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Implemented by

Implemented by. SMEs and Insurance in Mongolia. Dr. Antonis Malagardis Program Director. GIZ - Regulatory Framework promotion of Pro-poor Insurance Markets in Asia II (RFPI Asia II). 5 October 2016, Ulaanbaatar. 20/12/2019. SMEs and Insurance in Mongolia. Implemented by. Outline

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Implemented by

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  1. Implemented by SMEs and Insurance in Mongolia Dr. Antonis Malagardis Program Director GIZ - Regulatory Framework promotion of Pro-poor Insurance Markets in Asia II (RFPI Asia II) 5 October 2016, Ulaanbaatar 20/12/2019 SMEs and Insurance in Mongolia

  2. Implemented by • Outline • The MEFIN network • Public Private Dialogue (PPD) • RFPI II Business Advisory Group (BAG) • Achievements of BAG in Mongolia • Inclusive Insurance Market Development Strategies • Inclusive Insurance Key figures by region (Asia, Africa, Latin America) • SMEs environment and the role of insurance 20/12/2019 SMEs and Insurance in Mongolia

  3. The MEFIN Network • Collegial body of insurance policy makers and regulators • Formed in May 16, 2013 in Cebu, Philippines • Signage of Cebu Declaration: commitment to promote and develop inclusive insurance markets Regional Steering Committee (RSC) and Technical Working Groups (TWGs)

  4. The MEFIN network - Structure

  5. The MEFIN network - Structure Provides content, technical and administrative support Provides strategic direction, approves policies Develop and implement programs and activities

  6. The MEFIN Network - Objectives • Platform of peer-to-peer learning among policy makers and insurance regulators • Development and Implementation of programs and activities to advance inclusive insurance • Become sustainable and independent from project funding Regional Steering Committee (RSC) and Technical Working Groups (TWGs)

  7. The MEFIN Network - Composition Principal members: Indonesia, Mongolia, Nepal, Philippines, Vietnam + Pakistan since 2016 • New members may be accepted • Network can accept member observers (e. g. development partners, other MI stakeholders) Regional Steering Committee (RSC) and Technical Working Groups (TWGs)

  8. MEFIN Members Indonesia, Nepal, Mongolia, Philippines, Vietnam, Pakistan Technical Working Group on Knowledge Management MEFIN Regional Steering Committee (RSC) Secretariat (GIZ-RFPI Asia) Structure MEFIN Technical Working Group on Knowledge Management (TKM) TWG on Regulation & Supervision (TRS) TWG on Business Models (TBM) TWG on Capacity Development (TCD) TWG on Knowledge Management (TKM) MEFIN Regional Steering Committee (RSC) GIZ-RFPI Secretariat Technical Consultants TWG on Knowledge Management (TKM) External Knowledge Sources and Users December 20, 2019 December 20, 2019 Regional Steering Committee (RSC) and Technical Working Groups (TWGs)

  9. Implemented by Public-Private Dialogue (PPD) • Twice a year activity of the MEFIN Network • Brings the government and the industry together in developing and promoting inclusive insurance • Beneficial to both parties as evidenced in the development of Microinsurance in the Philippines • The PPD in Manila in July 2016 (with the active participation of FRC and two mongolian insurance companies) focused on the topics of Prudential Regulation, Licensing, Distribution, and Supervision 20/12/2019 SMEs and Insurance in Mongolia

  10. Implemented by GIZ RFPI Asia Business Advisory Group (BAG) • BAG supports Public-Private Dialogues • Assists selected insurance companies tailor/develop insurance schemes and services in accordance with Insurance Core Principles (ICPs) endorsed by the International Association of Insurance Supervisors (IAIS) • Guides regulators in incorporating guidelines to formalize inclusive insurance business models • Supports insurance companies to implement the business models promoting client value & consumer protection 20/12/2019 SMEs and Insurance in Mongolia

  11. Implemented by Achievements of the BAG in Mongolia (June 2016) • Development of one draft product for Mongol Daatgal • Signing of MoU between Mongol Daatgal and GIZ • Signing of MoU between Ulaanbaatar City Insurance and GIZ • Signing of MoU between Monre Insurance and GIZ (July 2016) 20/12/2019 SMEs and Insurance in Mongolia

  12. Market Development Strategies Regulatory Framework Promotion of Pro-poor Insurance Markets in Asia (RFPI Asia)www.inclusiveinsuranceasia.com

  13. 170.4 M 48.6 M 61.8 M Inclusive insurance key figures by region Africa: 2014 LAC: 2014 Asia: 2014 Livescovered 756 M 829 M Gross written premiums (USD) 828 M 32% 26% 79% Claims paid Types of products offered (millions of lives covered, including secondary covers)

  14. Implemented by SMEs environment and insurance in Mongolia 20/12/2019 SMEs and Insurance in Mongolia

  15. Implemented by 20/12/2019 SMEs and Insurance in Mongolia

  16. Implemented by MSMEs in Mongolia, 2010(as per World Bank) 20/12/2019 SMEs and Insurance in Mongolia

  17. Implemented by Number of employees of participating SMEs 20/12/2019 SMEs and Insurance in Mongolia

  18. Implemented by Legal forms of participating SMEs 20/12/2019 SMEs and Insurance in Mongolia

  19. Implemented by Insurance coverage of selected SMEs 2000 - 2014 20/12/2019 SMEs and Insurance in Mongolia

  20. Implemented by Insurance preferences for named risks 20/12/2019 SMEs and Insurance in Mongolia

  21. Critical success factors of inclusive insurance Government ownership of reform measures Jointly introduced schemes for consensus building (e.g. TWGs) Evidence-based insurance solutions as a feedback to adapt/generate regulations accordingly Education and awareness campaigns for all stakeholders Donors coordination through active role of governments

  22. Our global partners for risk assessment, capacity building and knowledge sharingto support inclusive insurance

  23. MEFIN as a network of insurance regulators and supervisors in Asia Explores high priorities in financial inclusion Highlights the role of education and consumer protection in supporting financial inclusion Contributes to the development of evidence-based regulations through thematic assessments Creates an open space for more countries in Asia to join and strengthen the network Invites funding agencies to support the policy and regulatory country initiatives to be taken

  24. Implemented by БАЯРЛАЛАА !! antonis.malagardis@giz.de www.inclusiveinsuranceasia.com www.mefin.org 20/12/2019 SMEs and Insurance in Mongolia

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