Publications

Access to Finance: Developing the Microinsurance Market in Mongolia

Authors: Asian Development Bank

Source: Asian Development Bank

Keywords: Microinsurance

Date: 2014-05-06

This study provides an overview of the development of Mongolia’s insurance market in general and the microinsurance segment in particular, and identifies gaps in the insurance regulatory framework that need to be bridged to expand microinsurance coverage to more households.

Mongolia experienced a challenging transition from socialist economy to market economy from 1990 onwards. Its commercial insurance market is still at its infancy, with gross written premiums in 2013 amounting to only 0.54% of gross domestic production. ADB undertook this technical assistance study to support microinsurance development in Mongolia. The study provides an overview of the development of Mongolia’s insurance market in general and the microinsurance segment in particular, then identifies gaps in the insurance regulatory framework that need to be bridged to expand microinsurance coverage to more households.

 

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