Mongolia Insurance Market

Under the Livestock and Agricultural Management Project (2013-2017), the government has improved rural livelihoods and food security through targeted investments to boost productivity, market access, and diversification in livestock-based production systems. More than 200 subprojects in horticulture, value chain development, livestock health and breeding have been funded under the project, leading to increased household incomes and outputs of livestock products, better nutrition and jobs in 15 soums of 5 western aimags Zavkhan, Khuvsgul, Govi-Altai, Bayankhongor, and Arkhangai. Around 7,000 people have received training in livestock health, breeding, nutrition, horticulture, and environment management.

Insurance market reports are produced following a country visit with interviews with professionals working in the sector with systematic updates to information throughout the cycle. Covering market developments, macroeconomic factors and comprehensive details of the regulatory environment including relevant taxation as well as market indicators and company statistics.

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The Life & Benefits Report for Mongolia includes detail on social security, healthcare, individual life assurance and pensions information as well as market statistics and life company statistics

Mongolia is one of the world's youngest democracies, with the current system only being established in 1992. The Mongolian insurance market in 2018 remains small and underdeveloped, with low penetration.

In 2017 premium written by non-life insurers (including PA and healthcare) totalled MNT 141.18bn. There were 15 non-life and one life insurance company, plus one reinsurer, operating in the Mongolian market.

Some of the leading companies in the Mongolia insurance industry are National Life Insurance Limited Liability Company, Bodi Insurance, Ard Daatgal Limited Liability Company, Khan Daatgal Limited Liability Company, Mandal General Insurance Company, MIG Insurance, Practical Insurance, Nomin Insurance, and Mongolian Insurance.

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The private health insurance market caters to individuals and families seeking coverage beyond what government-sponsored health programs provide. In this distinct sector, several notable trends are reshaping the landscape of private health insurance, while key indicators offer insights into its performance and sustainability.

The life insurance market, as a distinct segment within the insurance industry, faces its own unique set of challenges and opportunities. Today, several notable trends are reshaping the landscape of life insurance, while key indicators offer insights into its performance and stability.

The industry has benefited from a growing middle class, rising disposable income and increased awareness of the benefits of insurance. The government has also introduced policies to support the sector, such as mandatory health and motor insurance.

However, Mongolia's insurance sector remains underdeveloped compared with the global average and its regional peers. The insurance premium revenue accounted for only 0.63% of Mongolia's gross domestic product in 2022, far below the world average of 7.16%.

Mongolia's insurance industry is relatively young, having started in 1997 with the enactment of the Insurance Act. Since then, the sector has evolved and diversified, offering a range of products and services to individuals and businesses.

Despite these hurdles, Mongolia's insurers have shown resilience and innovation, adapting to changing customer needs and market conditions. The sector has potential for further growth and development, as Mongolia's economy recovers from the pandemic and its population becomes more affluent and urbanized.

Access to insurance can have a disproportionate effect on developing economies. Often, the risk of catastrophic property damage most affects the poorest people which disincentivizes them to make capital investments that could improve their economic status. One example is livestock insurance. In Mongolia, livestock has traditionally not been insurable. Mongolia also experiences occasional and severe winter storms, called dzuds, that result in the death of hundreds or thousands of livestock. These weather anomalies are predicted to increase with time and are a detriment to the Mongolian economy and quality of life. In Mongolia approximately 33% of the labor force are herders. The Mongolian government set out to reduce risks for capital investments in livestock. A central pillar of this effort was building a sustainable index-based livestock insurance (IBLI) market.

Index-based insurance is a relatively recent innovation that helps provide insurance in developing countries. Traditional insurance requires large datasets and in-depth knowledge of the property being insured. Index-based insurance helps to ease this cost by distributing payouts based on an established index value rather than individual losses. Common indices can include a lower-limit on rainfall, low-limit on the price of a product or the number of livestock killed in a dzud. By establishing an index that automatically triggers the cost of providing insurance can be lowered. Lower costs to insurers can help build a profitable and sustainable business model that provides affordable insurance. IBLIs are becoming more common and Mongolia developed a list of best-practices learned from their program implementation. These included:

High out-of-pocket health expenditure is a common problem in developing countries. The employed population, rather than the general population, can be considered the main contributor to healthcare financing in many developing countries. We investigated the feasibility of a parallel private health insurance package for the working population in Ulaanbaatar as a means toward universal health coverage in Mongolia.

This cross-sectional study used a purposive sampling method to collect primary data from workers in public and primary sectors in Ulaanbaatar. Willingness to pay (WTP) was evaluated using a contingent valuation method and a double-bounded dichotomous choice elicitation questionnaire. A final sample of 1657 workers was analyzed. Perceptions of current social health insurance were evaluated. To analyze WTP, we performed a 2-part model and computed the full marginal effects using both intensive and extensive margins. Disparities in WTP stratified by industry and gender were analyzed.

To reduce out-of-pocket health expenditure among the working population in Ulaanbaatar, Mongolia, supplementary parallel health insurance is feasible given the predicted WTP. However, given high variations among different industries and sectors, different incentives may be required for participation.

Studies on the use of private health insurance (PHI) as a means to achieve UHC are limited. Most previous studies have focused on the use of national or public health insurance programs as a means of achieving UHC [11]. However, PHI could play a positive role in improving health financing when it complements the existing SHI, especially when the SHI provides only limited coverage [12, 13].

Second, Mongolia has successfully transitioned into a market-oriented economy since 1990. During the transition period, the employment rate decreased sharply from 87 to 62% until 2001 [15]. After the transition, the Mongolian economy started heavily exploiting its mineral deposits [16], shifting away from its previous considerable dependence on the agriculture sector, in which the employment rate was 40.3% in 2007 and decreased to 27.8% in 2014 [17]. These shifts exacerbated the existing disparities among workers from all industries. The traditional labor market is concentrated in the mining sector. Therefore, examining the WTP of employees from the different sectors is essential for determining the feasibility of the parallel health insurance system. Without sufficient insights into the WTP of employees from various industries (rather than the general population), establishing a well-functioning UHC/SHI system will be challenging. This may not be the case for countries where the government implements universal health insurance with mandatory enrollment, regardless of employment [18].

We conducted a cross-sectional survey between July and September 2018 in Ulaanbaatar, Mongolia. We used purposive sampling to collect data from 22 public and private companies from 11 industries in Ulaanbaatar: mining, processing, electricity, construction, wholesale and retail, transportation, information and communication, finance and insurance, public administration, education, and health care. A total of 83.3% of all employees in Ulaanbaatar work in these 11 industries, representing both the public and private sectors [22]. We aimed to involve the organizations that represent Mongolian industries based on their market share based on the advice of the Mongolian National Chamber of Commerce and Industry. The content validity of the questionnaire was examined by public health experts, statistical specialists, and professors from National Yang-Ming University (Taiwan) and Ach Medical University (Mongolia). This study was approved by the Institutional Review Board of National Yang-Ming University (YM107064E-2), Taipei, Taiwan, and by the Medical Ethics Committee of Ach Medical University (12/23), Ulaanbaatar, Mongolia. 006ab0faaa