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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
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