"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.