Mongolia

Axco provides details on the life insurance sector including Mongolian market participants, reinsurance and distribution channels. The reports describe classes of business from both individual and group life such as whole life, endowment, term life and unit-linked.
Information on non-life classes for example critical illness and private medical insurance.

The report describes the public and private healthcare system in Mongolia, the scope of cover, accessibility financing and provides an analysis of how the public and private systems complement each other.

Axco reports on the three pillars of Mongolian pension provision.

• State pension benefits including benefit calculations and eligibility criteria 
• Workplace pension provision; types of schemes calculations eligibility and; tax implications
• Voluntary individual pension provision, type of products and tax implications

The Mongolia report provides an in-depth analysis of the regulatory framework governing social security as well as details on financing and eligibility. Information includes but is not limited to

• state pensions,
• permanent disability benefit
• occupational accident and disease
• maternity and paternity payments 

The Mongolian life insurance market in 2021 remains undeveloped, with penetration very low compared to its immediate neighbours, China and Russia. National Life Daatgal is the only life insurer in the market.

With no tax incentives, little awareness and low disposable incomes, the market for life insurance in Mongolia remains one of unfulfilled potential ....

The main source of pensions in Mongolia currently is the state social security system. In late October 2020 parliament started to discuss the draft law on private pensions first presented in May that year. If passed, it would create a three-pillar pension system in Mongolia and establish a regulatory framework for mandatory and voluntary pensions.

The pension reform initially proposed would comprise a new legal framework ....

While state healthcare is provided as part of the social security scheme, its quality is low and waiting lists long. Although public hospitals have some good equipment, there is not enough to meet demand, and this inevitably pushes those who can afford it towards private medical services either funded from their own resources or by healthcare insurance (private medical insurance - PMI) ....