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Visiting Mongolian delegation examines reinsurance

The Australian Reinsurance Pool Corporation is hosting a delegation of Mongolian politicians and public servants during the period 3-14 March 2011.

Between 1999 and 2002, about 11.2 million head of livestock died in Mongolia due to the harsh winters and 12,000 households completely lost their livestock. Mongolia currently has in place an Index Based Livestock Insurance Scheme which is funded entirely from the International Development Association. This funding is to be phased out which necessitates finding a sustainable insurance solution for the future.

The visit will enable delegates to gain an insight into Australia’s legal and regulatory framework and its insurance and reinsurance markets. Delegates will also review ARPC’s corporate governance, operational and risk management frameworks.

During the two week visit, delegates will meet with Australian policy makers, regulators and reinsurance and insurance representatives. They will also learn a little about Australian farming practices.

Delegates will use the insights gained from the program to assist in the creation of a Mongolian Agricultural Reinsurance Company.

The program is supported by AusAID’s Australian Leadership Award Fellowship program.

For media enquiries please contact David Matcham, Chief Executive Officer on 02 8223 6777.