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Published bySalvador Chagas Modified over 5 years ago
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Highlights from PPD7 on Climate Risk Insurance in Mongolia
Antonis Malagardis Tuesdays with MEFIN 15 October 2019
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Key Challenges to CRI Promotion related to Policy and Regulation
ABSENCE OF DATA INFRASTRUCTURE FOR RISK MODELLING Lack of quality and granular data on loss and damage, risk profiles specific to areas, comprehensive risk assessment exercises Difficult for product development by insurers Government responsibility is acknowledged but resources and capacities missing, no clear guidelines on data sharing protocol ABSENCE OF LEGAL FRAMEWORK Absence of definitions, description of coverage, benefits, other scheme details Improving access of insurance through innovative distribution channels
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Key Policy and Regulation Challenges to CRI Promotion
FRAGMENTED SECTORAL APPROACHES Need synergies among different stakeholders (ex. Harmonizing different government DRF programs; cooperation between insurers and humanitarian organizations on FbF) Importance of risk protection is recognized but not prioritized LACK OF AWARENESS ABOUT INSURANCE Impacts overall insurance distribution approach COMPETING PRIORITIES FOR GOVERNMENT BUDGETS Need sound rationale and program design for CRI for budget approvals
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Key Challenges to CRI Promotion related to Business Models and Use of Technology
LACK OF MULTI-STAKEHOLDER COOPERATION Information gap among stakeholders, who to involve, what roles and responsibilities A champion is key LIMITED DISTRIBUTION NETWORK Banks already collaborating as channels but need to partner with more institutions and companies to increase client outreach
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Key Business Models and Use of Technology Challenges to CRI Promotion
ABSENCE OF DATA INFRASTRUCTURE FOR RISK MODELLING and PRODUCT DEVELOPMENT Lack of quality and granular data on loss and damage, risk profiles specific to areas, comprehensive risk assessment exercises Free climate and NatCat data are actually free globally, but hiring experts to process data and the software/hardware needed are expensive
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Key Business Models and Use of Technology Challenges to CRI Promotion
4. OPPORTUNITIES FROM TECHNOLOGY PENETRATION RATES NOT YET FULLY EXPLORED Need to understand how to capitalize on mobile and internet usage rates Need to understand the ecosystem of stakeholders to involved including technology service providers 5. LOW LEVEL OF AWARENESS ABOUT INSURANCE (in general) How can social media be a tool that translates awareness into insurance purchase
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