Mongolia Insurance Industry – Key Trends and Opportunities to 2026

Pages: 61 Published: June 20, 2022 Report Code: GDIS2501MR

The Mongolia insurance market size was $85.4 million in 2021. The market is expected to grow at a CAGR of more than 10% from 2021 to 2026.

The Mongolia insurance market research report provides a detailed outlook by product category for the Mongolian insurance industry. It provides values for key performance indicators such as gross written premium, penetration, premium accepted and ceded, profitability ratios, and premium by line of business, during the review period and forecast period. The report also analyzes distribution channels operating in the segment and gives a comprehensive overview of the Mongolian economy and demographics. Moreover, it provides detailed information on the competitive landscape in the country and includes details of insurance regulations and recent changes in the regulatory structure.

Mongolia Insurance Industry

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Key Mongolia Insurance Market Trends

DEVITA Global joined hands with Bodi Insurance Group, Mongolia’s premier insurance provider, to advance a Decentralized Health Data Sharing Economy by using blockchain technology to create a network of trust on which platform participants, characterized as either Data owners or Data users, can securely store and exchange personal health data. Data is sourced directly from the patients and securely recorded to an immutable and interconnected decentralized ledger, which is made available on a permission basis to Data Users for research and market analysis, or in the case of insurance companies, specifically Bodi Insurance, to gain accurate and reliable insight about individuals’ health information in the evaluation of health risks.

Mandal Daatgal JSC launched the new multipurpose smart MANDAL application, which allows their customers to obtain insurance services through cell phones. Furthermore, users can access the insurance contract information and provide suggestions or complaints, including payment claims, to report and settle electronically via the mobile application.

Key Segments in The Mongolia Insurance Market

The key segments in the Mongolia insurance market are life insurance and general insurance.

Life insurance market in Mongolia

The growth of the life insurance industry in 2021 was supported by the life PA&H insurance class followed by pension insurance and term life insurance. During the review period, Mongolia’s life insurance market penetration remained stagnant and was very low compared to emerging and developed countries.

General insurance market in Mongolia

The Mongolia insurance industry was dominated by the general insurance segment in 2021. Motor insurance was the highest contributing line in the general insurance segment in 2021. As the country started recovering from the pandemic, and with the removal of social restrictions and lockdown measures, the annual growth of moto insurance increased due to the increase in sales of motor vehicles.

Mongolia Insurance Market Analysis by Segments

Mongolia Insurance Market Analysis by Segments

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Leading Companies in The Mongolia Insurance Market

Some of the leading insurance companies in Mongolia are National Life Insurance Limited Liability Company, Bodi Insurance, Ard Daatgal Limited Liability Company, Khan Daatgal Limited Liability Company, Mandal General Insurance Company, MIG Insurance, Practical Insurance, Nomin Insurance, and Mongolian Insurance. National Life Insurance Limited Liability Company was the leading life insurer in 2021 while Bodi Insurance was the largest insurer in the general insurance segment.

Mongolia Insurance Market Analysis by Companies

Mongolia Insurance Market Analysis by Companies

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Market Report Overview

Market size (2021) $85.4 million
CAGR (2021 to 2026) >10%
Key segments Life Insurance and General Insurance
Leading companies National Life Insurance Limited Liability Company, Bodi Insurance, Ard Daatgal Limited Liability Company, Khan Daatgal Limited Liability Company, Mandal General Insurance Company, MIG Insurance, Practical Insurance, Nomin Insurance, and Mongolian Insurance

 Scope

This report provides a comprehensive analysis of the Mongolian insurance industry –

  • It provides historical values for the Mongolian insurance industry for the report’s review period, and projected figures for the forecast period.
  • It offers a detailed analysis of the key categories in the Mongolian insurance industry, and market forecasts for 2026.
  • It profiles the top life 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 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 growth opportunities and market dynamics in key product categories.

Key Players

  • Bodi Insurance

    Mandal General Insurance Company

    Mongolian insurance

    MIG Insurance

    Khaan Daatgal Limited Liability Company

    Tenger Daatgal Company

    National Life Insurance LLC

    Ulaanbaatar City Insurance Company

Table of Contents

Table of Contents

Executive Summary

Economy Overview

GlobalData Country Risk index

Regulatory and Compliance Key Market Trends and Insurtech

Life Insurance Overview

Penetration and Growth

Premium Trends

General Insurance Overview

Penetration and Growth

Premiums and Profitability

Lines of Business Breakdown Distribution Channels

Competitive Landscape

Insurance Industry – Market Share and Concentration

Competitors Profiles Deals

Reinsurance Overview

Reinsurance Accepted Premiums

Reinsurance Ceded Premiums Reinsurance Regulatory and Compliance

Appendix

Frequently Asked Questions

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