[ 29 July, 2010, Ulaanbaatar, Mongolia ]
Монгол
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The launch event of the newly introduced health micro insurance product developed based on the specific insurance needs of the poor, low income people, was held today as part of the “Capacity Development for the Micro Insurance Market” Project, jointly implemented by the Financial Commission of Mongolia and UNDP with the financial support from the Government of Luxembourg. A total of 60 attendants including the representatives from the Ministry of Health, Ministry of Labour and Social Welfare, Ministry of Finance, Financial Regulatory Commission, UNDP Mongolia, other international organizations as well as representatives from the partner insurance companies and mass media have participated in the launch event.
Mr. D. Bayarsaikhan, Chairman of the Financial Regulatory Commission and Ms. Sezin Sinanoglu, Resident Representative of the UNDP Mongolia delivered opening speech whereas complimentary address was delivered by the Ambassador of the Grand Duchy of Luxembourg to Mongolia. The National Project Manager and the Insurance Specialist provided detailed information on the project and the health micro insurance products. Certificates issued by the Financial Regulatory Commission permitting the partner insurance companies to provide health micro-insurance service were handed over to the Bodi Daatgal, Mongol Daatgal and Nomin Daatgal by Mr. Ganbold, Insurance Department Director of the Financial Regulatory Commission and by Ms. Sezin Sinanoglu, Resident Representative of the UNDP Mongolia. |
The project which commenced in May 2009 will support the low income people of Mongolia who compose the vast majority of population by enhancing their risk-management capacity, especially the health risks and livelihood risks that are most prominent, through the provision of the pilot micro-insurance products and it is hoped to help them to get out of the never-ending circle of poverty.
Thus the project to be implemented until mid 2012 is expected to provide the Government and private sector with a foundation of the further micro-insurance industry development as a means of poverty reduction and to contribute to the Government in achieving the Millennium Development Goal 1. This was highlighted by Ms. Sezin Sinanoglu, Resident Representative of the UNDP Mongolia as she noted that in many developing countries around the world, the need for micro insurance has been increasingly recognized in recent years as micro-insurance can contribute to sustainable risk-resilient livelihoods, which can promote bottom-up economic growth, and thus to the achievement of the MDG 1: Poverty reduction. She further referred to the experiences in countries such as India, Bangladesh and Cambodia, which showed that micro-insurance development is not only for the poor and the Government, but also it can promote development of the private insurance sector by diversifying their products and expanding the potential market for a long term.
The commercial insurance companies of Mongolia mainly offer insurance products targeted to the middle and higher income people, whereas micro insurance is intended for low income households including the working poor, by offering affordable premium and protective insurance coverage.
Poor and low income residents of the project pilot sites namely the Khan-Uul and Nalaikh District of Ulaanbaatar and Dornod, Selenge, Uvs and Khuvsgul aimags can be covered by the health micro insurance through the service of local branches of the three partner insurance companies: Bodi Daatgal, Mongol Daatgal and Nomin Daatgal. As stated by Mr. Bayarsaikhan, Chairman of the Financial Regulatory Commission, the launch of the health micro insurance remarks a new development step for the micro insurance market in Mongolia.
The monthly premium of the health micro insurance product is approximately 6,200 MNT and 74,000 MNT annually. As the insurance will cover up to 4 family members, the monthly premium per person would be around 1,500 MNT monthly. The insurance covers in-patient services including diagnosis, lab tests, treatment/surgery and medicine costs with maximum benefit of 100,000 MNT and out-patient services including diagnosis, lab tests, treatment/surgery, and hospital bed/food charges with maximum benefit of 400,000 MNT per year as well as patient’s transportation cost up to 50,000 MNT to be compensated by the partner insurance companies. Insured and dependants are entitled to one free health check-up if there hasn’t been any claim during the insured year. This is extremely significant in terms of prevention from illnesses and early diagnosis.
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