Insurance and financial services in Mongolia
Mongolia: Insurance and financial services was 5.5% 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 commercial service imports.
Analysis
Mongolia recorded 5.5% for insurance and financial services in 2024.
Compared with earlier readings it is down 2.3% on the previous year and down 10.7% over ten years.
Over the whole period, insurance and financial services in Mongolia peaked at 11.1% in 2016 and was at its lowest, 0.3%, in 2003.
Mongolia ranks 112th 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 commercial service imports | 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 | 6.6% | -4.8% |
| 1993 | 5.7% | -13.4% |
| 1996 | 1.8% | -67.5% |
| 1997 | 1.0% | -46.1% |
| 1998 | 2.4% | +138.6% |
| 1999 | 0.5% | -79.5% |
| 2000 | 0.5% | +0.6% |
| 2001 | 0.5% | +3.7% |
| 2002 | 0.3% | -39.5% |
| 2003 | 0.3% | -10.7% |
| 2004 | 6.9% | +2428.8% |
| 2005 | 4.1% | -40.3% |
| 2006 | 2.4% | -41.9% |
| 2007 | 2.9% | +20.2% |
| 2008 | 2.7% | -6.5% |
| 2009 | 3.2% | +19.7% |
| 2010 | 3.8% | +18.7% |
| 2011 | 2.7% | -28.8% |
| 2012 | 3.8% | +37.6% |
| 2013 | 3.3% | -13.4% |
| 2014 | 6.1% | +88.6% |
| 2015 | 6.0% | -2.5% |
| 2016 | 11.1% | +85.9% |
| 2017 | 3.2% | -70.9% |
| 2018 | 3.6% | +10.6% |
| 2019 | 7.3% | +104.5% |
| 2020 | 8.4% | +14.7% |
| 2021 | 7.2% | -14.0% |
| 2022 | 5.5% | -24.4% |
| 2023 | 5.6% | +2.7% |
| 2024 | 5.5% | -2.3% |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1980s | 8.2% | 7.9% | 8.6% | 4 |
| 1990s | 4.0% | 0.5% | 7.2% | 8 |
| 2000s | 2.4% | 0.3% | 6.9% | 10 |
| 2010s | 5.1% | 2.7% | 11.1% | 10 |
| 2020s | 6.4% | 5.5% | 8.4% | 5 |
Countries ranked near Mongolia
More private sector data for Mongolia
- Merchandise trade 106.7% (2025)
- Food imports 11.0% (2023)
- Manufactures imports 65.3% (2023)
- Merchandise imports 11.31 billion current US$ (2025)
- Food exports 3.3% (2023)
- Manufactures exports 1.7% (2023)
- Merchandise exports 15.76 billion current US$ (2025)
- Merchandise exports (current US$), per capita 4,416 current US$ per person (2025)
- Merchandise exports (current US$), per unit of GDP 0.6213 current US$ per US$ of GDP (2025)
- Merchandise exports (current US$), annual growth rate -0.1394 % change on previous year (2025)
Frequently asked questions
- What is insurance and financial services in Mongolia?
- Insurance and financial services in Mongolia was 5.5% 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 11.1% 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 112th 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 10.7%. 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 commercial service imports). Statizoid updates them automatically from the source API.
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About this data
Financial services covers services related to financial intermediation, financial risk management, liquidity transformation or auxiliary financial activities. It also includes insurance and pension scheme services which are services related to providing life insurance and annuities, non-life insurance, reinsurance, pensions, standardised guarantees and auxiliary services to insurance, pension schemes, and standardised guarantee schemes. This indicator is expressed as a percentage of service imports which are commercial services provided by non-residents to residents.