Mr. Ulaan Chultem, Member of Parliament, Minister of Finance
“Inclusive Insurance-2014” International Forum
- Title: “Inclusive insurance-2014” International Forum
- Organized by: Financial Regulatory Commission of Mongolia and UNDP Mongolia
- Dates: Wednesday, 16 April – Thursday, 17 April 2014
- Duration: Two days
- Venue: Best Western Premier Tuushin Hotel, Ulaanbaatar
- Participation: About 150 to 200 participants comprising: Government officials, commissioners, insurance companies’ directors and senior management and leading insurance experts from Mongolia and other countries; Representatives from bilateral donors, international financial institutions, civil society, private sector, academia, local government, the media and UN agencies
- Background: The insurance industry in Mongolia has a small penetration rate. The vulnerability to risk for the population is high. The insurance sector is still young although insurance has been in Mongolia for 80 years in 2014 the insurance sector has not developed and products offered and insurance operations are well below international standards. The opportunity to increase penetration rates and increase the access to insurance for a major sector of the population in Mongolia was the objective of the UNDP/FRC project. This project has looked at options to provide access to insurance to the low-income population. Insurance can be a development tool as it increases the resilience against shocks of the insured population.
- Objectives: The main objective of this forum is to encourage sharing the knowledge and ground experiences of inclusive insurance from international and local speakers.
- Conference Themes: The importance of insurance in the development of Mongolia’s economy; the role insurance can play in improving resilience of the population; the regulatory framework required to develop a sustainable insurance industry including the role of the regulator; the development of sustainable inclusive insurance markets; the knowledge and skills needed in the insurance industry; the opportunities to promote insurance in Mongolia; the tools from insurance that help manage risk (e.g. actuarial services, insurance products); and insurance products that targets the poor.
"New insurance concepts are becoming a reality in the market. The forum will explore the opportunities of bringing these new concepts to Mongolia".
Globally growth in the insurance sector has stagnated over the last decade. Throughout the world large sectors of the population particularly the poor did not access the products to cover the major risks in their life. Microinsurance was introduced and developed to meet the needs of the low income population. The success of microinsurance has highlighted how many other sectors of the population do not know of or have access to insurance. Using the simplicity principles developed in microinsurance new products are being developed for the needs of a much wider sector of the lower income population, this approach has been defined as “Inclusive Insurance".
The main objective of this forum is to encourage sharing the knowledge and ground experiences of inclusive insurance from international and local speakers.
This jointly organized forum for Inclusive Insurance in Mongolia will be a "first" for the financial sector in Mongolia. The Financial Regulatory Commission /FRC/ and Ministry of Finance will promote the importance of inclusive insurance to the economy and the financial sector of Mongolia by holding a two-day forum in Ulaanbaatar.
The forum will bring together international insurance experts, international insurance regulators, technical insurance experts and development agencies, Mongolian political and business leaders, Mongolian insurance companies and financial sector stakeholders. The Insurance Association of Mongolia will organize an expo of insurance and other business sectors in Mongolia. Companies will promote their products and services to the public and other businesses. The expo will run concurrently with the forum in a separate facility next to the conference room.
2014 is an important milestone year for Insurance in Mongolia. 2014 is the 80th year of Insurance in Mongolia and the 20th year of operations for FRC. The 5 year UNDP supported project funded by Luxembourg Government "Capacity Development for Micro-Insurance Market in Mongolia" will be completed in May of this year.
Insurance throughout the developing world has a low penetration rate, and Mongolia is no different. The opportunity to increase penetration rates and increase the access to insurance for a major sector of the population in Mongolia was the objective of the UNDP/FRC project. This project has looked at options to provide access to insurance to the low-income population. Insurance can be a development tool as it increases the resilience against shocks of the insured population.
The attendees at the forum will hear from international and local experts in formal presentations and panel discussions during the two days of the forum. There will also be organized time for all attendees to network with each other during the forum.
The forum will present international and local perspectives on the following themes:
- The importance of insurance in the development of Mongolia’s economy;
- The role insurance can play in improving resilience of the population;
- The regulatory framework required to develop a sustainable insurance industry including the role of the regulator;
- The development of sustainable inclusive insurance markets;
- The knowledge and skills needed in the insurance industry;
- The opportunities to promote insurance in Mongolia;
- The tools from insurance that help manage risk (e.g. actuarial services, insurance products); and
- Insurance products that targets the poor.
At the completion of the forum the attendees will have:
- A much greater appreciation and understanding of how the insurance market operates in Mongolia;
- A greater knowledge of inclusive insurance and the role insurance can have in the development of Mongolia;
- A greater knowledge of the opportunities for insurance in Mongolia;
- Additional capacity and knowledge on all aspects of insurance including important factors that have been learnt from earlier projects (such as how to target the poorer population);
- Best practice processes and conduct on how to deliver insurance in a sustainable and inclusive manner; and
- A network of new contacts of local and international insurance experts that can assist with the sustainable development of the finance sector in Mongolia.
Day 2: Presentations
- “Health insurance coverage in Mongolia: Challenges and Opportunities” Eng, Mon: Ms. R. Naranchimeg, Director of Health Department, Social Insurance General Office
- “Insurance-Bank-Retail market ” Eng, Mon :Mr. Batsaikhan Daimaa, CEO, State Bank
- “The market potential in Mongolian Insurance Sector”: Mr. Batjargal , Executive Director, Mongolian Insurer’s Association
- “Inclusive insurance developments in Mongolia: Lessons from the UNDP project”: Mr. Russell Leith, Consultant, UNDP “Capacity Building for the Microinsurance Market” Project
- "Livestock insurance in Mongolia” Eng, Mon: Mr. Ulziibold Yadamsuren, Programme Director, Index based Livestock insurance project in Mongolia , the WB
- "Life Insurance in Mongolia”: Mr. Mongolkhuu Galaarai, CEO of National Life Insurance company
- "The development of the microinsurance market in the Philippines” - country case study : Ms. Diana Almoro, Senior Advisor, GIZ Regulatory Framework Promotion of Pro-poor Insurance Markets in Asia
- “Inclusive Insurance in Bangladesh and the Experience of Palli Karma Sahayak Foundation”: Mr. Md Abdul Karim, Managing Director of Palli Karma-Sahayak Foundation (PKSF), Bangladesh
- “Inclusive Insurance in India, Case Study”: Dr. Arman Oza, Chief Executive Officer, National Insurance VimoSEWA, India
Day 1: Presentations
- Key Note Speech: Inclusive Insurance and how it can contribute to Mongolia's development - Mr. Saurabh Sinha, Economic Advisor, UNDP Mongolia
- Policy framework of financial Policy and insurance industry in Mongolia: Mr. Nyamaa B, Director General, Financial Policy and Debt Management Department, Ministry of Finance
- Insurance requlation and supervision in Mongolia: Ms. Tserendejid Purevjav, Head of Insurance Policy and Planning Division, Insurance Department, Financial Requlation Commission
- How the regulator contributes to the development of the insurance market: Mr. Lee Yong Kwan, Financial Supervisory Service, Republic of Korea
- The value and role of insurance regulator to protect the market: Mr. Kazumasa Fukada, The General Insurance Association, Japan
- How a corporate manages risk: Mr. Paul Lam, Jiangtai Insurance Brokers Co.,Ltd, People’s Republic of China
- Reinsurance in emerging Markets: Implications for Mongolia: Ms. Holly Bakke, Reinsurance expert and Consultant, World Bank
- Inclusive insurance product development (international case studies): Mr. Denis Garand, International Microinsurance Actuary and Advisor, Garand and Associates "Canada"
- Strategy to increase consumers knowledge and understanding on insurance in Mongolia: Mr. Russell Leith, Consultant, UNDP “Capacity Building for the Microinsurance Market” Project
- Market conduct and consumer protection from the regulators’ perspective: Ms. Holly Bakke, Reinsurance expert and Consultant, World Bank
For more information:
Mrs. Tsetsegsuren Jigjidsuren, UNDP project National Project Manager,Tel: +976-70001289, Cell phone: 9907-5499, E-mail email@example.com;
- Mr. Javkhlant Batmunkh, Director of General Insurance Division, Financial Regulatory Commission (FRC) Tel: +976-51-261964, Cell phone: 9911-1303, E-mail: Javkhlant@frc.mn
- Mrs. Tsetsgee Puntsag, Programme Analyst, UNDP Mongolia,Tel: +976-11-327585, Cell phone: 9970-2057, Email firstname.lastname@example.org;
- Mrs. Tsetsegsuren Jigjidsuren, UNDP project National Project Manager,Tel: +976-70001289, Cell phone: 9907-5499, E-mail email@example.com;
For international travel and hotel arrangements:
- Ms. Narmandakh Buriad, UNDP project Monitoring and Evaluation Officer, Tel: +976-70001288, Cell phone: 9912-0606, E-mail: firstname.lastname@example.org
For logistics (transportation for airport pick-up, drop, field trip):