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The Insurance Industry in Mongolia, Key Trends and Opportunities to 2022

The Insurance Industry in Mongolia, Key Trends and Opportunities to 2022

Summary

GlobalData’s The Insurance Industry in Mongolia, Key Trends and Opportunities to 2022 report provides detailed analysis of the market trends, drivers and challenges in the Mongolian insurance industry.

It provides key performance indicators such as written premium and claims during the review period (2013-2017) and forecast period (2017-2022).

The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Mongolian economy and demographics, and provides detailed information on the competitive landscape in the country.

The report brings together GlobalData’s research, modeling and analysis expertise, giving insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations, and recent changes in the regulatory structure.

Inside this report, we look at the top themes, its predictions and identify winners and losers.

The report provides in-depth market analysis, information and insights into the Mongolian insurance industry, including -

  • The Mongolian insurance industry's growth prospects by segment and category
  • A comprehensive overview of the Mongolian economy and demographics
  • Details of the competitive landscape in the Mongolian insurance industry
  • The various distribution channels in the Mongolian insurance industry
  • Details of regulatory policy applicable to the Mongolian insurance industry
  • Analysis of natural hazards in the Mongolian insurance industry.
Scope
  • This report provides a comprehensive analysis of the insurance industry in Mongolia
  • It provides historical values for the Mongolian insurance industry for the report’s 2013-2017 review period, and projected figures for the 2017-2022 forecast period.
  • It offers a detailed analysis of the key segments in the Mongolian insurance industry, with market forecasts to 2022.
  • It covers an exhaustive list of parameters, including written premium and claims.
  • It analyzes the various distribution channels in Mongolia.
  • It profiles the top insurance companies in Mongolia, and outlines the key regulations affecting them.
Reasons to buy
  • Make strategic business decisions using in-depth historic and forecast market data related to the Mongolian insurance industry and each segment and category within it.
  • Understand the demand-side dynamics, key market trends and growth opportunities in the Mongolian insurance industry.
  • Assess the competitive dynamics in the Mongolian insurance industry.
  • Identify the growth opportunities and market dynamics in key segments.
  • Gain insights into key regulations governing the Mongolian insurance industry and their impact on companies and the industry's future.


1 Key Facts and Highlights
2 Executive Summary
3 Economy and Demographics
4 Industry Outlook
4.1 Industry Indicators
4.1.1 Gross written premium
4.1.2 Insurance density
5 Life Insurance Outlook
5.1 Segment Indicators
5.1.1 Gross written premium
5.1.2 Penetration
5.1.3 Assets and investments
5.2 Individual Life Insurance
5.2.1 Gross written premium
5.2.2 Penetration
5.3 Pension Insurance
5.3.1 Gross written premium
5.3.2 Penetration
6 General Insurance Outlook
6.1 Segment Indicators
6.1.1 Gross written premium
6.1.2 Penetration
6.1.3 Loss ratio
6.1.4 Assets and investments
6.2 Property Insurance
6.2.1 Gross written premium
6.2.2 Penetration
6.3 Motor Insurance
6.3.1 Gross written premium
6.3.2 Penetration
6.4 Liability Insurance
6.4.1 Gross written premium
6.4.2 Penetration
6.5 Financial Lines Insurance
6.5.1 Gross written premium
6.5.2 Penetration
6.6 Marine, Aviation and Transit Insurance
6.6.1 Gross written premium
6.6.2 Penetration
6.7 Personal Accident and Health Insurance
6.7.1 Gross written premium
6.7.2 Penetration
7 Reinsurance Outlook
8 Distribution Channel Outlook
9 Natural and Man-Made Hazards
9.1 Flooding
9.2 Droughts
9.3 Extreme Temperature
9.4 Earthquakes
9.5 Wildfires
9.6 Exposure
10 Competitive Landscape
10.1 Company Profiles
10.1.1 Mongol Insurance LLC - company overview
10.1.2 Bodi Insurance LLC - company overview
10.1.3 ARD Insurance LLC - company overview
10.1.4 MIG Insurance LLC - company overview
10.1.5 Tenger Insurance - company overview
11 Governance, Risk and Compliance
11.1 Legislation Overview and Historical Evolution
11.2 Latest Changes in Regulation
11.3 Legislation and Market Practice by Type of Insurance
11.3.1 Life insurance
11.3.2 Property insurance
11.3.3 Motor insurance
11.3.4 Liability insurance
11.3.5 Marine, aviation and transit insurance
11.3.6 Personal accident and health insurance
11.4 Compulsory Insurance
11.4.1 Workmen’s compensation insurance
11.4.2 Motor third-party liability insurance
11.4.3 Deposit insurance
11.4.4 Liability insurance for ships with respect to oil pollution
11.4.5 Health insurance
11.4.6 Social insurance
11.4.7 Seed crop insurance
11.5 Supervision and Control
11.5.1 International Association of Insurance Supervisors
11.5.2 The Financial Regulatory Commission (FRC)
11.5.3 Mongolian Insurers Association (MIA)
11.6 Non-Admitted Insurance Regulations
11.6.1 Overview
11.6.2 Intermediaries
11.6.3 Market practices
11.6.4 Fines and Penalties
11.7 Company Registration and Operations
11.7.1 Type of insurance organization
11.7.2 Establishing a local company
11.7.3 Foreign ownership
11.7.4 Types of license
11.7.5 Capital requirements
11.7.6 Solvency margin
11.7.7 Reserve requirements
11.7.8 Investment regulations
11.7.9 Statutory return requirements
11.7.10 Fee structure
11.8 Taxation
11.8.1 Insurance premium or policy taxation
11.8.2 Withholding taxes on premium paid overseas
11.8.3 Corporate tax
11.8.4 VAT
11.8.5 Captives
11.9 Legal System
11.9.1 Introduction
11.9.2 Access to court
11.9.3 Alternative dispute resolution
12 Databook
12.1 Life Insurance
12.1.1 Policies and premium
12.1.2 Claims and expenses
12.1.3 Assets and investments
12.1.4 Individual life insurance
12.1.5 Individual life insurance by category
12.2 General Insurance
12.2.1 Policies and premium
12.2.2 Claims and expenses
12.2.3 Assets and investments
12.2.4 Property insurance
12.2.5 Property insurance by category
12.2.6 Motor insurance
12.2.7 Motor insurance by category
12.2.8 Liability insurance
12.2.9 Financial lines insurance
12.2.10 Marine, aviation and transit insurance
12.2.11 Marine, aviation and transit insurance by category
12.2.12 Personal accident and health insurance
12.2.13 Personal accident and health insurance by category
13 Definitions and Methodology
13.1 Definitions
13.2 Methodology
14 About GlobalData
14.1 Contact GlobalData
14.2 About GlobalData
14.3 GlobalData’s Services
14.4 Disclaimer
List of Tables
Table 1: Mongolian Insurance Industry - Key Facts,
Table 2: Mongolian Insurance Industry - Leading Insurers,
Table 3: Mongolian Government Credit Ratings
Table 4: Mongolian Insurance Industry - Gross Written Premium (MNT Billion and US$ Million), 2013-
Table 5: Mongolian Insurance Industry - Gross Written Premium (MNT Billion and US$ Million), 2017-
Table 6: Mongolian Insurance Industry - Density (MNT), 2013-
Table 7: Mongolian Insurance Industry - Density (MNT), 2017-
Table 8: Mongolian Life Insurance - Gross Written Premium (MNT Million and US$ Million), 2013-
Table 9: Mongolian Life Insurance - Gross Written Premium (MNT Million and US$ Million), 2017-
Table 10: Mongolian Life Insurance - Total Assets (MNT Billion and US$ Million), 2013-
Table 11: Mongolian Life Insurance - Total Assets (MNT Billion and US$ Million), 2017-
Table 12: Mongolian Individual Life Insurance - Gross Written Premium (MNT Million and US$ Million), 2013-
Table 13: Mongolian Individual Life Insurance - Gross Written Premium (MNT Million and US$ Million), 2017-
Table 14: Mongolian Pension - Gross Written Premium (MNT Million and US$ Million), 2013-
Table 15: Mongolian Pension - Gross Written Premium (MNT Million and US$ Million), 2017-
Table 16: Mongolian General Insurance - Gross Written Premium (MNT Billion and US$ Million), 2013-
Table 17: Mongolian General Insurance - Gross Written Premium (MNT Billion and US$ Million), 2017-
Table 18: Mongolian General Insurance - Total Assets (MNT Billion and US$ Million), 2013-
Table 19: Mongolian General Insurance - Total Assets (MNT Billion and US$ Million), 2017-
Table 20: Mongolian Property Insurance - Gross Written Premium (MNT Billion and US$ Million), 2013-
Table 21: Mongolian Property Insurance - Gross Written Premium (MNT Billion and US$ Million), 2017-
Table 22: Mongolian Motor Insurance - Gross Written Premium (MNT Billion and US$ Million), 2013-
Table 23: Mongolian Motor Insurance - Gross Written Premium (MNT Billion and US$ Million), 2017-
Table 24: Mongolian Liability Insurance - Gross Written Premium (MNT Billion and US$ Million), 2013-
Table 25: Mongolian Liability Insurance - Gross Written Premium (MNT Billion and US$ Million), 2017-
Table 26: Mongolian Financial Lines Insurance - Gross Written Premium (MNT Billion and US$ Million), 2013-
Table 27: Mongolian Financial Lines Insurance - Gross Written Premium (MNT Billion and US$ Million), 2017-
Table 28: Mongolian Marine, Aviation and Transit Insurance - Gross Written Premium (MNT Billion and US$ Million), 2013-
Table 29: Mongolian Marine, Aviation and Transit Insurance - Gross Written Premium (MNT Billion and US$ Million), 2017-
Table 30: Mongolian Personal Accident and Health Insurance - Gross Written Premium (MNT Billion and US$ Million), 2013-
Table 31: Mongolian Personal Accident and Health Insurance - Gross Written Premium (MNT Billion and US$ Million), 2017-
Table 32: List of Insurers Operating in the Mongolian Insurance Industry,
Table 33: Mongol Insurance LLC - Key Facts
Table 34: Bodi Insurance LLC - Key Facts
Table 35: ARD Insurance LLC - Key Facts
Table 36: MIG Insurance LLC - Key Facts
Table 37: Tenger Insurance LLC - Key Facts
Table 38: Mongolia - Insurance Regulatory Framework Key Features
Table 39: Mongolia - Life Insurance Regulatory Framework
Table 40: Mongolia - Property Insurance Regulatory Framework
Table 41: Mongolia - Motor Insurance Regulatory Framework
Table 42: Mongolia - Liability Insurance Regulatory Framework
Table 43: Mongolia - Social Insurance Contribution Rates
Table 44: Mongolia - Corporate Tax Rates for the Financial Year
Table 45: Mongolian Life Insurance - Policies and Premium, 2013-
Table 46: Mongolian Life Insurance - Policies and Premium, 2017-
Table 47: Mongolian Life Insurance - Claims and Expenses, 2013-
Table 48: Mongolian Life Insurance - Claims and Expenses, 2017-
Table 49: Mongolian Life Insurance - Assets and Investments, 2013-
Table 50: Mongolian Life Insurance - Assets and Investments, 2017-
Table 51: Mongolian Life Insurance - Individual Life Insurance, 2013-
Table 52: Mongolian Life Insurance - Individual Life Insurance, 2017-
Table 53: Mongolian Life Insurance - Individual Life Insurance by Category, 2013-
Table 54: Mongolian Life Insurance - Individual Life Insurance by Category, 2017-
Table 55: Mongolian General Insurance - Policies and Premium, 2013-
Table 56: Mongolian General Insurance - Policies and Premium, 2017-
Table 57: Mongolian General Insurance - Claims and Expenses, 2013-
Table 58: Mongolian General Insurance - Claims and Expenses, 2017-
Table 59: Mongolian General Insurance - Assets and Investments, 2013-
Table 60: Mongolian General Insurance - Assets and Investments, 2017-
Table 61: Mongolian General Insurance - Property Insurance, 2013-
Table 62: Mongolian General Insurance - Property Insurance, 2017-
Table 63: Mongolian General Insurance - Property Insurance by Category, 2013-
Table 64: Mongolian General Insurance - Property Insurance by Category, 2017-
Table 65: Mongolian General Insurance - Motor Insurance, 2013-
Table 66: Mongolian General Insurance - Motor Insurance, 2017-
Table 67: Mongolian General Insurance - Motor Insurance by Category, 2013-
Table 68: Mongolian General Insurance - Motor Insurance by Category, 2017-
Table 69: Mongolian General Insurance - Liability Insurance, 2013-
Table 70: Mongolian General Insurance - Liability Insurance, 2017-
Table 71: Mongolian General Insurance - Financial Lines Insurance, 2013-
Table 72: Mongolian General Insurance - Financial Lines Insurance, 2017-
Table 73: Mongolian General Insurance - Marine, Aviation and Transit Insurance, 2013-
Table 74: Mongolian General Insurance - Marine, Aviation and Transit Insurance, 2017-
Table 75: Mongolian General Insurance - Marine Aviation and Transit Insurance by Category, 2013-
Table 76: Mongolian General Insurance - Marine Aviation and Transit Insurance by Category, 2017-
Table 77: Mongolian General Insurance - Personal Accident and Health Insurance, 2013-
Table 78: Mongolian General Insurance - Personal Accident and Health Insurance, 2017-
Table 79: Mongolian General Insurance - Personal Accident and Health Insurance by Category, 2013-
Table 80: Mongolian General Insurance - Personal Accident and Health Insurance by Category, 2017-
Table 81: Insurance Industry Definitions
List of Figures
Figure 1: Mongolian Real GDP (MNT Trillion), 2013-
Figure 2: Mongolian Exchange Rate (MNT per US$), 2013-
Figure 3: Mongolian Consumer Price Inflation (%), 2013-
Figure 4: Mongolian Current Account Balance as Percentage of GDP (%), 2013-
Figure 5: Mongolian Unemployment Rate, 2013-
Figure 6: Mongolian Population by Age Group, 2013-
Figure 7: Mongolian Insurance Industry - Gross Written Premium (MNT Billion), 2013-
Figure 8: Mongolian Insurance Industry - Density (MNT), 2013-
Figure 9: Mongolian Life Insurance - Gross Written Premium (MNT Billion), 2013-
Figure 10: Mongolian Life Insurance - Penetration (%), 2013-
Figure 11: Mongolian Life Insurance - Penetration (%), 2017-
Figure 12: Mongolian Life Insurance - Total Assets (MNT Billion), 2013-
Figure 13: Mongolian Individual Life Insurance - Gross Written Premium (MNT Million), 2013-
Figure 14: Mongolian Individual Life Insurance - Penetration (%), 2013-
Figure 15: Mongolian Individual Life Insurance - Penetration (%), 2017-
Figure 16: Mongolian Pension - Gross Written Premium (MNT Billion), 2013-
Figure 17: Mongolian Pension - Penetration (%), 2013-
Figure 18: Mongolian Pension - Penetration (%), 2017-
Figure 19: Mongolian General Insurance - Gross Written Premium (MNT Billion), 2013-
Figure 20: Mongolian General Insurance - Penetration (%), 2013-
Figure 21: Mongolian General Insurance - Penetration (%), 2017-
Figure 22: Mongolian General Insurance - Loss Ratio (%), 2013-
Figure 23: Mongolian General Insurance - Total Assets (MNT Billion), 2013-
Figure 24: Mongolian Property Insurance - Gross Written Premium (MNT Billion), 2013-
Figure 25: Mongolian Property Insurance - Penetration (%), 2013-
Figure 26: Mongolian Property Insurance - Penetration (%), 2017-
Figure 27: Mongolian Motor Insurance - Gross Written Premium (MNT Billion), 2013-
Figure 28: Mongolian Motor Insurance - Penetration (%), 2013-
Figure 29: Mongolian Motor Insurance - Penetration (%), 2017-
Figure 30: Mongolian Liability Insurance - Gross Written Premium (MNT Billion), 2013-
Figure 31: Mongolian Liability Insurance - Penetration (%), 2013-
Figure 32: Mongolian Liability Insurance - Penetration (%), 2017-
Figure 33: Mongolian Financial Lines Insurance - Gross Written Premium (MNT Billion), 2013-
Figure 34: Mongolian Financial Lines Insurance - Penetration (%), 2013-
Figure 35: Mongolian Financial Lines Insurance - Penetration (%), 2017-
Figure 36: Mongolian Marine, Aviation and Transit Insurance - Gross Written Premium (MNT Billion), 2013-
Figure 37: Mongolian Marine, Aviation and Transit Insurance - Penetration (%), 2013-
Figure 38: Mongolian Marine, Aviation and Transit Insurance - Penetration (%), 2017-
Figure 39: Mongolian Personal Accident and Health Insurance - Gross Written Premium (MNT Billion), 2013-
Figure 40: Mongolian Personal Accident and Health Insurance - Penetration (%), 2013-
Figure 41: Mongolian Personal Accident and Health Insurance - Penetration (%), 2017-
Figure 42: Mongolia - Insurance Supervision and Control at Various Levels
Figure 43: Mongolia - Insurance Regulatory Frameworks for Company Registration and Operation

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