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Mongolia

Life Report

Product Insurance Market Reports Life Rev Mongolia

Key Highlights

Get access to Axco’s online product with the latest market intelligence for the market of your choice

 

  • Key insights and explanations of market developments in life insurance, healthcare and pensions
  • Details Mongolia's insurance, social security, pensions and healthcare regulatory framework and company and personal tax considerations
  • Current legislation and upcoming changes
  • The latest developments in Mongolia's economic and political environment
  • Demographic information
  • Market statistics and company performance

Report Overview

Independent strategic insight, line of business detail, regulatory information & market data for the non-life (P&C) insurance market of Mongolia

The Mongolia life and benefits market report provides a comprehensive, impartial analysis of the life insurance market of Mongolia. Information extends to extensive detail on healthcare (public and private), pensions and benefits, and social security. Specialist researchers visit Mongolia and interview local professionals working across the local market. The report is updated with new information and data regularly throughout the cycle of country visits.

The report provides information about Mongolia’s demographic profile and assesses its economic, political, climate, operational, and security risks. Key data on the investment environment in Mongolia is available.

Axco’s report describes the regulatory framework that applies to the domestic life insurance sector, including whether non-admitted insurance is permitted in Mongolia; as well as the legislation necessary to know regarding Mongolia’s healthcare, pensions and social security.

Statistics include five years of life insurance market performance indicators, including gross written premiums, premium growth and penetration rates. Company statistics show who are the leading life insurance companies in Mongolia with local life insurance company premiums, market share and year on year growth.

Life Insurance

Axco provides details on the life insurance sector including Mongolian market participants, reinsurance and distribution channels. The reports describe classes of business from both individual and group life such as whole life, endowment, term life and unit-linked.
Information on non-life classes for example critical illness and private medical insurance.

Healthcare

The report describes the public and private healthcare system in Mongolia, the scope of cover, accessibility financing and provides an analysis of how the public and private systems complement each other.

Pensions

Axco reports on the three pillars of Mongolian pension provision.

  • State pension benefits including benefit calculations and eligibility criteria 
  • Workplace pension provision; types of schemes calculations eligibility and; tax implications
  • Voluntary individual pension provision, type of products and tax implications

Social Security

The Mongolia report provides an in-depth analysis of the regulatory framework governing social security as well as details on financing and eligibility. Information includes but is not limited to

  • state pensions,
  • permanent disability benefit
  • occupational accident and disease
  • maternity and paternity payments 

Mongolia Life and Benefits Report Extract

Below are brief extracts of information from the Mongolia Life & Benefits Report; more updated information may be available in the latest published report.

Life Insurance

The Mongolian life insurance market in 2021 remains undeveloped, with penetration very low compared to its immediate neighbours, China and Russia. National Life Daatgal is the only life insurer in the market.

With no tax incentives, little awareness and low disposable incomes, the market for life insurance in Mongolia remains one of unfulfilled potential ....

Pensions

The main source of pensions in Mongolia currently is the state social security system. In late October 2020 parliament started to discuss the draft law on private pensions first presented in May that year. If passed, it would create a three-pillar pension system in Mongolia and establish a regulatory framework for mandatory and voluntary pensions.

The pension reform initially proposed would comprise a new legal framework ....

Healthcare

While state healthcare is provided as part of the social security scheme, its quality is low and waiting lists long. Although public hospitals have some good equipment, there is not enough to meet demand, and this inevitably pushes those who can afford it towards private medical services either funded from their own resources or by healthcare insurance (private medical insurance - PMI) ....

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