Insurance sector in GDP www.gogo.mn
The total assets of the domestic insurance market equals 0.9 percent of the GDP, an increase of 0.03 point compared to 2017.
According to the international standard, insurance constitutes approximately seven percent of GDP in most countries. By the end of 2017, the amount of personal insurance reached 44.6 thousand MNT, an increase of 21.4 percent over the previous year.
A Reos Partners consultant reported that there is a lack of basic knowledge about insurance among citizens in Mongolia. GIZ from Germany is implementing a one-year project to improve insurance access.
Insurance companies earned a total of 144.3 billion MNT in insurance premiums in 2017.