Seminar on Risk Protection Mechanisms for SMEs to Strengthen Inclusive Insurance in Mongolia

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The insurance industry in Mongolia is currently small and still in its development stage. The share of the insurance industry is 0.7% of the whole financial sector. Despite the growth of the insurance sector and recent global awareness on financial inclusion, the insurance market in Mongolia can hardly be considered inclusive at this time. Small companies generate around 20% of Mongolia’s GDP and provide employment of 70% of the national workforce. There are challenges in insurance sector such as the lack of effective distribution channels to reach SMEs.

Multi-Stakeholder Dialogue on Microinsurance

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The Pakistan economy expanded by 4.24% in the fiscal year 2014-15. Growth came from all sectors including agriculture, industry and services. One of the major tax sources is its industrial sector which produces 20.30% of the national GDP. Most low-income people in Pakistan, those working in the agriculture sector, as well as in textile and clothing are exposed to a number of life risk events. Specific MI products can manage the negative impact of unexpected incidents.

The Philippine Approach to Inclusive Insurance Market Development

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The presentation of this case study is structured according to three regimes of microinsurance policy and regulatory reforms in the Philippines during a span of 9 years (2006-2015). The first regime refers to milestone regulations that happened beginning 2006, the second regime refers to regulations issued starting in 2010, and the third regime describes the most recent milestone regulations in 2015.
The study also offers a background of the Philippines, an overview of financial landscape including insurance and microinsurance, conclusions and lessons.

Focus Group Discussion to Determine the Risks Faced in ger Areas in Mongolia and Provide Recommendations to Insurance Regulator and Companies

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As of 2008, 154,644 families had been living in Ulaanbaatar ger area. This number had reached to 197,094 by 2013. In terms of socioeconomic status, ger area families tend to be larger, less educated, younger and poorer than apartment area households. Life pattern and living environment of ger area bring particular risks. For that reason, risk protection is needed to ger area residents because of their financial vulnerability. It is important to make ger area residents understand the benefits of insurance to protect them.

 

Delivering Microinsurance in the Philippines

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Low-income people are highly vulnerable to risks, especially health problems, the destruction of their houses, assets, harvest or livestock due to natural catastrophes or to losing the breadwinner of the family in an accident. However, the option of purchasing an insurance policy to become capable of dealing with financial shocks remains ineffective due to the lack of access to affordable and responsive insurance.

Mongolia: Inclusive Insurance schemes by Ulaanbaatar City Insurance

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In Mongolia children between 0 and 18 years old represent 34% of the population. According to estimates, 4% of these children suffer from injuries and accidents annually accounting to approximately 40,000 accidents. With 53%, most of these accidents are falls and injuries, while 11% are traffic accidents, 9% animal bites, 8% burns and 6% cuts from sharp blade objects. These accidents represent a financial burden for the family.

Mongolia: Ger, House and Fence insurance scheme by Monre Insurance

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In Mongolia a large number of people, most of them from the low-income sector, lives still in traditional gers, a portable, round tent covered with skins or felt traditionally used as a dwelling. Gers, houses and surrounding fences in the ger districts are highly vulnerable to flood and fire risks. However, these low-income families do not have the financial means to cope with the severe flooding or fire events that threaten their livelihood. Without financial education, they struggle to have regular access to appropriate insurance products.

Philippines: MicroHealth

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In Philippines healthcare financial risk protection is being provided by the government through the Philippine Health Insurance Corporation (PhilHealth), other social protection programs, and by the licensed private insurance companies and Health Maintenance Organizations (HMOs). In 2014, 87% of Filipinos were covered by PhilHealth and the 13% of uncovered population belonged to the low-income and informal sectors, which are the target market of Microinsurance.

Indonesia: SiPINTAR, an Asuransiku (microinsurance) and Emasku (microinvestment) Hybrid Product

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Indonesia has a low index of financial services literacy, mostly in insurance sectors, leasing, pension fund and stock markets. The national survey on financial literacy of 2013 suggested that those who were insurance literate and bought insurance products were only 17.84% while 39.8% were not literate at all. This condition is persistent due to various reasons, such as lack of education, lack of awareness on insurance, high distribution cost to the remote islands, inaccessibility to financial institutions, among others.

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