Ulaanbaatar City Insurance (UBCI) is pioneering microinsurance in Mongolia with a successful home insurance cover against climate risks. We caught up with company CEO Mr. Enkhbold, who shared some challenges faced by the sector in the country and the opportunities that joining the MiN presents for inclusive insurance in Mongolia.

MiN: UBCI joined the MiN at the end of last year. Introduce your organisation - what is your structure and main focus?

Registration opened today for the 15th International Conference on Inclusive Insurance (15th IMC), which will take place from 5-7 November 2019 in Dhaka, Bangladesh. Around 450 delegates from all over the world are expected to be on hand to identify ways of accelerating growth and economic viability in inclusive insurance for emerging markets, with a special focus on building resilience to climate risk in these vulnerable regions.

Some than 50 members from all across the globe gathered in Luxembourg for the tenth edition of the JMM - held last week.

The MiN’s role in a fast-changing environment

As MiN Board Chair Doubell Chamberlain pointed out in his opening remarks, closing the gap is no easy task. “There is complexity all around us,” he noted. “There are many variables that are not in our control. The old approaches don’t work, and we have to be prepared to experiment, adapt, probe and collaborate.”

The increasing importance of insurance for sustainable development was underlined at the recent IIS Global Insurance Forum (GIF) in Singapore, where an entire day - hosted by the Insurance Development Forum (IDF) - was devoted to the role that insurance and related risk management capabilities must play in building a more climate-resilient world. Focuses of the day were Disaster Risk Financing, climate change as a threat to international development, early action in preparation for natural catastrophes, and the importance of consistent, comprehensive, open-access data sources.