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Index-based livestock insurance is an insurance policy aimed at preventing livestock, which is a source of livelihood for herders, from significant losses due to extreme weather conditions and natural disasters.
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Index-based wheat insurance covers the insured in the event of a decrease in the normalized plant indifference index or greenery index within the bag level (administrative unit) during the insurance contract, not the actual damage caused to the insured.
“Intensive livestock and poultry insurance” is to protect the livestock and poultry farmers in densely populated urban, peri-urban and agricultural areas from the financial risks. The farming includes animals such as dairy cows, beef cattle, sheep, pigs and chickens etc.
Mongolian Re JSC provides reinsurance services for domestic and foreign cargo insurance to domestic insurers. The cargo insurance is designated to recover the risks of loss and damage caused to the freight owned by the insurer or forwarded on the bases of the service contract, transported by vehicle, train, air, and sea ship. The sum insured is defined by value of transporting cargo during shipping.
Mongolian Re JSC provides reinsurance services to cover the loss and damage caused to the property of the third party during the construction and the loss and damage to the construction object, supplies at the construction site, temporary employee shelter, and engineering network, due to the unforeseen accidents.
The "Crop Farming Support Fund" of the Ministry of Food and Agriculture in cooperation with “DBM leasing” LLC, the subsidiary of the Development Bank started providing lease for agricultural machinery and equipment.
Personal accident insurance aims to provide compensation to the insured in case of temporary loss of labor capacity, partial permanent loss or death due to all types of sudden accident happened to the insured ones.
Mongolian Re provides various reinsurance services for all types of liability insurance primary insurance companies.
Mongolian Re provides property and business interruption insurance for a huge range of industries. Property insurance is a type of insurance policy that can provide coverage for property and equipment loss from unexpected risks.
The Government of Mongolia and Mongolian Re partnered with International Development Association, the World Bank to support SMEs in Mongolia’s non-mining sectors by strengthening their export capabilities and expand their access to export markets. The Project will provide training, and access to export credit insurance products for the SMEs.
IBLI is a state policy which really focuses on the herders. Generally, there are many problems facing with the herders.
I started insuring my livestock from the beginning of the IBLI, in other words, 2006. And I received high amount of indemnity payment when there was short term spring disaster in 2010.
Every year, the herders of my soum insures the livestock. For my soum, If the livestock mortality rate exceeds the threshold of 6 percent, the herder who chose higher insurance value shall receive higher indemnity.
We strive to upgrade the development of agricultural and financial sectors at higher level and support the people’s employment in urban and local areas by reducing quantity of risk at minimum level that entirely faces the Mongolian agricultural sector.
We aim to provide the Mongolia’s insurance system with reinsurance service which meets international standards.
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2021-03-10
The FRC has launched a new program - Improving financial inclusion in Mongolia - to expand financial access. The program was addressed at a regular meeting of the Financial Stability Commission of Mongolia and approved by the joint decree No. A-62/63/31/A\26 of: the Governor of the Bank of Mongolia, the Chairman of the FRC, the Minister of Finance and the Executive Director of the Deposit Insurance Corporation (dated 1 March, 2021).
The regulatory system will be improved as a result of the introduction of this program, and advanced-technology products and services will be available on the market. Furthermore, the range of financial products and services will be expanded, the costs of services will be reduced and the financial literacy of citizens will be improved.
According to statistics, Mongolia has a higher rate of access to financial services than other developing countries, as measured by the number of citizens with commercial bank accounts. This indicates that many citizens and firms have limited access to the products and services of non-bank financial institutions.
Improving access to finance will increase the competitiveness of business enterprises and organizations. It is an important policy tool for improving the social and economic participation of citizens, especially those living in remote areas.
2019-07-10
Vision
We promote efficiency of the insurance industry on economic development by providing reinsurance services in line with international standards in the insurance market of Mongolia.