Insurance and financial services in Mongolia
Mongolia: Insurance and financial services was 5.4% in 2024. ◆ Volatile
Insurance and financial services in Mongolia, 1986–2024
Source: Balance of Payments Statistics Yearbook and data files, International Monetary Fund (IMF). Measured in % of service imports, BoP.
Analysis
In 2024, insurance and financial services in Mongolia stood at 5.4%.
Compared with earlier readings it is down 2.3% on the previous year and down 10.1% over ten years.
Over the whole period, insurance and financial services in Mongolia peaked at 11.0% in 2016 and was at its lowest, 0.3%, in 2003.
Mongolia ranks 111th of 197 countries on this measure, in the middle of the range.
The series is highly variable year to year, so single readings are best treated with caution.
Insurance and financial services in Mongolia, year by year
| Year | % of service imports, BoP | Change |
|---|---|---|
| 1986 | 8.6% | — |
| 1987 | 8.3% | -3.0% |
| 1988 | 7.9% | -5.3% |
| 1989 | 8.0% | +1.3% |
| 1990 | 7.2% | -9.0% |
| 1991 | 6.9% | -4.7% |
| 1992 | 5.8% | -16.1% |
| 1993 | 5.5% | -4.2% |
| 1996 | 1.8% | -68.0% |
| 1997 | 1.0% | -46.3% |
| 1998 | 2.3% | +141.9% |
| 1999 | 0.5% | -79.7% |
| 2000 | 0.5% | +1.3% |
| 2001 | 0.5% | +3.2% |
| 2002 | 0.3% | -38.5% |
| 2003 | 0.3% | -11.1% |
| 2004 | 6.8% | +2452.3% |
| 2005 | 4.1% | -40.5% |
| 2006 | 2.3% | -42.0% |
| 2007 | 2.8% | +20.7% |
| 2008 | 2.6% | -6.7% |
| 2009 | 3.2% | +19.3% |
| 2010 | 3.7% | +18.3% |
| 2011 | 2.7% | -27.7% |
| 2012 | 3.7% | +38.0% |
| 2013 | 3.2% | -13.6% |
| 2014 | 6.1% | +88.0% |
| 2015 | 5.9% | -2.7% |
| 2016 | 11.0% | +86.9% |
| 2017 | 3.2% | -70.9% |
| 2018 | 3.6% | +10.9% |
| 2019 | 7.3% | +104.7% |
| 2020 | 8.3% | +14.3% |
| 2021 | 7.2% | -13.9% |
| 2022 | 5.4% | -24.2% |
| 2023 | 5.6% | +2.8% |
| 2024 | 5.4% | -2.3% |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1980s | 8.2% | 7.9% | 8.6% | 4 |
| 1990s | 3.9% | 0.5% | 7.2% | 8 |
| 2000s | 2.3% | 0.3% | 6.8% | 10 |
| 2010s | 5.0% | 2.7% | 11.0% | 10 |
| 2020s | 6.4% | 5.4% | 8.3% | 5 |
Countries ranked near Mongolia
- 108 South Africa 5.6% compare
- 109 Kazakhstan 5.5% compare
- 110 Bangladesh 5.5% compare
- 112 Portugal 5.4% compare
- 113 Palestine, State of 5.3% compare
- 114 Croatia 5.2% compare
More economy & growth data for Mongolia
- Africa's Development Dynamics (AfDD) Table 04 - Annual real GDP 4.08 Percent per annum (2029)
- Africa's Development Dynamics (AfDD) Table 02 - Annual real GDP 5.17 Percent per annum (2029)
- Foreign direct investment, net outflows (BoP, current US$), gaps 55.47 million BoP, current US$ (2024)
- Foreign direct investment, net outflows (BoP, current US$), per unit 0.0023 BoP, current US$ per US$ of GDP (2024)
- Foreign direct investment, net outflows (BoP, current US$), per capita 15.74 BoP, current US$ per person (2024)
- Foreign direct investment, net inflows (BoP, current US$), gaps filled 2.78 billion BoP, current US$ (2024)
- Foreign direct investment, net inflows (BoP, current US$), annual 23.79 % change on previous year (2024)
- Foreign direct investment, net inflows (BoP, current US$), per unit 0.1169 BoP, current US$ per US$ of GDP (2024)
- Foreign direct investment, net inflows (BoP, current US$), per capita 789.32 BoP, current US$ per person (2024)
- Total reserves (includes gold, current US$), annual growth rate 27.16 % change on previous year (2025)
Frequently asked questions
- What is insurance and financial services in Mongolia?
- Insurance and financial services in Mongolia was 5.4% in 2024, according to Balance of Payments Statistics Yearbook and data files, International Monetary Fund (IMF).
- What is the highest insurance and financial services recorded in Mongolia?
- The highest recorded value was 11.0% in 2016.
- What is the lowest insurance and financial services recorded in Mongolia?
- The lowest recorded value was 0.3% in 2003.
- How does Mongolia rank for insurance and financial services?
- Mongolia ranks 111th out of 197 countries with data for 2024.
- Is insurance and financial services rising or falling in Mongolia?
- Over the last ten years it is down 10.1%. The long-run trend across the full record is volatile.
- Where does this Mongolia data come from?
- The figures come from Balance of Payments Statistics Yearbook and data files, International Monetary Fund (IMF), published as part of Insurance and financial services (% of service imports, BoP). Statizoid updates them automatically from the source API.
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About this data
Insurance and financial services cover various types of insurance provided to nonresidents 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 nonresidents. This indicator is expressed as a percentage of service imports which are services provided by non-residents to residents.