The insurance industry in Mongolia is currently small and still in its development stage. The share of the insurance industry is 0.7% of the whole financial sector. Despite the growth of the insurance sector and recent global awareness on financial inclusion, the insurance market in Mongolia can hardly be considered inclusive at this time. Small companies generate around 20% of Mongolia’s GDP and provide employment of 70% of the national workforce. There are challenges in insurance sector such as the lack of effective distribution channels to reach SMEs. The role of regulation is important in inclusive insurance development and needed to be improved.
GIZ - RFPI Asia II, Financial Regulatory Comission, Monre Insurance and MEFIN Network.