SMEs and Insurance in Mongolia SMEs and Insurance in Mongolia 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 01/08/2018 01/08/2018 SMEs and Insurance in Mongolia

SMEs and Insurance in Mongolia 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 01/08/2018 01/08/2018 SMEs and Insurance in Mongolia

Regional Steering Committee (RSC) and Technical Working Groups (TWGs) 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 August 1, 2018 Regional Steering Committee (RSC) and Technical Working Groups (TWGs)

The MEFIN network - Structure

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

Regional Steering Committee (RSC) and Technical Working Groups (TWGs) 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 August 1, 2018 Regional Steering Committee (RSC) and Technical Working Groups (TWGs)

Regional Steering Committee (RSC) and Technical Working Groups (TWGs) 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) August 1, 2018 Regional Steering Committee (RSC) and Technical Working Groups (TWGs)

Regional Steering Committee (RSC) and Technical Working Groups (TWGs) Technical Working Group on Knowledge Management MEFIN Regional Steering Committee (RSC) TWG on Regulation & Supervision (TRS) TWG on Business Models (TBM) TWG on Capacity Development (TCD) TWG on Knowledge Management (TKM) MEFIN Members Indonesia, Nepal, Mongolia, Philippines, Vietnam, Pakistan Secretariat (GIZ-RFPI Asia) Structure MEFIN Technical Working Group on Knowledge Management (TKM) TWG on Knowledge Management (TKM) External Knowledge Sources and Users Technical Consultants GIZ-RFPI Secretariat MEFIN Regional Steering Committee (RSC) August 1, 2018 August 1, 2018 August 1, 2018 Regional Steering Committee (RSC) and Technical Working Groups (TWGs)

Public-Private Dialogue (PPD) SMEs and Insurance in Mongolia 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 01/08/2018 01/08/2018 SMEs and Insurance in Mongolia

GIZ RFPI Asia Business Advisory Group (BAG) 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 01/08/2018 01/08/2018 SMEs and Insurance in Mongolia

Achievements of the BAG in Mongolia SMEs and Insurance in Mongolia 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) 01/08/2018 01/08/2018 SMEs and Insurance in Mongolia

Market Development Strategies Public-private collaboration Genuine industry dialogues Public seminars and consultations Multi-stakeholders approach in MI advocacy Regulatory Framework Promotion of Pro-poor Insurance Markets in Asia (RFPI Asia) www.inclusiveinsuranceasia.com

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

SMEs environment and insurance in Mongolia Implemented by SMEs environment and insurance in Mongolia 01/08/2018 01/08/2018 SMEs and Insurance in Mongolia

SMEs and Insurance in Mongolia Implemented by 01/08/2018 01/08/2018 SMEs and Insurance in Mongolia

SMEs and Insurance in Mongolia Implemented by MSMEs in Mongolia, 2010 (as per World Bank) 01/08/2018 01/08/2018 SMEs and Insurance in Mongolia

Number of employees of participating SMEs Implemented by Number of employees of participating SMEs 01/08/2018 01/08/2018 SMEs and Insurance in Mongolia

Legal forms of participating SMEs SMEs and Insurance in Mongolia Implemented by Legal forms of participating SMEs 01/08/2018 01/08/2018 SMEs and Insurance in Mongolia

Insurance coverage of selected SMEs SMEs and Insurance in Mongolia Implemented by Insurance coverage of selected SMEs 2000 - 2014 01/08/2018 01/08/2018 SMEs and Insurance in Mongolia

Insurance preferences for named risks SMEs and Insurance in Mongolia Implemented by Insurance preferences for named risks 01/08/2018 01/08/2018 SMEs and Insurance in Mongolia

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

Our global partners for risk assessment, capacity building and knowledge sharing to support inclusive insurance

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

SMEs and Insurance in Mongolia Implemented by БАЯРЛАЛАА !! antonis.malagardis@giz.de www.inclusiveinsuranceasia.com www.mefin.org 01/08/2018 01/08/2018 SMEs and Insurance in Mongolia