2021-03-10

The FRC has launched a new program - Improving financial inclusion in Mongolia - to expand financial access. The program was addressed at a regular meeting of the Financial Stability Commission of Mongolia and approved by the joint decree No. A-62/63/31/A\26 of: the Governor of the Bank of Mongolia, the Chairman of the FRC, the Minister of Finance and the Executive Director of the Deposit Insurance Corporation (dated 1 March, 2021).

The regulatory system will be improved as a result of the introduction of this program, and advanced-technology products and services will be available on the market. Furthermore, the range of financial products and services will be expanded, the costs of services will be reduced and the financial literacy of citizens will be improved.

According to statistics, Mongolia has a higher rate of access to financial services than other developing countries, as measured by the number of citizens with commercial bank accounts. This indicates that many citizens and firms have limited access to the products and services of non-bank financial institutions.

Improving access to finance will increase the competitiveness of business enterprises and organizations. It is an important policy tool for improving the social and economic participation of citizens, especially those living in remote areas.

2021-01-13

Ulaanbaatar /MONTSAME/ Today, January 12, 6-time earthquakes occurred in a place in distance of 30 km southwest of Khankh soum, which locates 200 km northwest of Khuvsgul aimag center and citizens felt strong tremor. Specifically, a magnitude 6.5 earthquake was recorded at 05:32 AM, a magnitude 5.1 quake at 05:41, 4.6 quake at 05:47, 5.3 at 06:02, 5.0 at 06:10 and a magnitude 5.6 quake at 07:02 AM local time.

These earthquakes occurred in distance of about 1,000 km from Ulaanbaatar city, nevertheless, residents of Bulgan, Orkhon, Selenge, Khuvsgul and Ulaanbaatar city felt strong tremor. The tremor was felt by Ulaanbaatar residents and no damages and losses have been recorded.

 30 years ago or on December 27, 1991, a 6.5 magnitude earthquake was reported in a place called “Busiin gol” in Tsagaannuur soum, Khuvsgul aimag, Mongolia, the Institute of Astronomy and Geophysics reports.

2019-07-10

2019-01-30

Mercy Corps Mongolia hosted the Livestock Sector Financial Inclusion & Business Development stakeholder workshop in Ulaanbaatar on January 29th, 2019. The project was implemented as part of the Resilient Communities Program which aims to build resilience for rural people and support livestock sector development.

2018-09-17

The National Agency for Meteorology and Environment Monitoring (NAMEM) has warned the public to be alert and stay safe as a major blizzard is expected to hit western parts of Mongolia. The blizzard already began sweeping across  Arkhangai Province earlier today (19 September).
From 18th September, Heavily snow and blizzard began from the east side of Zavhan province, and it hit Selenge, northern side of Uvurhangai, southern side of Bulgan and western side of Tuv province.

Detailed information of weather:

PRECONDITION OF WEATHER TO 19TH SEPTEMBER

The western side of the country:
Cloudy in the night, in most parts of the country, clouds reduce in the daytime.The precipitation, snow, and blizzard in the eastern parts of the country. Wind come from northern, ranges from 9m to 14m in second in the northwest and 18m to 20m in second in the southern part of the country. It is cold at night, which is -5 to -10 degrees in the night, -2 to 3 degrees in the daytime at Altai, Khangai mountain range, Tes river valley, and beginning of Zavkhan river.

The central part of the country: 
Cloudy in most provinces. There are great precipitation and wet snow at night in part of western,  in most countries at daytime. At daytime, the wind turns from western south to north, ranges from 9m to 14m per sec, in the southern side of the country, the wind turn 18m to 20m per second. At night, the temperature reach -4 to 1 degrees in Darhad’s trench, mountainous areas of Khangai, Khuvsgul, and Khentii.

Eastern side of the country:
It's cloudy. No precipitation. The winds turn from left to right and 6 to 11 meters per second, and some places are 13-15 meters per second. At night, 3-8 degrees, 17-22 degrees in the part of western at daytime, and 22-27 degrees in other areas.

PRECONDITION OF WEATHER TO 20TH TO 24TH SEPTEMBER:
On September 20th, in the eastern side of the county, on September 21st, the eastern part of Tuv province and eastern provinces, On 22nd, precipitation, and wet snow falls in eastern part of eastern provinces. On 23rd, precipitation fall in the western side of western provinces.
On the 20th and 21st, the winds are 18-20 mph in the eastern provinces, On 22nd, in some cases temporarily 24 m per second, dust and snow storms occur.
On the 20th in most countries, on the 21st and 22nd weather become cold in Darkhad's trench; mountainous areas of Altai, Khangai, Khuvsgul, and Khentii; river valleys of Ider, Tes, and Terelj. Temperature becomes -7 to -12 degrees at night, 0 to 5 degrees at daytime in those areas.  

2018-09-01

he Agricultural Reinsurance JSC has entered into a Memorandum of Understanding (MoU) with the Export Credit Guarantee Corporation Ltd of India (ECGC).

The objective of the MoU is to cooperate on providing the trade credit insurance/reinsurance operation by strengthening the capacity building, exchanging the information service and the experience in order to support the trade between Mongolia and India.

The ECGC Ltd (Formerly Export Credit Guarantee Corporation of India Ltd.), wholly owned by Government of India, was set up in 1957 with the objective of promoting exports from the country by providing Credit Risk Insurance and related services for exports. This corporation is essentially an export promotion organization, seeking to improve the competitiveness of the Indian exporters by providing them with credit insurance covers. Nowadays ECGC offers 31 types of product with short, medium, long-term export credit insurance for exporters and commercial banks. The corporation has experience in export credit insurance market and other trade sector, therefore notified to share their experience and knowledge for establishment of new product, cooperating with us.

2018-07-30

Delegates of the China Export Credit Insurance Corporation (SINOSURE in short) visited Agricultural Reinsurance JSC on July 20, 2018.
In the meeting, from the SINOSURE corporation, 4 people including Ms.Tao Jianchun, the Deputy head of the Risk management department, Ms. Xu, Tian, the Division manager of Risk management department, Ms. ZHAO, Jing, the Analyst of Country Risk Research Center and Mr. Shang, Yuxing, the representative of Russia Office; from the Agricultural Reinsurance JSC 3 people including Mr.Batbayar, the Head of the Export Insurance department, Ms.Nyamdavaa Gan-Erdene, the International Cooperation Manager, Ms. Narangerel Otgonkhuyag, the Actuary participated.

During the meeting, the parties introduced the presenting organizations to each other and discussed about the current export situation of Mongolia, export credit insurance benefits for the economic diversification, economic growth and employment. (About 53 percent of total labor force in Mongolia is working in food, agriculture and light industry.) Furthermore, the parties shared their views on establishing cooperation between two organizations.

SINOSURE corporation is one of the leading export credit insurance corporations in the world. It was established in 2001 and supported by China’s government in order to promote China’s foreign economic and trade development and cooperation. Its credit information database covers more than million companies, more than 40000 banks and more than 800 industries in the world. And its credit reporting and recovery channels cover more than 200 countries and regions.

By the way, 87.8 percent of the total export of Mongolia is to China and if the Agricultural Reinsurance JSC becomes able to get the information of Chinese buyers, the insured exporters with the data about the buyers will have more opportunity to concentrate on the other essential matters without worrying about receivables

2018-04-23

2018-04-23

2017-08-03

Mr P. Sergelen, the Minister of Food and Agriculture and Light Industry, issued “Government Resolution No. 186 on Some Preparation for the Wintering of Agricultural Sector in 2017” which is dated on June 28, 2017 and delivered to the Food and Agriculture Agencies of the provinces and the city. On July 27, 2017, all governors and the Chiefs of Food and Agriculture Agencies of the provinces organized an e-conference issuing livestock grazing, hay and fodder preparation, pre-health measures, vaccination, making pre-harvest balance sheet by August 18th and the winter and spring preparation, and gave directions to organize activities on the issues.

Information and Research Institute of Meteorology Hydrology and Environment made an assessment on drought as of July 20, it states that some areas or 150 soums of the Uvurkhangai, Khovd, Gobi-Altai, Arkhangai, Bulgan, Tuv, Bayan-Ulgii, Uvs, Zavkhan, Khuvsgul, Bayankhongor, Umnugovi, Dornogovi, Khentii, Sukhbaatar, Dornod provinces are in drought, and over 50 soums of the Hövsgöl, Bayankhongor, Bulgan, Khentii, Uvs, Zavkhan or certain regions are nearly in drought. Regarding to it, the ministry is receiving and consolidating the preliminary results of the report on summering and crop conditions, winter preparation and planning to do appropriate activities. According to the data of provinces, 23 percent of the total area is in normal summering condition, 43 percent is nearly in drought and 34 percent is in drought. This year, total of 177,500 herder households from 1629 bags accounted livestock slaughtering for winter, and 66.0 million livestock is to be kept for reproduction. And 1.1 million livestock of 2921 households will be passed the winter in other provinces, 3.6 million livestock of 9225 households will be passed the winter in other soums, 369 thousand livestock of 490 households will be passed the winter in the inter-soum otor zone, 843 thousand of 1151 households will be passed the winter in the inter-province otor zone, 1.2 million livestock of 3104 households will be passed the winter in the border area, 2.1 million livestock of 4502 households will be passed the winter in state protected areas and total 9.2 million livestock of 21393 households will be passed the winter, spring in otor zone.

In the spring of 2017, 517.4 thousand hectares of land were cultivated, and total of 391.6 thousand hectares of crop were planted, including 367.2 thousand hectares of wheat, 14.6 thousand hectares of potatoes, 7.2 thousand hectares of vegetables, 75.9 thousand hectares of oil plant, and 25.7 thousand hectares of fodder plant, 1.9 thousand hectares of medicinal plants, 287.1 hectares of fruits and berries respectively.
And total of 366.9 thousand hectares of 1198 enterprises and individuals of 84 soums in 13 provinces were involved in the task to estimate the planting amount by germination process which is organized in June 15-20. As a result, 75.5% of the total planted area got excellent on germination, but in the wheat growth’s vulnerable or crushing stage, (in the first or second 10 days of June and in the first 10 days of July) most areas of the country had low precipitation and in some regions had no precipitation, and had 3-4 times of excessive heat for 6-10 days. It had adverse effects on crop conditions. This natural disasters varied in single province and single soum, and the rainfall was stranded, while the overheating of the sun was completely covered the region at 32-41 degrees Celsius in the days.

Due to the overheating of the sun and the lack of precipitation, the growth of crops in all regions were to slow down, with no wheat crushing, and even the harvesting amount was to decline.

Yields of the potatoes, vegetables, and fodder will be also decreased by approximately 20 percent from the planned harvest yield. According to this situation, northern regions of the crop yields in Selenge province and Bulgan province some soums of Darkhan-Uul, Orkhon, Uvs, Khuvsgul and Arkhangai provinces may have 9.0-12.0 centners of yield per hectare which are relatively high, and in Tuv province, 30.5 thousand ha, in Selenge province 18.6 thousand hectares, in Bulgan province 8.5 thousand hectares, in Dornod province 6.7 thousand hectares, in Khentii province 4.8 thousand hectares, in Uvurkhangai province 3.9 thousand hectares, in total 74.6 thousand hectares of land can’t be harvested and are to be transplanted into fodder. Also, grasshoppers and other pests’ amount increased in the fields because of the drought. And these are adversely affecting the crop yield and the ministry is taking plant protecting measures to reduce the risk.

In the future, the following actions will be taken to ensure the preparation of harvest since the rainfall in the regions of the country will be appropriate and the intensity of the heating will be reduced in August.

To consolidate a preliminary balance sheet on yield for each type of crop production by August 18th, and to develop harvesting methods.
To prepare for the harvesting, to equip the equipment for harvesting the non-scraping wheat with low and scarce growth,
To account and prepare the human capital for harvesting and to quickly prepare and reserve the equipment, storage, and plastering,
To ensure every farming entity and citizen to reserve enough seed in sufficient quantities to prepare for domestic fallowing,
To intensify the implementation of the "Technical Reform of Crops”, the project funded by the Russian Development Bank's loan and to organize the quick delivery of supply before harvesting.
According to the Government Resolution No.186, it was assigned that 30.8 thousand tons of grass, 11.7 thousand tons of feedstuffs shall be prepared for hay and fodder reserves in provinces, capital city, soums and districts. This year's hay preparation will include 7101 wheeled tractors, 5806 mini tractors with equipment, 621 sheaf-binders, 1000 dump rakes, 5000 hand and mobile sickles and rakes. At the herder’s level, 1.2 million tons of grass, 36.0 thousand tons of straw, 23.0 thousand tons of green feed, 48.9 thousand tons of industrial feed, 71.0 thousand tons of handmade fodder, 9.0 thousand tons of flour and 141.9 thousand tons of salt will be prepared.

The amendment of budget 2017 provided a new investment to improve pasture water supply, and as a result, total of 96 wells were constructed from 2 to 12 wells in each of the 17 provinces. There are 45.3 thousand wells in the pasture, of which 40.1 thousand wells are ready to be used, and 92.1 percent of the herding households are supplied with water. In order to irrigate the remaining non-watered households in 2017, 295 wells will be constructed and 340 wells and hand wells will be rehabilitated. Also this year, wells that are available for pastureland are being developed by state budget funds and foreign projects, local communities and herders.

In scope of plant protection, 89.6 thousand hectares in 3 aimags were prevented of grasshoppers, and 100 thousand hectares in 2 aimags were prevented of mammoth venom by microbiological methods.

Source: http://mofa.gov.mn/exp/article/entry/774

2017-04-10

The “Agricultural Reinsurance” JSC participated in the exhibition, the “State property management, social responsibility-2017”. The exhibition was organized in the “Tenger Plaza” in April 7-8th, 2017. In the event, the state owned organizations and some presenters of the small and medium enterprises participated; gave related information and introduced their products and services to the public.

2017-04-05

2017-03-29

The delivery of the spring-off is being continued. In particular, by March 27th, the rate of spring-off is 7.3 percent and around 1.8 million dams gave birth to the young livestock. This amount is 968 thousand more than the previous week’s. The 93 percent of the total youngsters (1.7 million) are growing well.

Source: Ministry of Food and Agriculture and Light Industry

2017-03-25

In cooperation with the World Bank, the government of Mongolia stated implementing the “Export development project”. The pivot of this project is to diversify the exporting products of Mongolia and improving the economy. For doing this, the project shall conduct many activities including supporting the exporting of the small and medium sized enterprises in non-mining sectors, strengthening the competitiveness of the products. The export development project shall be implemented for 18 months and is being funded by irretrievable financial support of 20 million USD.

The export development project shall be implemented in 3 main directions. Firstly, training the employees in the small and medium sized enterprises, ensuring whether the products meeting the market demands are being produced or not, organizing the repeated training and seminars with several levels focusing on the ways to sell the products on the world market.

Secondly, run activities on strengthening the product competitiveness of the SME’s. Thirdly, provide the SME’s with the financial support to develop the product which meets the interest of the buyers and the sellers.

The main requirements for the producers are that the products made by the small and medium sized enterprises should be appropriate to the market demands, flexible and it also should have the exporting foresight.

-Community representative of the World Bank in Mongolia, Mr. James Anderson: He claims “For the country like Mongolia in which the products of the mining sector are prevailed in the export, diversifying the export should be significant for improving the economical productivity, innovation and supporting the employment. This project adheres to the other goals and missions being implemented by the World Bank in a way that supports the livelihood and the access of the economic development.”

-Finance minister B.Choijilsuren: He claims “In scope of this project, the small and medium sized enterprises exporting or to export products in the non- mining sector shall be available to get the access of export credit insurance and in wider area easily and receive financial support to improve the product quality, competitiveness and practices. The “Agricultural Reinsurance” JSC shall provide the insurance companies, other financial organizations and small and medium sized enterprises with financial products and services of export.”

There will be a website soon for the SMEs to develop their export, and via this website, the SMEs to participate in the project can be registered. If there is any conducted project, the SMEs may submit the project to the Ministry of Finance.

Source: http://www.itoim.mn

2017-07-14

Mr.Choi-Ish, the head of the division of livestock husbandry policy’s implementation of Ministry of food & agriculture and light industry made statement on March 10th, 2017. Regarding to his statement, in the country level, 26.2 million livestock is to deliver off-springs. In detail, 122.6 thousand camels, 1.1 million mares, 2.7 million cows, 12.4 million ewes and 10.9 million nanny-goats will deliver off-springs.

Delivery of off-spring is started and 257.9 million dams, the one percent of the total, delivered off springs, and the percentage of the healthy youngsters is around 256.5 thousand, the 98.4 percent of total youngsters.

In recent days, more than 50 percent of the total area, the northern part of the country including the soums behind the Altay is covered by snow layers with the width of 10-53 cm. Fifty four soums of 13 provinces are with the thick snow layer and 74 soums of the 16 provinces are under the dzud condition. The weather forecast of March warns that the areas with thick snow are to have more snow; and strong snow and dust storm is to occur in these areas. Therefore, there will be unfavorable condition for delivering off-springs, pasturing and tending livestock, and the herders and people in these areas are advised to use mid-term and short term weather forecasts.

2017-03-07

Mr.B.Batbayar, the head of Business development and project department, Mr.T.Oyunbat, the head of Underwriting department made a business tour to visit SCOR, Qatar Re, the international reinsurance companies; Celsius Pro, the broker organization for weather based insurance in Zurich, Switzerland and Hannover Re, the reinsurance company in Germany in February 21-March 1. 

During the visit, the delegates of “AgRe” JSC met the administrative of the companies, developed cooperation in the target fields, shared experience in the related sectors and studied the structure of the crop insurance product.

2017-02-13

The IBLI Sales-2017 starts being implemented by the branches of the KHAAN BANK and State Bank, the insurance broker organizations since February 1st.
The livestock households and herders are insuring their livestock actively since the insurance has started.

The participating insurers in IBLI-2017 Sales are “Ard Insurance” LLC, “Bodi Insurance” LLC, “MIG Insurance” LLC, “Mongol Insurance” LLC, Monre Insurance” LLC, “Nomin Insurance” LLC, “Practical Insurance” LLC, “Tenger Insurance” LLC and “Khaan Insurance” LLC and the insurance agents will start purchasing IBLI policy on March 1st.  

The IBLI sales will be continued until June 30th, 2017 and during this time, the herders are able to insure their livestock.

The main purpose of the IBLI is to protect the herders from the unpreventable risks including natural risks such as dzud, spring wind, and others such as burglary, wolf attack etc. Furthermore, protecting the herders from having financial loss, the IBLI aims at supporting the livelihood of the herders, the essential part of Mongolian producers, and the labor force of the Mongolian economy.  

2017-02-13

The Steering committee meeting of the “Agricultural Reinsurance JSC is held on January 27, 2017. During this meeting, the members of the Steering Committee made decisions to re-establish committees under the Steering committee and appointed their members. Also the members of the Steering committee agreed to increase the asset of the Stop-loss fund, approved the business plan of the company and the policy sample of the IBLI.

During this meeting, Mr. Enkhtaivan.G, the Chief Executive Officer of the “Agricultural Reinsurance” JSC introduced the planned operations of the company to the members of the Steering Committee.

2017-02-07

Financial Regulatory Commission, Ministry of Finance and Mongolian Insurers Association organized an open discus meeting on “Strengthening legal environment of insurance sector and improving insurance market” for 2 days.

In the discus meeting, the delegates of Mongolian Insurers’ Association, Compulsory Insurers’ Association, Mongolian Loss-Adjusters’ Association and “Agricultural Reinsurance” JSC participated and discussed and made recommendations on “Law on Insurance”, “Law on Drivers’ Insurance”, “Law on professional insurance participators”.

The recommendations made during the discus meeting is to be delivered to the work team which is approved by the prime minister’s decree No.76 in 2016. The work team is in charge of making proposals and recommendations on refining the bank, finance and insurance sectors’ legal environment, elaborating drafts of the related documents and improving the market.

2017-01-16

In scope of the planned work to get introduced with the operations of the companies under the Ministry of Finance, Mr.B.Choijilsuren, the minister of Finance visited the “Agricultural Reinsurance” JSC and met the administrations on January 16, 2017.

During the meeting, the administrations of the “Agricultural Reinsurance” JSC introduced the implemented works and activities in the past; recent works and forthcoming planned activities to the minister and the members of the work team, then exchanged views on further strategies.

In the end of the meeting, the minister claimed that the goals and the plans of the company are accurate and required to be achieved in the society. Also he advised the administrations to intensify the related works; to provide the insurers and customers with the insurance and reinsurance services including IBLI, crop insurance and other types of insurance and wished continued success.

2016-09-10

2016-09-06

The first wheat test harvesting is conducted cooperating with the “Agricultural Reinsurance” JSC on August 25, 2016 regarding to the Guideline of Loss adjustment. The test harvesting was conducted 4 times in field on which the hail risk was occurred, 7 times in the field on which the hail risk was not occurred, in total 11 times in the 212 ha field of the Selenge province. Also it was conducted 2 times in the 37 ha land.

The measuring field was chosen randomly and counted the wheatears in 1 m2 land. After that, the wheatears were cut and weighed. The weighed wheatears were threshed mechanically, the moisture was measured using the moisture measuring tools.  The test harvesting was conducted by subtracting loss from the moisture amount as it is stated in the guideline for loss adjustment.

   Test harvesting

2016-08-05

The head of the Business development and Project department, Mr. B.Batbayar, the head of the Underwriting department, Mr. T.Oyunbat, Project manager, Mr. Ts.Batmunkh visited the L’lyod’s agency in Singapore from July 25 to August 1, 2016 to meet the administrative workers of the company, introduce the operation of the “Agricultural Reinsurance” JSC and to exchange views on the further cooperation.

2016-07-09

The first policy of the wheat insurance was established insuring the wheat of 250 ha planted by the insurer in Khushaat soum of the Selenge province on June 24, 2016. This shall be the first step of insuring crop sector and introducing further crop insurance products.

2016-07-06

The workers headed by Mr. B.Daajamba, the head of the “Agrilcultural Reinsurance” JSC worked in the Gobi-Altai, Bayankhongor and Uvurkhangai provinces in  June 15-27, 2016. During the work in the provinces, the workers introduced the company to the administrators and the herders, checked the IBLI operation, intensified the sales, exchanged views and give advice to the administrators, insurance agents of the participating insurance companies’ branches and herders.

2016-06-20

 The workers of the “Agricultural Reinsurance” JSC, relating workers of the participating insurance companies which are licensed to have wheat insurance sale and agronomists are got introduced with the wheat emerging of the fields of the crop farmers who filled the wheat insurance application form in. The aim of the workers were to decide whether to insure or not basing on the emerging.  

The main purpose of the inspection is to determine the field feature and make sure whether the emerging is going on through the appropriate technology. 
The density of the crop was measured by choosing any part randomly and measuring. Since the off center part of the field should not be measured, the measure was conducted by walking around 30-50 meters into field center and measuring wheat emerging in 1 m2 as it is stated below. (Picture 1) The measuring emerging to define the crop density was conducted in 1 point in 20 ha, 5 points in 100 ha, 10 points in 200 ha, 15 points in 300 ha, and the coordinates of every points were determined by the GPS and marked.     

Picture 1.

   The wheat emerging or the crop density of the most of the soums were going normally. Insure the farmers since the wheat was planted by using the domesticated seed and crop was planted following the right technology and the emerging was in a good manner.  

   The workers monitoring the wheat emerging

2016-04-27

The insurance which protects the herders from the risks of losing the livestock caused by the natural unfavorable phenomenon such as dzud in winter and cold wind in spring, stealing, wolves and having financial loss is the “Index-Based Livestock Insurance”. The insurance is well known among the herders as Livestock insurance and covers the risk between December and June.  

In 2005, the Government of Mongolia started implementing IBLI cooperating with the World Bank in order to protect the livelihood of the herders from the dzud risk and support the employment. The insurance which started implementing in the 330 soums of the 21 provinces of Mongolia in 2012 insured 90000 herder households in duplicated numbers and paid 3.2 billion MNT as insurance indemnity.  

One of the advantages of the insurance is increasing the money circulation of the province and soums, making the employment of the herders sustainable, supporting the economic development by making the insurance service closer to the herders. The IBLI sale of this year is started on April 1, 2016 as it is stated in the schedule and shall be continued till June 30.

The insurance policy is being sold through the insurance agents of the participating insurance companies including “Ard Insurance” LLC, “Bodi Insurance” LLC, “MIG Insurance” LLC, Mongol Insurance” LLC, “Monre Insurance” LLC, “Practical Insurance” LLC and “Khaan Insurance” LLC, and the branches of the “State Bank” and the “KHAAN BANK”.

Please hurry up to contact the insurance companies’ agents in your soum and insure your livestock.  

2016-04-27

The workers of the Business development and Project department and Underwriting department of the “Agricultural reinsurance” made inspection on the fields of the insureds on which the wheat shall be planted. The inspection was made in April 23-24, 2016, and the main purpose was to determine the field of the Tseel soum, During this time, the companies were making sowing. Therefore, the workers assured if the companies are using domesticated seed sort, the seed moisture is meeting the standard, the fallow is made in the field to be planted on, and as a result of the inspection, it was determined that the seed sorts were the right sorts, the fields were fallowed and good enough to be planted on.

2016-04-14

 In order to run crop business successfully, getting the advice and information from the experts and researchers of meteorology, environment, and economy and well-experienced crop farmers and introducing new technologies which meets the soil, environment and climate, production capacity is important.

The ‘National discuss meeting of the crop farmers” is organized by the Ministry of Food and Agriculture in Darkhan city on April 14, 2016.  In the Discuss meeting, the presenters of the government and non-government organizations including Agency for Meteorology and Environmental monitoring, Ministry of Food and Agriculture, Darkhan’s institute of plant and crop study and leading crop farmers with well-experience participated and made speech on the result of the researches and the crop planting of the year.  Presenting the “Agricultural Reinsurance” JSC, Mr. B.Batbayar, the head of the Department of the Business development and Project, made presentation on the risks in the agricultural sector and named-peril wheat insurance product.

In some presentation, it was warned and claimed that there is a prognosis that the year would be hot the dry like previous year, therefore the measures should be taken in order to prevent from the risk.  

In the expo held during the Discuss meeting, the insurance companies cooperating with the “Agricultural Reinsurance” JSC on the named-peril wheat insurance product and around 20 companies selling and producing agricultural technologies, vehicles, plant protecting substances participated and introduced their services to the farmers. 
The related officers and the heads of the Business development and project department and the Underwriting department participated in the Discuss meeting, introduced the new wheat insurance product to the farmers and received Application forms and research materials filled in by the farmers.  The crop farmers were very interested in the wheat insurance product thanked for starting needed insurance and advised to develop the product sustainably. The insurance which shall be implemented in the Selenge and Tuv provinces and planned to be extended in the other provinces shall cover the risks often occur in the fields such as drought, frost, hail, livestock intrusion and fire.

2016-04-08

The workers of the “Agricultural Reinsurance” JSC is worked in Selenge province in April 01-03, 2016. The workers participated in the Discuss meeting of the agronomists of the soums. The meeting was organized by the Agricultural agency of the Selenge province and the workers of the company introduced the crop insurance product to the participators and exchanged views.

The company introduced crop insurance product in the Darkhan-Uul and Selenge provinces

2016-04-08

The workers headed by Mr.B.Daajamba, the CEO’s deputy of the “Agricultural Reinsurance” JSC worked in Selenge province in April 4-7.  

The workers were giving information about Index Based Livestock Insurance-2016 Sale and introducing the Crop Insurance product while working in the Darkhan-Uul province, the soums of the Selenge province including Zuunburen, Tsagaannuur, Yuruu and Khuder following the schedule.

2016-03-10

The “Agricultural Reinsurance” organized a discuss meeting on the crop insurance in order to exchange information and experiences with the parties participating in the insurance product and introduce wheat insurance product which will be implemented from this year on March 10, 2016.   In the Discuss meeting, the presenters of the enterprises running crop farm business, crop farmers commissions, Ministry of Food and Agriculture, Ministry of Finance, Financial Regulatory Commission, Agency for Meteorology and Environmental monitoring, Crop Development Assistant Fund, commercial companies and banks.  

During this meeting, the participating parties reached an united understand about named-peril wheat insurance product and claimed that they would support developing the product since having the insurance is a good point for the time when the crop sector of the country is needed to be protected like today.  

Participators of the discuss meeting

2016-01-13

 “Agricultural Reinsurance” JSC is inviting the authorized participants of the tender to send their price offer to publish and deliver “(Mongolian) Lunar calendar”.

Price offer shall be delivered to the office of ‘Agricultural Reinsurance” JSC before 11:00 am, January 18, 2016. (Administrative worker Sh. Tumennast, #1406, 14th floor, ‘UBH center”, Peace Avenue, 1st section, Sukhbaatar district, Ulaanbaatar.) Phone: 75770002, 99180839

Price offer shall be opened at 11:30 am, January 18, 2016 witnessed by the participants of the tender.  

Superiority shall not be considered.

Interested people may get information about tender documentation from the following source:

“Agricultural Reinsurance” JSC administrative worker for procurement Sh.Tumennast

Phone: 75770002; 99180839

2016-01-04

Tender Invitation

Date:                                                2016.01.04

Name of tender :     Renting work office

No. of tender:            ОБ20160104

2015-10-15

The 10th sales season of IBLI, the first sales season of the “Agricultural Reinsurance’ JSC started in April 1, 2015 in 330 soums of 21 provinces, 9 districts of the city. Until July 15, 2015, 1805 agents of insurance companies including Bodi Insurance, Mongol Daatgal Insurance, Monre Insurance, MIG Insurance, Practical Insurance and Tenger Insurance companies made IBLI policy with 10346 herders; received 1 billion 317 million MNT as insurance premium. Insured herders are contributing 6.9% of total herder households. In IBLI-2015 Sales seasons, 2,663,418 livestock were insured in total. It contributes 5.1% of total 51.98 million livestock. For the insured livestock, sheep contributes 42.77%, goat-47.6%, cattle-6.7%, horse- 2.7%, 0.23%-camel. From the insured species, it can be clearly understood that the herders tend to insure the livestock species which are more vulnereable to risk and choose the insurance value relatively low.

2015-09-10

In total, 1,291 herders in 12 soums of Arkhangai, Bayankhongor, Bulgan, Dornogovi, Uvurkhangai, Umnugovi and Tuv provinces out of 14,331 herders who insured their livestock in 2014 have received 92.8 million MNT as indemnity payments. Even the last winter was relativeliy warm, Jinst and Bayan-Ovoo soums of Bayankhongor province had harsh sprong, thus lost a large nambuer of goat.  Also, the Gurvanbulag, Khishig-Undur soums of Bulgan province lost a large number of livestock because of snow in spring. IBLI is an insurance product which covers the risk occured from December to June (between the insured year’s livestock consensus and next half-year livestock consensus.)

2015-07-07

It is said that we are living in a period with summers without summer sign; winters without winter sign. In fact, not only urban people, but also the whole country is acknowledging the suffering of a sole family, living in a desert where is covered by snow in June, the cultivation period.

2015-07-01

Main feature of the pasture farming is recovering the energy, lost in winter and spring in the summer and autumn to survive for the harsh winter. But in this winter, “while it is midsummer, the 50 percent of the country is in the drought, and the cattle have not finished getting enough fatness”, said N.Batsuuri, the Government Secretatriat Officer. 

The drought is a long time lack of rainfall that might cause non-common dry weather; disrupt the hydrological balance.

In other words, it is a climate and biological complex phenomenon of long-term lack of rainfall; high temperature that can badly affect the pasture and crop growth because of depletion of the soil moist reserve; evaporation of plant breathing. In case of drought and dzud in a year, there might be huge loss for the agricultural sector, especially for the livestock husbandry sector.

2015-05-11

In the country level, 15.2 million dams (the 70.8 percent of the total dams) delivered off-springs. There are around 36.6 thousand colts, 206.8 thousand foals, 528.9 thousand calfs, 7519.7 thousand lambs and 6586 thousand kiddies. Comparing to the previous week, the number of youngsters increased by 2 million, the growth is about 98 percent as of May 5th. The delivery rate of the youngster is more than 80 percent in Bayan-Ulgii, Dundgovi, Khovd provinces; more than 70 percent in Arkhangai, Bayankhongor, Bulgan, Govi-Altai, Govisumber, Darkhan-Uul, Uvurkhangai, Selenge, Uvs provinces. For the agricultural sector, more than 370 entities, 35 thousand households prepared for the cultivation.

2015-05-08

B.Daajamba, the deputy CEO of the “Agricultural Reinsurance” joint stock company visited “SWISS RE”, a branch of international reinsurance company in Singapore, for business tour. Main purpose of the business tour is to exchange views with the administrators of the company about the issue of expanding and developing the cooperation between two organizations; to exchange experience on reinsurance operation and to upgrade the partnership. “SWISS RE” group is one of the leading transnational corporations which delivers reinsurance, insurance services and other kinds of services, based on risk transfer insurance. The group directly contacts with the brokers and cooperates with the insurance companies, reinsurance companies, from medium to big corporations and state manufacturers.  Also it insures all kinds of the insurance from standard products to manufacture insurance. In addition, the group celebrated its 150th anniversary in 2013.http://mongolianre.com/pics/news_1.jpg

2015-04-13

The government set the thresholds-2015 of Index-Based Livestock Insurance in accordance with organizing the IBLI sale. With these thresholds, the risks to be responded by the herders and livestock households shall be identified. The thresholds shall be from 5 to 6 percents regarding to the history of the province livestock mortality. The insured people shall receive indemnity when the livestock mortality rate of soum exceeds the thresholds. Please see the resolution of the Government HERE

2015-02-12

The insurance policy draft of Index-Based Livestock Insurance to be used in 2015, the sale year is approved by the Steering Committee meeting, dated on February, 11, 2015. The insurance policy draft is based on the Index-Based Livestock Insurance Law’s provision 14; section 21.6 of provision 21. Also, basing on the section 60.1 of the provision 60 of the Company Law, it is decided to have shareholders’ next meeting on March, 26, 2015.

2015-01-06

Participant insurance companies’ meeting is successfully organized. During the meeting, the changes in the sale season are discussed, and the willingness of further cooperation is expressed.

2015-01-08

Action plan in 2015; financial plan and procurement plan of the “Agricultural Reinsurance” JSC are discussed and approved by the Steering Committee meeting, held on January, 07, 2015. Also in accordance with the section 3.2 of the “Regulation on configuring, disbursing and monitoring the Stop-Loss fund of the reinsurers”, approved by the resolution No.270 of the FRC, 2008, the the Steering Committee selected the commercial banks in which 5 billion MNT, the 1/3 of the Stop-Loss Fund asset to be allocated.

2014-12-03

The training, giving company governance certification, is organized in the Company Governance Development Center on November, 28-29, 2015. In this training, the members of the Steering Committee’s Nominating Committee; administrators, other privileged officers are attended.
Steering Committee meeting No.2 of the “Agricultural Reinsurance” is held2014.11.28

The second meeting of the Steering Committee is organized in the Ministry of Finance, November, 27, 2014.  7 members out of total 9 members attended; 2 members were not able to attend, thus delivered the proposal in advance. By the meeting, the business plan of the “Agricultural Reinsurance” JSC is discussed and approved. Furthermore, the Steering Committee ordered the Nominating Committee to develop the requirements for CEO of the reinsurance company; to organize the competition of CEO.

2014-10-16

5 billion MNT of the Stop-Loss fund is financed by the state budget on September, 30, 2014. Also the 15 billion MNT of its own property is financed on October, 15, 2014.

2014-10-06

The “Agricultural Reinsurance” JSC is registered in the Tax Office of the Sukhbaatar district, dated on October, 06, 2014.

2014-10-02

Today the materials which is stated in the section 3.1, 3.2 of charter 3 of FRC resolution No.160, approved May, 7, 2014, the “Regulation on procedures of registering, keeping and transferring the ownership of Joint Stock Company”, were configured and delivered to the Deposit Center of Securities’ Reckoning.

2014-08-09

“Agricultural reinsurance” Joint Stock Company is registered to the State Registration Office, September, 26, 2014; received the certification of the organization with registration No. 5885612.