From The Report: Mongolia 2014
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Mongolia’s insurance industry is expected to grow rapidly over the next few years as the economy expands and more firms and individuals become familiar with insurance products and the need to be covered. The market is open – a rarity in Asia – and international investors and strategic partners are taking a close look at potential acquisition targets and partners. With the state controlling the insurance sector until 2003, and the population largely rural, many individuals remain unaware of what insurance is and now it works. However, this is changing, and the arrival of multinational firms has resulted in a rising awareness of insurance products. The prospects for the sector are excellent. If consolidation takes place and if insurance awareness increases as expected, margins will be solid and growth almost certain.