Pioneer Insurance has signed agreements with five organisations to launch a comprehensive business continuity insurance programme for cottage, micro, small and medium enterprises (CMSME) offering affordable protection against climate and non-climate risks including floods, cyclones, fire and earthquakes.
The programme, under the UNDP-SME Foundation Insurance Innovation Challenge Fund, was formally opened at a signing ceremony in Dhaka on Monday, said a press release.
Pioneer Insurance Managing Director Syed Shahriyar Ahsan highlighted the importance of inclusive insurance in strengthening the resilience of CMSMEs against unexpected disruptions. The programme features an EMI-backed insurance model to support business continuity.
Agreements were signed with Padakhep Manabik Unnayan Kendra, Centre for Development Innovation and Practices, DESHA, RDRS Bangladesh and SOFTOGRAPH. Under the partnership, Pioneer Insurance will serve as the insurer, K.M. Dastur and Company will provide technical support, SOFTOGRAPH will develop the digital platform, and the participating MFIs will support outreach and enrollment.
Representatives from UNDP and SME Foundation attended the ceremony, reflecting the collaborative effort to expand inclusive business continuity protection for CMSMEs across Bangladesh.
