Ulaanbaatar
Assets and reserves in insurance sector increased
Society
Ulaanbaatar /MONTSAME/. Compared to the previous year, in 2020 the total assets of the insurance sector increased by 4.5 percent to MNT 382.1 billion, and the reserve fund increased by 4.8 percent to MNT 173.5 billion.
Total premiums for regular and long-term insurance increased by 2.5 percent to MNT 201.5 billion and reinsurance premiums increased by 16.5 percent to MNT 66.8 billion, reports the Financial Regulatory Commission during its press conference.
In the reporting year, the number of insurance items decreased by 25.3 percent compared to the previous year. The expenditure for insurance compensation decreased by 8.6 percent from the previous year and MNT 59.8 billion was paid as compensation, which is 30 percent of the total premium.
As of the end of last year, the FRC monitored activities of 3,260 regulated entities and 2,473 insurance agents. Of these, there are 315 LLCs and 276 professional participants registered in the securities market, 319 insurance companies, professional participants and auditors, 532 NBFIs, 249 SCCs and 167 real estate brokers in insurance market and 429 individuals, legal entities and their 973 branches are in precious metal trading.
