Regulators, insurance industry players, MSMEs, farmers, mining industry executives came together on 20 and 21 September 2017 in Ulaanbaatar, Mongolia to discuss how MSMEs and herders can access affordable financial risk protection. This public private dialogue (PPD) to promote inclusive insurance is a regular event organized by the Mutual Exchange Forum on Inclusive Insurance (MEFIN) Network, a peer network of regulators from the countries Indonesia, Mongolia, Nepal, Pakistan, Philippines, Sri Lanka and Vietnam, as a platform for efficient and effective exchange of relevant knowledge and best practices on inclusive insurance.
Experiences from the different MEFIN countries, ranging from regulation and innovative business models are shared through the different panel discussions moderated by experts from GIZ RFPI Asia and a2ii. Topics include value chain approach to SME insurance, agriculture SME insurance, impact of climate change to SMEs ad regulatory challenges on SME insurance. A special session, entitled Mongolia Spotlight, focused on SME insurance in the mining sector of Mongolia.
Key takeaways for the private sector participants are:
For the regulators side, key takeaways are:
As in the previous PPDs, the MEFIN Network held its organizational meeting as pre-event. Here, the MEFIN regional steering committee (RSC) approved the work plan drafted by the four (4) technical working groups (TWGs) composed of public and private sector representatives from the MEFIN member countries. Major decisions are expansion of the TWG on business models to include technology and the formation of a new TWG on Disaster Risk Insurance. The MEFIN RSC and TWG members were also treated to a cultural night by the host, Financial Regulatory Commission of Mongolia.