International specialists agree on need of climate risk insurance in Mongolia
At the initiative of the Financial Regulatory Commission of Mongolia, an international dialogue and organizational meeting under the theme “Climate Risk Insurance” is being held
At the initiative of the Financial Regulatory Commission of Mongolia, an international dialogue and organizational meeting under the theme “Climate Risk Insurance” is being held in Ulaanbaatar. The conference is aimed at sharing good practices, case studies, lessons and experiences on climate risk insurance (CRI) among government, intergovernmental organizations, regional and international organizations particularly focusing in Asia and stakeholder groups and organizations. Representatives from Switzerland, Germany, the Philippines, Indonesia, Pakistan, Sri Lanka and Vietnam and Mongolia’s Ministry of Finance, National Emergency Management Agency and insurance companies gathered to hold discussion in four areas, regulatory frameworks for climate risk insurance, CRI business model, insurance based on technology and public-private partnership. Head of the Financial Regulatory Commission noted the lack of proper legal regulations on disaster risk management in Mongolia and insurance companies do not offer climate risk insurance products on the market as people are not commonly aware of it. The conference also touched upon the impacts of climate change on the traditional herding industry of Mongolia. According to a report by the National Emergency Management Agency, there have been 44,177 dangerous natural incidents or accidents registered in Mongolia during the last decade. For instance, extreme cold weather dzud and snowfall of 2009-2010 killed more than 10 million livestock animals or 23 percent of the total population of livestock animals in Mongolia, imposing great risks to the lives of livestock herder communities.