As of the third quarter of 2017, insurance industry capital reached 251.7 billion MNT, an increase of 22.3 percent compared to last year. There are 15 general insurance companies nationwide and they make up 80 percent of the insurance industry.
Re-insurance makes up 17 percent of all policies and long-term care insurance makes up the remaining 3 percent. Revenue from insurance fees reached 114.6 billion MNT in Q3’17, a 29 percent increase over 2016. Insurance reimbursements totaled 32.4 billion MNT and made up 28.3 percent of total insurance fees.
The net profit of the insurance industry stood at 10.2 billion MNT. Gobi LLC had damages of 1.8 million USD after a factory fire last June and Tenger Insurance issued a claim payment of 1.1 million USD within three days.
As of the third quarter of 2017, insurance industry capital reached 251.7 billion MNT, an increase of 22.3 percent compared to last year. There are 15 general insurance companies nationwide and they make up 80 percent of the insurance industry.
Re-insurance makes up 17 percent of all policies and long-term care insurance makes up the remaining 3 percent. Revenue from insurance fees reached 114.6 billion MNT in Q3’17, a 29 percent increase over 2016. Insurance reimbursements totaled 32.4 billion MNT and made up 28.3 percent of total insurance fees.
The net profit of the insurance industry stood at 10.2 billion MNT. Gobi LLC had damages of 1.8 million USD after a factory fire last June and Tenger Insurance issued a claim payment of 1.1 million USD within three days.