On 21 September, the A2ii hosted a panel discussion at the two-day Asia Learning Session and Public and Private Dialogue (PPD3) on Inclusive Insurance for MSMEs (Micro, Small and Medium Enterpreises) in Ulaanbaatar, Mongolia. This was a third event in a series of dialogues between regulators and industry leaders, amongst which the MEFIN (the Mutual Exchange Forum on Inclusive Insurance) members featured prominently, to discuss good practices, lessons and next steps in regulations, business models and consumer protection. The A2ii panel at this event focused on regulatory aspects that can enable insurance for micro and small enterprises, and was an exchange between participants from Indonesia, the Philippines, and the SECP of Pakistan. 123 attendees were present.
The session focused on ways in which proportional approaches to regulation can help stimulate insurers to offer products for small businesses, and what kind of framework conditions regulators can set up to unlock the potential of a well-insured entrepreneurial sector. Panellists noted how important it is to have strong inter-institutional cooperation, led from a high level of government, which can align all stakeholders behind a single vision of inclusion. A close, enabling relationship between regulator and industry is also a key to exploring the potential of this market.
The other panels on the PPD3 explored aspects of MSME insurance, specifically focusing on the micro and small businesses. Cases were examined of how insurance can valorise the entire value chain beyond just the direct risk coverage, how agricultural businesses could be supported, how to deepen MSME resilience to natural catastrophes. It also included an exploratory dive into the Mongolian market, through index-based livestock insurance, and the protection of the Mongolian mining sector.
The PPD3 meeting was co-organized by the Mutual Exchange Forum on Inclusive Insurance (MEFIN), GIZ RFPI, GIZ Mongolia, and the Financial Regulatory Commission of Mongolia.