As a landlocked country, with two giant nations enclosing its northern and southern frontiers, Mongolia has long seen much of its economic activity dominated by relations with Russia and China. In recent times, though, Ulaanbaatar has been trying to widen its overseas channels, instituting a “third neighbour” policy to provide extra balance – and...
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The Social Welfare Law (SWL) passed by Mongolia’s parliament in January 2012 will bring much-needed reform to a system of pay-as-you-go contributions that has proved unsustainable and hampered growth in private insurance provision. Ending universal cash handouts and targeting welfare spending to the most vulnerable, the new Ministry of Human...
The number of brokers and dealers more than doubled between 2009 and 2012, yet trading modernisation looks set to catalyse consolidation. In 2011 the top 10 of the 76 brokers performed daily trades amounting to more than 91% of the market, and the financial viability of most brokerages remains doubtful. As the World Bank and IMF noted in a June 2012...
Although the first life insurer licence was awarded to National Life Daatgal in 2008 and premium income has more than doubled every year since, the segment remains minor, accounting for a mere $244,000 in premiums in the first half of 2012, out of the industry total of $29.4m. Established by Mongolian Investment Holding Group, the underwriter has prompted others to announce...
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