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

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


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Executive Summary

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.



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Table of Contents

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 Figures

Figure 1: Mongolian Real GDP (MNT Trillion), 2013-2022

Figure 2: Mongolian Exchange Rate (MNT per USD ), 2013-2022

Figure 3: Mongolian Consumer Price Inflation (%), 2013-2022

Figure 4: Mongolian Current Account Balance as Percentage of GDP (%), 2013-2022

Figure 5: Mongolian Unemployment Rate, 2013-2022

Figure 6: Mongolian Population by Age Group, 2013-2022

Figure 7: Mongolian Insurance Industry-Gross Written Premium (MNT Billion), 2013-2022

Figure 8: Mongolian Insurance Industry-Density (MNT), 2013-2022

Figure 9: Mongolian Life Insurance-Gross Written Premium (MNT Billion), 2013-2022

Figure 10: Mongolian Life Insurance-Penetration (%), 2013-2017

Figure 11: Mongolian Life Insurance-Penetration (%), 2017-2022

Figure 12: Mongolian Life Insurance-Total Assets (MNT Billion), 2013-2022

Figure 13: Mongolian Individual Life Insurance-Gross Written Premium (MNT Million), 2013-2022

Figure 14: Mongolian Individual Life Insurance-Penetration (%), 2013-2017

Figure 15: Mongolian Individual Life Insurance-Penetration (%), 2017-2022

Figure 16: Mongolian Pension-Gross Written Premium (MNT Billion), 2013-2022

Figure 17: Mongolian Pension-Penetration (%), 2013-2017

Figure 18: Mongolian Pension-Penetration (%), 2017-2022

Figure 19: Mongolian General Insurance-Gross Written Premium (MNT Billion), 2013-2022

Figure 20: Mongolian General Insurance-Penetration (%), 2013-2017

Figure 21: Mongolian General Insurance-Penetration (%), 2017-2022

Figure 22: Mongolian General Insurance-Loss Ratio (%), 2013-2017

Figure 23: Mongolian General Insurance-Total Assets (MNT Billion), 2013-2022

Figure 24: Mongolian Property Insurance-Gross Written Premium (MNT Billion), 2013-2022

Figure 25: Mongolian Property Insurance-Penetration (%), 2013-2017

Figure 26: Mongolian Property Insurance-Penetration (%), 2017-2022

Figure 27: Mongolian Motor Insurance-Gross Written Premium (MNT Billion), 2013-2022

Figure 28: Mongolian Motor Insurance-Penetration (%), 2013-2017

Figure 29: Mongolian Motor Insurance-Penetration (%), 2017-2022

Figure 30: Mongolian Liability Insurance-Gross Written Premium (MNT Billion), 2013-2022

Figure 31: Mongolian Liability Insurance-Penetration (%), 2013-2017

Figure 32: Mongolian Liability Insurance-Penetration (%), 2017-2022

Figure 33: Mongolian Financial Lines Insurance-Gross Written Premium (MNT Billion), 2013-2022

Figure 34: Mongolian Financial Lines Insurance-Penetration (%), 2013-2017

Figure 35: Mongolian Financial Lines Insurance-Penetration (%), 2017-2022

Figure 36: Mongolian Marine, Aviation and Transit Insurance-Gross Written Premium (MNT Billion), 2013-2022

Figure 37: Mongolian Marine, Aviation and Transit Insurance-Penetration (%), 2013-2017

Figure 38: Mongolian Marine, Aviation and Transit Insurance-Penetration (%), 2017-2022

Figure 39: Mongolian Personal Accident and Health Insurance-Gross Written Premium (MNT Billion), 2013-2022

Figure 40: Mongolian Personal Accident and Health Insurance-Penetration (%), 2013-2017

Figure 41: Mongolian Personal Accident and Health Insurance-Penetration (%), 2017-2022

Figure 42: Mongolia-Insurance Supervision and Control at Various Levels

Figure 43: Mongolia-Insurance Regulatory Frameworks for Company Registration and Operation

List of Tables

Table 1: Mongolian Insurance Industry-Key Facts, 2017

Table 2: Mongolian Insurance Industry-Leading Insurers, 2017

Table 3: Mongolian Government Credit Ratings

Table 4: Mongolian Insurance Industry-Gross Written Premium (MNT Billion and USD Million), 2013-2017

Table 5: Mongolian Insurance Industry-Gross Written Premium (MNT Billion and USD Million), 2017-2022

Table 6: Mongolian Insurance Industry-Density (MNT), 2013-2017

Table 7: Mongolian Insurance Industry-Density (MNT), 2017-2022

Table 8: Mongolian Life Insurance-Gross Written Premium (MNT Million and USD Million), 2013-2017

Table 9: Mongolian Life Insurance-Gross Written Premium (MNT Million and USD Million), 2017-2022

Table 10: Mongolian Life Insurance-Total Assets (MNT Billion and USD Million), 2013-2017

Table 11: Mongolian Life Insurance-Total Assets (MNT Billion and USD Million), 2017-2022

Table 12: Mongolian Individual Life Insurance-Gross Written Premium (MNT Million and USD Million), 2013-2017

Table 13: Mongolian Individual Life Insurance-Gross Written Premium (MNT Million and USD Million), 2017-2022

Table 14: Mongolian Pension-Gross Written Premium (MNT Million and USD Million), 2013-2017

Table 15: Mongolian Pension-Gross Written Premium (MNT Million and USD Million), 2017-2022

Table 16: Mongolian General Insurance-Gross Written Premium (MNT Billion and USD Million), 2013-2017

Table 17: Mongolian General Insurance-Gross Written Premium (MNT Billion and USD Million), 2017-2022

Table 18: Mongolian General Insurance-Total Assets (MNT Billion and USD Million), 2013-2017

Table 19: Mongolian General Insurance-Total Assets (MNT Billion and USD Million), 2017-2022

Table 20: Mongolian Property Insurance-Gross Written Premium (MNT Billion and USD Million), 2013-2017

Table 21: Mongolian Property Insurance-Gross Written Premium (MNT Billion and USD Million), 2017-2022

Table 22: Mongolian Motor Insurance-Gross Written Premium (MNT Billion and USD Million), 2013-2017

Table 23: Mongolian Motor Insurance-Gross Written Premium (MNT Billion and USD Million), 2017-2022

Table 24: Mongolian Liability Insurance-Gross Written Premium (MNT Billion and USD Million), 2013-2017

Table 25: Mongolian Liability Insurance-Gross Written Premium (MNT Billion and USD Million), 2017-2022

Table 26: Mongolian Financial Lines Insurance-Gross Written Premium (MNT Billion and USD Million), 2013-2017

Table 27: Mongolian Financial Lines Insurance-Gross Written Premium (MNT Billion and USD Million), 2017-2022

Table 28: Mongolian Marine, Aviation and Transit Insurance-Gross Written Premium (MNT Billion and USD Million), 2013-2017

Table 29: Mongolian Marine, Aviation and Transit Insurance-Gross Written Premium (MNT Billion and USD Million), 2017-2022

Table 30: Mongolian Personal Accident and Health Insurance-Gross Written Premium (MNT Billion and USD Million), 2013-2017

Table 31: Mongolian Personal Accident and Health Insurance-Gross Written Premium (MNT Billion and USD Million), 2017-2022

Table 32: List of Insurers Operating in the Mongolian Insurance Industry, 2017

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 2017

Table 45: Mongolian Life Insurance-Policies and Premium, 2013-2017

Table 46: Mongolian Life Insurance-Policies and Premium, 2017-2022

Table 47: Mongolian Life Insurance-Claims and Expenses, 2013-2017

Table 48: Mongolian Life Insurance-Claims and Expenses, 2017-2022

Table 49: Mongolian Life Insurance-Assets and Investments, 2013-2017

Table 50: Mongolian Life Insurance-Assets and Investments, 2017-2022

Table 51: Mongolian Life Insurance-Individual Life Insurance, 2013-2017

Table 52: Mongolian Life Insurance-Individual Life Insurance, 2017-2022

Table 53: Mongolian Life Insurance-Individual Life Insurance by Category, 2013-2017

Table 54: Mongolian Life Insurance-Individual Life Insurance by Category, 2017-2022

Table 55: Mongolian General Insurance-Policies and Premium, 2013-2017

Table 56: Mongolian General Insurance-Policies and Premium, 2017-2022

Table 57: Mongolian General Insurance-Claims and Expenses, 2013-2017

Table 58: Mongolian General Insurance-Claims and Expenses, 2017-2022

Table 59: Mongolian General Insurance-Assets and Investments, 2013-2017

Table 60: Mongolian General Insurance-Assets and Investments, 2017-2022

Table 61: Mongolian General Insurance-Property Insurance, 2013-2017

Table 62: Mongolian General Insurance-Property Insurance, 2017-2022

Table 63: Mongolian General Insurance-Property Insurance by Category, 2013-2017

Table 64: Mongolian General Insurance-Property Insurance by Category, 2017-2022

Table 65: Mongolian General Insurance-Motor Insurance, 2013-2017

Table 66: Mongolian General Insurance-Motor Insurance, 2017-2022

Table 67: Mongolian General Insurance-Motor Insurance by Category, 2013-2017

Table 68: Mongolian General Insurance-Motor Insurance by Category, 2017-2022

Table 69: Mongolian General Insurance-Liability Insurance, 2013-2017

Table 70: Mongolian General Insurance-Liability Insurance, 2017-2022

Table 71: Mongolian General Insurance-Financial Lines Insurance, 2013-2017

Table 72: Mongolian General Insurance-Financial Lines Insurance, 2017-2022

Table 73: Mongolian General Insurance-Marine, Aviation and Transit Insurance, 2013-2017

Table 74: Mongolian General Insurance-Marine, Aviation and Transit Insurance, 2017-2022

Table 75: Mongolian General Insurance-Marine Aviation and Transit Insurance by Category, 2013-2017

Table 76: Mongolian General Insurance-Marine Aviation and Transit Insurance by Category, 2017-2022

Table 77: Mongolian General Insurance-Personal Accident and Health Insurance, 2013-2017

Table 78: Mongolian General Insurance-Personal Accident and Health Insurance, 2017-2022

Table 79: Mongolian General Insurance-Personal Accident and Health Insurance by Category, 2013-2017

Table 80: Mongolian General Insurance-Personal Accident and Health Insurance by Category, 2017-2022

Table 81: Insurance Industry Definitions

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Mongol Insurance LLC

Bodi Insurance LLC

ARD Insurance LLC

MIG Insurance LLC

Tenger Insurance LLC

Ger Insurance LLC

Monre Insurane LLC

Munkh Insurance LLC

Mandal General Insurance LLC

National Life Insurance LLC

Monnis Insurance LLC

Gan Zam Insurance LLC

Nomin Insurance LLC

Practical lnsurance LLC

Soyombo Insurance LLC

Ulaanbaatar City Insurance LLC

Khaan Insurance LLC

Mongolian insurance industry, Life insurance, General insurance, Property insurance, Motor insurance, Liability insurance, Marine insurance, Personal accident and health insurance, Travel insurance, Health insurance, Reinsurance

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