordan’s insurance initiative promotes inclusive policies
(Photos: United Nations Development Program, Jordan)
AMMAN – In a recent session by the United Nations Development Program, Jordan (UNDP) titled "Financing for Insurance Development in Jordan," stakeholders discussed plans to promote inclusive and effective policies in the insurance sector, ensuring equitable access to financial services for all citizens. With a comprehensive plan in mind, actionable steps were introduced to tackle the primary hurdles hindering the growth of Jordan's insurance sector. The plan aims to promote inclusive and effective policies, products, and capacities in the insurance sector, ensuring equitable access to financial services for all citizens. اضافة اعلان

The UNDP's goal is to work alongside insurance sector stakeholders to craft and implement essential plans and tools, with the ultimate goal of ensuring access to invaluable insurance products for all societal segments, particularly disadvantaged and vulnerable groups. These efforts align with the UNDP's strategic objectives of reducing disparities, fostering inclusive growth, and achieving Sustainable Development Goals (SDG).

The project, through activities such as stakeholder interviews and policy dialogues, concentrated on accelerating Jordan's development by enhancing inclusive insurance and risk financing. The plan will play a pivotal role in spotlighting areas requiring intervention in the future to bolster the sector, encompassing mechanisms, relevant indicators, line bodies, and implementing partners such as the CJB and the Jordan Insurance Federation, as well as other key stakeholders in the project team.

Various sector experts engaged in discussions to identify key gaps and offer recommendations to amend existing policies or introduce new ones, which include: Legislative reforms for enhanced inclusivity, Product innovation, especially in the realm of microinsurance for lower-income groups, Strengthening consumer awareness and capabilities to improve comprehension of insurance products, developing public-private partnerships for resource and expertise sharing, and deploying digital transformation strategies to broaden the scope and efficiency of insurance operations. Dr. Nidal Al-Oran, UNDP Environment and Climate Change Team Leader and representative to the event emphasized the importance of the Insurance and Risk Finance initiative as a safety net to safeguard people and livelihoods from crisis impacts.

He highlighted the project's focus on developing innovative insurance products to address challenges faced by vulnerable groups and small farmers, underscoring the need to engage the private sector in product development and technology adoption to sustain agriculture and a parametric insurance system. Meanwhile, Ghanma described the dialogue session as a continuation of previous and ongoing efforts under the Inclusive Insurance and Risk Financing project. This initiative is the outcome of collaborative efforts between the Central Bank of Jordan and the UNDP.

He expressed the CBJ's commitment to enhancing the insurance sector's contribution to the gross domestic product (GDP) and emphasized the importance of partnerships with all stakeholders. He hopes the meeting will provide constructive recommendations and solutions. About UNDP and the Insurance and Risk Finance Facility (IRFF) UNDP is the leading United Nations organization combatting poverty, inequality, and climate change. Operating in 170 countries, it works with a vast network of experts and partners to develop enduring solutions for people and the planet.

The IRFF, a key initiative of UNDP's Sustainable Finance Hub, is an integral part of UNDP's global policy network. It provides essential support for insurance and risk finance to UNDP country offices, the countries it operates in, and its partners. Working closely with industry partners, it delivers policy advice, guidance, tools, methodologies, and networks to foster the development of innovative insurance products and services aimed at vulnerable communities. It also invests in the long-term transformation of insurance markets to enhance country and community resilience to socio-economic, health, climate, and other shocks.

Read more Features
Jordan News