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

Source: World Bank
Last Updated: January 1, 2021

Insurance and financial services as a percentage of service imports from the balance of payment reached 3.55 % in 2018 in Mongolia, according to the National Central Bank / OECD. This is 51.1 % less than in the previous year.

Historically, insurance and financial services as a percentage of service imports from the balance of payment in Mongolia reached an all time high of 11.0 % in 2016 and an all time low of 0 % in 1994. When compared to Mongolia's main peers, insurance and financial services as a percentage of service imports from the balance of payment in China amounted to 2.59 %, 2.42 % in Kazakhstan, 2.01 % in Kyrgyzstan and 3.00 % in Russia in 2018.

Mongolia has been ranked 115th within the group of 158 countries we follow in terms of insurance and financial services as a percentage of service imports from the balance of payment, 21 places above the position seen 10 years ago.

Insurance and financial services (% of service imports, BoP) cover various types of insurance provided to residents by non-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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