The Insurance Industry in Mongolia, Key Trends and Opportunities to 2021

Published: Dec, 2017 | Pages: 117 | Publisher: Timetric
Industry: Insurance | Report Format: Electronic (PDF)

Synopsis

Timetric's 'The Insurance Industry in Mongolia, Key Trends and Opportunities to 2021' 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, incurred loss, loss ratio, commissions and expenses, total assets, total investment income and retentions during the review period (2012-2016) and forecast period (2016-2021).

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 Timetric'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.

Summary

Timetric's 'The Insurance Industry in Mongolia, Key Trends and Opportunities to 2021' 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 Mongolian economy and demographics 

• The detailed competitive landscape in the Mongolian insurance industry

• The various distribution channels in the Mongolian insurance industry

• Detailed regulatory policies of the Mongolian insurance industry

• Analysis of natural hazards in 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 2012-2016 review period, and projected figures for the 2016-2021 forecast period.

• It offers a detailed analysis of the key segments in the Mongolian insurance industry, along with market forecasts until 2021.

• It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, combined ratio, total assets, total investment income and retentions.

• 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.

Key Highlights

• On June 15, 2017, the World Bank approved the Second Energy Sector project for Mongolia, with the development objective of enhancing sustainability and reliability of electricity services in the country.

• On March 30, 2017, the Financial Regulatory Commission of Mongolia signed a Memorandum of Understanding (MoU) with the Japanese Financial Service Agency to increase foreign investment in the capital market and to strengthen cross-border supervision activities defined in the memorandum.

• In March 2014, the Mining Infrastructure Investment Support project was approved by the World Bank to assist investments in mining and downstream processing infrastructure support. 

• In 2013, the minimum capital requirement an insurance company was required to maintain was increased to MNT6.0 billion (US$3.0 million) for life insurance companies and MNT5.0 billion (US$2.5 million) for non-life insurance companies. The minimum capital requirement was set at MNT15.0 billion (US$7.6 million) for reinsurers.

 Table of Contents

1 KEY FACTS AND HIGHLIGHTS
2 EXECUTIVE SUMMARY
3 ECONOMY AND DEMOGRAPHICS
4 INDUSTRY OUTLOOK
4.1 Regional Comparison
4.2 Industry Indicators
4.2.1 Gross written premium
4.2.2 Claims
4.2.3 Assets and investments
5 NON-LIFE INSURANCE OUTLOOK
5.1 Property Insurance
5.1.1 Gross written premium
5.1.2 Penetration
5.2 Motor Insurance
5.2.1 Gross written premium
5.2.2 Penetration
5.3 Liability Insurance
5.3.1 Gross written premium
5.3.2 Penetration
5.4 Marine, Aviation and Transit Insurance
5.4.1 Gross written premium
5.4.2 Penetration
6 PERSONAL ACCIDENT AND HEALTH INSURANCE OUTLOOK
6.1 Personal Accident Insurance
6.1.1 Gross written premium
6.1.2 Penetration
6.1.3 Claims
6.1.4 Profitability
6.2 Health Insurance
6.2.1 Gross written premium
6.2.2 Penetration
7 REINSURANCE OUTLOOK
7.1 Premium Ceded
8 DISTRIBUTION CHANNEL OUTLOOK
9 NATURAL AND MAN-MADE HAZARDS
9.1 Storms
9.2 Flooding
9.3 Droughts
9.4 Wildfires
9.5 Earthquakes
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 LLC - 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 (ADR)
12 DATABOOK
12.1 Life Insurance
12.1.1 Policies and premium
12.1.2 Claims and expenses
12.1.3 Assets and investments
12.2 Non-Life 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 Marine, aviation and transit insurance
12.3 Personal Accident and Health Insurance
12.3.1 Policies and premium
12.3.2 Claims and expenses
12.3.3 Assets and investments
12.3.4 Personal accident insurance
12.3.5 Health insurance
13 DEFINITIONS AND METHODOLOGY
13.1 Definitions
13.2 Methodology
14 ABOUT TIMETRIC
14.1 Contact Timetric
14.2 About Timetric
14.3 Timetric's Services
14.4 Disclaimer

List of Tables

Table 1: Mongolian Insurance Industry - Key Facts, 2016
Table 2: Mongolia Insurance Industry - Leading Insurers, 2016
Table 3: Mongolian Government Credit Ratings
Table 4: Mongolian Insurance Industry - Gross Written Premium by Segment (MNT Billion), 2012-2016
Table 5: Mongolian Insurance Industry - Gross Written Premium by Segment (MNT Billion), 2016-2021
Table 6: Mongolian Insurance Industry - Density (Direct Written Premium Per Capita) by Segment (MNT), 2012-2016
Table 7: Mongolian Insurance Industry - Density (Direct Written Premium Per Capita) by Segment (MNT), 2016-2021
Table 8: Mongolian Insurance Industry - Paid Claims by Segment (MNT Billion), 2012-2016
Table 9: Mongolian Insurance Industry - Paid Claims by Segment (MNT Billion), 2016-2021
Table 10: Mongolian Insurance Industry - Total Assets by Segment (MNT Billion), 2012-2016
Table 11: Mongolian Insurance Industry - Total Assets by Segment (MNT Billion), 2016-2021
Table 12: Mongolian Insurance Industry - Total Investment Income by Segment (MNT Billion), 2012-2016
Table 13: Mongolian Insurance Industry - Total Investment Income by Segment (MNT Billion), 2016-2021
Table 14: Mongolian Insurance Industry - Non-Life Insurance Investment Portfolio (MNT Billion), 2012-2016
Table 15: Mongolian Insurance Industry - Non-Life Insurance Investment Portfolio (MNT Billion), 2016-2021
Table 16: Mongolian Insurance Industry - Personal Accident and Health Insurance Investment Portfolio (MNT Million), 2012-2016
Table 17: Mongolian Insurance Industry - Personal Accident and Health Insurance Investment Portfolio (MNT Million), 2016-2021
Table 18: Mongolian Property Insurance - Gross Written Premium (MNT Billion and US$ Million), 2012-2016
Table 19: Mongolian Property Insurance - Gross Written Premium (MNT Billion and US$ Million), 2016-2021
Table 20: Mongolian Motor Insurance - Gross Written Premium (MNT Billion and US$ Million), 2012-2016
Table 21: Mongolian Motor Insurance - Gross Written Premium (MNT Billion and US$ Million), 2016-2021
Table 22: Mongolian Liability Insurance - Gross Written Premium (MNT Billion and US$ Million), 2012-2016
Table 23: Mongolian Liability Insurance - Gross Written Premium (MNT Billion and US$ Million), 2016-2021
Table 24: Mongolian Marine, Aviation and Transit Insurance - Gross Written Premium (MNT Billion and US$ Million), 2012-2016
Table 25: Mongolian Marine, Aviation and Transit Insurance - Gross Written Premium (MNT Billion and US$ Million), 2016-2021
Table 26: Mongolian Personal Accident Insurance - Gross Written Premium (MNT Billion and US$ Million), 2012-2016
Table 27: Mongolian Personal Accident Insurance - Gross Written Premium (MNT Billion and US$ Million), 2016-2021
Table 28: Mongolian Personal Accident Insurance - Paid Claims (MNT Billion and US$ Million), 2012-2016
Table 29: Mongolian Personal Accident Insurance - Paid Claims (MNT Billion and US$ Million), 2016-2021
Table 30: Mongolian Personal Accident Insurance - Loss Ratio (%),2012-2016
Table 31: Mongolian Personal Accident Insurance - Loss Ratio(%), 2016-2021
Table 32: Mongolian Health Insurance - Gross Written Premium (MNT Billion and US$ Thousand), 2012-2016
Table 33: Mongolian Health Insurance - Gross Written Premium (MNT Billion and US$ Thousand), 2016-2021
Table 34: Mongolian Reinsurance - Premium Ceded by Insurance Segment (MNT Million), 2012-2016
Table 35: Mongolian Reinsurance - Premium Ceded by Insurance Segment (MNT Million), 2016-2021
Table 36: Mongolian - Leading Insurance Companies, 2014
Table 37: Mongol Insurance LLC - Key Facts
Table 38: Bodi Insurance LLC - Key Facts
Table 39: ARD Insurance LLC - Key Facts
Table 40: MIG Insurance LLC - Key Facts
Table 41: Tenger Insurance LLC - Key Facts
Table 42: Mongolia - Insurance Regulatory Framework Key Features
Table 43: Mongolia - Life Insurance Regulatory Framework
Table 44: Mongolia - Property Insurance Regulatory Framework
Table 45: Mongolia - Motor Insurance Regulatory Framework
Table 46: Mongolia - Liability Insurance Regulatory Framework
Table 47: Mongolia - Social Insurance Contribution Rates
Table 48: Mongolia - Corporate Tax Rates for the Financial Year 2017
Table 49: Mongolian Life Insurance - Policies and Premium, 2012-2016
Table 50: Mongolian Life Insurance - Policies and Premium, 2016-2021
Table 51: Mongolian Life Insurance - Claims and Expenses, 2012-2016
Table 52: Mongolian Life Insurance - Claims and Expenses, 2016-2021
Table 53: Mongolian Non-Life Insurance - Assets and Investments, 2012-2016
Table 54: Mongolian Life Insurance - Assets and Investments, 2016-2021
Table 55: Mongolian Non-Life Insurance - Policies and Premium, 2012-2016
Table 56: Mongolian Non-Life Insurance - Policies and Premium, 2016-2021
Table 57: Mongolian Non-Life Insurance - Claims and Expenses, 2012-2016
Table 58: Mongolian Non-Life Insurance - Claims and Expenses, 2016-2021
Table 59: Mongolian Non-Life Insurance - Assets and Investments, 2012-2016
Table 60: Mongolian Non-Life Insurance - Assets and Investments, 2016-2021
Table 61: Mongolian Non-Life Insurance - Property Insurance, 2012-2016
Table 62: Mongolian Non-Life Insurance - Property Insurance, 2016-2021
Table 63: Mongolian Non-Life Insurance - Property Insurance by Category, 2012-2016
Table 64: Mongolian Non-Life Insurance - Property Insurance by Category, 2016-2021
Table 65: Mongolian Non-Life Insurance - Motor Insurance, 2012-2016
Table 66: Mongolian Non-Life Insurance - Motor Insurance, 2016-2021
Table 67: Mongolian Non-Life Insurance - Motor Insurance by Category, 2012-2016
Table 68: Mongolian Non-Life Insurance - Motor Insurance by Category, 2016-2021
Table 69: Mongolian Non-Life Insurance - Liability Insurance, 2012-2016
Table 70: Mongolian Non-Life Insurance - Liability Insurance, 2016-2021
Table 71: Mongolian Non-Life Insurance - Marine, Aviation and Transit Insurance, 2012-2016
Table 72: Mongolian Non-Life Insurance - Marine, Aviation and Transit Insurance, 2016-2021
Table 73: Mongolian Personal Accident and Health Insurance - Policies and Premium, 2012-2016
Table 74: Mongolian Personal Accident and Health Insurance - Policies and Premium, 2016-2021
Table 75: Mongolian Personal Accident and Health Insurance - Claims and Expenses, 2012-2016
Table 76: Mongolian Personal Accident and Health Insurance - Claims and Expenses, 2016-2021
Table 77: Mongolian Personal Accident and Health Insurance - Assets and Investments, 2012-2016
Table 78: Mongolian Personal Accident and Health Insurance - Assets and Investments, 2016-2021
Table 79: Mongolian Personal Accident and Health Insurance - Personal Accident Insurance, 2012-2016
Table 80: Mongolian Personal Accident and Health Insurance - Personal Accident Insurance, 2016-2021
Table 81: Mongolian Personal Accident and Health Insurance - Health Insurance, 2012-2016
Table 82: Mongolian Personal Accident and Health Insurance - Health Insurance, 2016-2021
Table 83: Insurance Industry Definitions