New Horizons of Collaboration

We are living through a time of profound transformation. The global landscape is being reshaped by a convergence of forces: geopolitical realignments, the evolution of transatlantic relations, the acceleration of technological innovation, and intensifying climate and demographic pressures.

These dynamics are not only interconnected but also accelerating, creating a more complex, volatile, and unpredictable environment. Traditional models of governance, risk management, and economic development are being tested. In this context, the need for new tools to manage uncertainty and enhance resilience has never been greater.

Among the most promising responses to this new reality are public-private partnerships. By leveraging the complementary strengths of governments, international institutions, and private actors, such collaborations can foster innovation, enhance risk management, and deliver inclusive solutions to protect people, communities, and ecosystems.

Public-private partnerships offer a powerful way to pool expertise, resources, and solutions to promote societal and environmental well-being. It is increasingly evident that no single entity - public or private - can successfully tackle today’s multifaceted challenges alone. The path forward requires collective action, and the insurance sector is uniquely positioned to help bridge the protection gap, reinforce economic resilience, and promote social progress.

By aligning the public sector’s mandate for inclusive development with the private sector’s capacity for innovation and execution, public-private partnerships can drive systemic change. The sharing of best practices, knowledge of local markets and communities, and innovative and technological tools allows these collaborations to connect global challenges with local solutions, generating a positive and measurable long-term impact.

Generali, for its part, is actively engaged in this collaborative agenda, working alongside international organisations and other public institutions such as the United Nations Development Programme (UNDP), the Organisation for Economic Cooperation and Development (OECD), and the Insurance Development Forum (IDF) to provide protection in the face of uncertainty and advance sustainable development and resilience.

In 2024, a year marked by Italy’s G7 Presidency, Generali deepened its international engagement by forging a strategic alliance with OECD within the framework of the 7th OECD World Forum on Well-being in Rome. The Group took part hosting a side event focused on the importance of public-private partnerships in addressing systemic challenges - from climate change and demographic shifts to workforce transformation - underscoring their implications for social inclusion and equitable opportunity.

In addition, Generali’s participation in the Insurance Development Forum (IDF) alongside the United Nations and the World Bank reflects a broader industry effort to embed insurance and risk management into the global development agenda. As part of this effort, Generali has endorsed the Infrastructure Resilience Development Blueprint, designed to catalyse insurance-led investment in critical infrastructure - spanning renewable energy, water and waste management, transport, healthcare, education, affordable housing, and digital and telecommunications networks. The goal is to enhance the resilience of vulnerable communities in emerging and developing economies against escalating environmental threats.

Since 2022, Generali has also partnered with the United Nations Development Programme (UNDP), becoming the first financial institution to formalize such a bilateral collaboration. The initiative targets the world’s most vulnerable regions, aiming to narrow the protection gap and enhance socio-economic resilience through tailored insurance solutions.

These partnerships are not isolated efforts - they are part of a cohesive strategy to translate global insights into local impact. Nowhere is this more evident than in Generali’s work with micro, small, and medium-sized enterprises (MSMEs), which are both economically vital and acutely vulnerable to systemic shocks.

MSMEs are the backbone of the global economy, driving employment, innovation, and community cohesion. Yet they remain disproportionately exposed to growing threats to their financial stability and long-term viability.

Generali’s global partnerships, particularly with UNDP, are being translated into targeted initiatives that support MSMEs in building resilience and accessing protection. These efforts are especially focused on Asia, where the need is both urgent and growing.

Key initiatives include:

• Insurance Innovation: through partnerships with start-ups and innovation hubs, Generali is fostering the development of insurance products to enhance the resilience of MSMEs. Most recently, an Insurance Innovation Challenge was rolled out in Malaysia and Thailand to incentivise locally grounded and innovative solutions and new distribution channels tailored to MSME needs.
• Digital risk prevention tools: Generali and UNDP have also presented the “SME Loss Prevention Framework” - a digital tool that helps MSMEs assess and mitigate climate and weather-related risks. Initially focused on flood risk in Malaysia, the tool is being scaled to Thailand and India, with added emphasis on social protection.
• SME EnterPRIZE:  Generali’s flagship project, now extended to Asia, promotes a culture of sustainability among small and medium businesses. Building on its European success, the programme fosters a global network of responsible enterprises and encourages the adoption of resilient, future-ready business models.

In today’s macroeconomic context, strengthening the resilience of MSMEs is increasingly more important. These businesses are not only economic engines - they are also vital to social cohesion and innovation. Helping them adapt to a changing world is a shared responsibility.

The insurance sector plays a crucial role in this effort, whose urgency is underscored by the economic toll of natural disasters. In 2024 alone, such events inflicted $318 billion (+8% YoY) in losses - well above the 10-year average. Yet only 43% of these losses were insured, leaving a $181 billion protection gap. By pooling resources and expertise, public-private partnerships can help bridge this divide and advance inclusive protection models.

As we look toward new horizons, one thing is clear: the challenges of our time demand collective solutions. Public-private partnerships are not just a response to uncertainty - they are a proactive strategy to shape a more resilient, inclusive, and sustainable future.

Generali’s approach, in line with the Group’s commitment as a responsible insurer, exemplifies how such partnerships can deliver tangible, local impact in the pursuit of sustainable development and contribute to protecting what matters most – the future of people, communities, and the planet.