Ken Research’s “The Insurance Industry in Mongolia, Key Trends and Opportunities to 2022”gives a comprehensive overview of the Mongolian economy and demographics and details on the competitive landscape in Mongolia. The report gives a detailed analysis of the natural hazards in the market, distribution channels and the regulatory policy prevailing in Mongolia. 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, analyses the various distribution channels in Mongolia and profiles the top insurance companies in Mongolia, and outlines the key regulations affecting them. The report will help in making strategic business decisions by analyzing demand-side dynamics, market trends, and growth. The report will be detrimental in identifying competitors and regulations governing the market and make sound decisions therein. The key market players in Mongolian insurance market are 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 insurance LLC, Soyombo Insurance LLC, Ulaanbaatar City Insurance LLC and Khaan Insurance LLC.
The Mongolia Insurance market is regulated by the Financial Regulatory Commission (FRC). This regulatory body enforces the insurance regulations of Law of Mongolia on Insurance (2004) and Law on Insurance Intermediaries (2004). Any person engaged in the insurance market must be licensed by FRC. Recently, Moody upgraded Mongolia Government’s long-term issuer ratings and senior unsecured ratings from B3 from Caa1, and the senior unsecured MTN program rating to (P) B3 from (P) Caa1. Their reason for the upgrade is the improved liquidity and prospects of Mongolia’s credit metrics to fluctuations in commodity prices, subject to the success of the existing plans. Recently, the refinancing of the government debt reduced Mongolia’s financing needs. Along with this, if the measures under the IMF program are implemented correctly, the volatility of economic and fiscal conditions will reduce, but not eliminated completely.
What the Mongolian insurance industry needs is to focus on the expansion of the user base and customers since distribution channels are limited. Expanding these channels will result in an increase in administrative costs and more flexibility in regulations. Mongolia had made four of its banks as agents which are seen as a move in the right direction since banks are easily accessible. Concerns are raised regarding consumer protection since the country’s traditions and history are considered the prime reason for ignorance of the insurance sector. Many insurers are paying attention to product development and underwriting to drive the demand in the market.
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Ankur Gupta, Head Marketing & Communications