Insurance and Financial Services (As % of Service Exports, BoP) in Mongolia

Source: World Bank
Last Updated: January 1, 2021

Insurance and financial services as a percentage of service exports from the balance of payment reached 0.862 % in 2018 in Mongolia, according to the National Central Bank / OECD. This is 118 % more than in the previous year.

Historically, insurance and financial services as a percentage of service exports from the balance of payment in Mongolia reached an all time high of 8.46 % in 1993 and an all time low of 0 % in 1991. When compared to Mongolia's main peers, insurance and financial services as a percentage of service exports from the balance of payment in China amounted to 3.54 %, 1.27 % in Kazakhstan, 1.71 % in Kyrgyzstan and 2.84 % in Russia in 2018.

Mongolia has been ranked 122nd within the group of 153 countries we follow in terms of insurance and financial services as a percentage of service exports from the balance of payment, 3 places behind the position seen 10 years ago.

Insurance and financial services cover various types of insurance provided to non-residents by resident insurance enterprises and vice versa, and financial intermediary and auxiliary services (except those of insurance enterprises and pension funds) exchanged between residents and non-residents.

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