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Mongolia: Report on the crop production risks and risk insurance product development

AgroInsurance experts have successfully conducted desk study and delivered consulting services on crop insurance product development for Agricultural Reinsurance Company of Mongolia

Project: Developing a crop insurance product in Mongolia
Country: Mongolia
Duration: 04/2016 – 05/2016
Client: Agricultural Reinsurance Company of Mongolia
Consultant(s): Olena Sosenko (Products & Trainings Manager), AgroInsurance International LLC.,

Objectives:
Evaluation of the current agricultural production industry in Mongolia. Outline of the way for new agricultural (crop) insurance product development. Transfer of the international know how in agro insurance product development. Creation of the strategy for the new insurance product development and marketing. Work with country stakeholders: Ministry of Agriculture, Ministry of Finance, farmers’ association, insurance companies, and financial regulator.

Services provided:

  • Meet the country stakeholders and understand their positions
  • Collect and analyze the statistical data, calculate the insurance rates
  • Define the key terms of insurance product
  • Transfer international know how (underwriting, loss adjustment guidelines), train the Mongolian staff
  • Prepare and conduct a workshop with country stakeholders on the insurance product launch

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