Insurance
From The Report: Mongolia 2015
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Recording steady expansion, the Mongolian insurance sector’s prospects are good despite the difficulties faced more generally in the economy. Sector indicators, such as premiums per person, premiums per capita, total capital and total compensation, also suggest that the country’s insurance companies are in relatively good shape and growing fast. As in many developing countries, awareness and penetration are low, so increases come easily. On its own, this has allowed the sector to show resilience in the face of challenges elsewhere in the economy, but growth is also the result of effective strategies, the implementation of best practices and good regulation.

This chapter contains an interview with D. Bolormaa, Former CEO, Bodi Insurance.

Articles from this Chapter

Overview

Although growth has slowed, Mongolia’s insurance sector is evolving
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Recording steady expansion, the Mongolian insurance sector’s prospects are good despite the difficulties faced more generally in the economy. Premiums hit MNT93.9bn ($56.3m) in 2013, up from MNT79bn ($47.4m) in 2012 and MNT6.32bn ($3.8m) in 2003, according to the Financial Regulatory Commission (FRC). Other sector indicators, such as premiums per person, premiums per capita, capital and total compensation, also suggest that the country’s insurance companies are in relatively good shape and growing…

Interview

D. Bolormaa, Former CEO, Bodi Insurance
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Interview:D. Bolormaa How has compulsory insurance increased awareness of products amongst the general population? What more can be done to raise awareness? D. BOLORMAA: As a rule, government decisions and policies that support insurance firms have a significant effect on the industry. It has been observed that the insurance industry of Mongolia has a tendency to prosper in connection with the growth of national production capacity and mining industries, as well as other businesses that emerge…

Analysis

Mongolia encouraging the development of microinsurance
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As is the case in many developing markets, insurance inclusiveness is becoming an area of interest in Mongolia. After years of pilots, experiments and one-off commercial efforts – and some notable successes – momentum is building and micro-insurance is set to go from a concept to a business. Considerable institutional and regulatory support is being offered and an environment is being created to encourage product origination and sales. Market Mongolia is a country ideally suited for micro-insurance.…