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Mongolia

Mongolia

Insurance Intelligence

Providing expert analysis, independent market insight and company data on the insurance industry.

Insurance market reports are produced following a country visit with interviews with professionals working in the sector with systematic updates to information throughout the cycle. Covering market developments, macroeconomic factors and comprehensive details of the regulatory environment including relevant taxation as well as market indicators and company statistics.

Axco’s Mongolia Non-Life Insurance Market Report (P&C) also comprises a detailed analysis of lines of business and sub-classes such as natural hazards, property, construction and machinery breakdown, motor, workers compensation & employers’ liability and liability.

The Life & Benefits Report for Mongolia includes detail on social security, healthcare, individual life assurance and pensions information as well as market statistics and life company statistics

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Information for Mongolia can be seen in:

Insurance Market Reports (Non-Life) Insurance Market Reports (Life & Benefits) Global Statistics Regulatory Alerts Market Profiles Insight Compliance Compliance Point Clinical Trials

Country Information

Time-zone
Capital city
Currency
Population
Real GDP growth (%)
Inflation (%)
Total GWP (USD)
Insurance Penetration (%)
GMT +7 / GMT +8 (MST)
Ulaanbaatar
MNT
3.17 mn
12,726.87 mn
6.79%
59.59
0.52

Mongolia is one of the world's youngest democracies, with the current system only being established in 1992. The Mongolian insurance market in 2018 remains small and underdeveloped, with low penetration. 

In 2017 premium written by non-life insurers (including PA and healthcare) totalled MNT 141.18bn. There were 15 non-life and one life insurance company, plus one reinsurer, operating in the Mongolian market.

Whilst Ulaanbaatar is in a relatively high earthquake hazard zone, there has been no major earthquake in the city or the country generally.

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