The insurance industry in Mongolia witnessed a rise at a compound annual growth rate (CAGR) of 16.6% during 2016 to 2021 to reach $0.1bn (MNT243.3bn) in 2021, according to GlobalData’s global insurance database.

From 2016 to 2021, the life insurance and pension market grew at a CAGR of 7.1%, whereas the general insurance market registered a CAGR growth of 16.7%.

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The insurance industry in Mongolia is forecasted to grow at a CAGR of 10.1% during 2021 to 2026 to reach $0.1bn (MNT393bn) in 2026. Over the projection period, life insurance and pension is expected to grow at a CAGR of 6.9%, whereas general insurance is projected to grow at a CAGR of 10.1%.

Market composition

General insurance led the insurance market, holding a value of $0.1bn (MNT241.5bn) and a share of 99.3% in 2021. Life insurance and pension held a value of $0bn (MNT1.8bn) and a share of 0.7%.

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Growth rate by markets

In 2021, the life insurance and pension market grew at a rate of 21.1% over 2020, followed by the general insurance market which registered a growth rate of 20.8% over the previous year.

Methodology

This analysis is drawn from GlobalData’s Global Insurance Database, which tracks key insurance metrics across segments, categories, and line of businesses for 170 markets, globally. The data is sourced from regulatory bodies and insurance associations and is mapped as per our standard Industry Native Taxonomy Structure. The calculations are based on premiums standardised by the following order of preference Gross Written Premiums > Direct Written Premiums > Net Earned Premiums > Net Written Premiums. Verdict’s parent company GlobalData provides business information to 4,000 of the world’s largest companies.