Now
1997
MIG INSURANCE LLC is one of the pioneer insurance companies of Mongolia, was founded in 1997.
MISSION
MIG INSURANCE LLC shall be a trusted, qualiďŹ ed, leading, and prudent company that provides a comprehensive service of insurance and risk management that meets the demands and needs of customers.
ABOUT US . . .
MIG INSURANCE LLC is one of the pioneer insurance companies of Mongolia, was founded in 1997. MIG Insurance has been leading insurance market by main indicators such as solvency ratio, gross written premium, loss ratio, claims reserve, which are reviewed by FRC. We constantly aim to achieve the highest customer satisfaction by developing and providing demand driven, valuable risk management solutions for corporate and individual customers. As of today, the company employs about 145 employees and more than 500 representatives. We reach all 21 provinces and its 330 regions providing comprehensive insurance services through 26 branches and bank insurance networks. In 2020, we are aiming to be on the fast-growing way by introducing progressive Insurance development policy, which would affect positively to a cooperation between Mongolian other insurance companies while we are launching a new brand in the market for promote clients to aware of the insurance is a more useful and socially responsible service. As a result, we would contribute together toward to the basic progressive development policy of Mongolian insurance industry.
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FINANCIAL INDICATORS
Our total asset reached MNT 29,1 billion, reserve funds stood at MNT 2,81 billion, total premium income was MNT 26.8 billion also we provide MNT 7.36 billion compensations for our customers at the end of 2019. We provided our services to over 190,000 clients and lead the sector in compensation. ďŹ nancial performances of the year 2019.
Total premium income / billon /
Compensation / billon /
Net premium income / billon /
Total assets / billon /
gross
MARKET SHARE ...
There are 15 insurance companies operating in the insurance market of Mongolia, the below ďŹ gures show the market share in terms of total assets, gross written premium, net premium income, claims and reserve funds. MIG Insurance LLC is ranked 2nd in terms of its size of net premium income and paid claims. The below ďŹ gures illustrate that our company's market share in percent and rank among the insurance companies in Mongolia. The key indicators calculated based on the
Total premium income
Net premium income
/ billon /
/ billon /
Mongol insurance 32.66 / billon /
Mongol insurance 21.53 / billon /
16,9%
16,6%
Mandal insurance 14,9% 28.93 / billon /
13,8%
9.9%
12,2%
14,4%
Tenger insurance 19.18 / billon /
10,8% Tenger insurance 11.79 / billon /
MIG insurance 26.85 / billon /
Mandal insurance 15.87 / billon /
9.1%
Bodi insurance 27.95 / billon /
13,9%
Bodi insurance 14.03 / billon /
Total assets
Compensation
/ billon /
/ billon / Mongol insurance 43.29 / billon /
Mongol insurance 9.89 / billon /
Mandal insurance 40.69 / billon /
MIG insurance 7.01 / billon /
MIG insurance 29.10 / billon / Tenger insurance 20.27 / billon /
MIG insurance 17.98 / billon /
Bodi insurance 27.96 / billon /
Tenger insurance 4.66 / billon /
Mandal insurance 5.51 / billon / Bodi insurance 4.87 / billon /
PROMISES MADE, PROMISES DELIVERED
Genuine care and support for the customers we serve is crucial for us. We offer customers world standard insurance products backed by our A rated reinsurance partners. We provide all kinds of insurance coverage for the clients by managing and transferring considerably high-risk local policies by means of our innovative facultative solutions through internationally recognized reinsurance brokers such as AON, Marsh, and WILLIS to the global reinsurance markets accessible to world class syndicators including Hannover Re and Munich Re.
TREATY We have a treaty program with the Hannover Re Group and have been reinsuring our whole portfolio under the Treaty agreement. Within the scope of this treaty cooperation, we provide our clients with reliable reinsurance protection with the most tailored conditions and terms of the policy as well as competitive quotes. In addition, through the technical assistances obtained, we manage effectively to get training for our local experts and to research international standard on insurance policies to be subsequently applied suitably in domestic market. We are partnering with leading reinsurance brokers in the world, who all have high credit rating level equal to and above those ratings such as Standart & Poors and Fitch “BBB”, A.M Best “A+” and Moody's “BAA” We are also partnering with specialized risk reinsurance broker SYNNEX, Mongolian Re and Khubilai reinsurance in the Mongolia to balance insurance premium flow other than partnering with professional leading reinsurance brokers and reinsurers in the world
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PROMISES MADE, PROMISES DELIVERED
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High reputation in the market
The number of insured customers is i ncreased steadily
Leader of Retail Market
Wide rage of distribution channel
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Professional team having strong experience in insurance business
Shortest period for loss settlement & indemniďŹ cation
SimpliďŹ ed procedures and minimal bureaucracy
Competitive insurance rates & low deductibles
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MIG INSURANCE SUCCESSFULLY IMPLEMENTED ISO 9001:2015 QUALITY MANAGEMENT PROJECT
MIG Insurance have celebrated its 20th anniversary in the year 2017 and has also successfully implemented ISO 9001:2015 quality management project and received the certification from the British Standart Institude on 30th of October. The British Standart Insitute (BSI) was founded in 1901 and has been successfully showing businesses on how to improve performance, reduce risk and achieve sustainable growth. BSI is a global leader group and its clients range from high profile brands to small and local companies in 182 countries. By successfully implementing iso 9001:2015 MIG insurance can be able to organize the company's management and monitoring system with greater efficiency, improve customer's satisfaction, provide quality products and services and establishing a management system to ensure continuous business improvement.
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CORPORATE INSURANCE The keystone for a long-term accomplishment of our company has been firmly based on its connection to all areas and sectors associated with any businesses along with its trustworthy services, as well as our partnership with recognized companies & enterprises which are leaders in the industry, furthermore significant contributors to the socio-economic development of the country. The main objective of a business company is to ensure its sustainability. The INSURANCE, an important leverage to prevent from any risks, plays an important role for business entities. We deliver insurance products and services specifically designed in terms of business sector prerequisites and therefore, provide reinsurance lines coherent with international standards issued by in collaboration with reinsurers for local companies with high-risk exposures such as from Mining, Transport & Logistics and Construction industries.
INSURANCE PRODUCTS MOTOR VEHICLE INSURANCE LIFE AND HEALTH INSURANCE LIABILITY INSURANCE FINANCIAL INSURANCE TRANSPORTATION CONSTRUCTION
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Our major cliants
CLAIMS SERVICE
We consider that quick and proper settlement of claims and elimination of losses is a key criterion for providing services to our clients. Our main goal is to be the fastest and high-quality service provider company on the market. Now our customers are contacting our emergency call center, and then all claims process applied by online. As a result, the clients saving time and we identify the clients as whether safety driver or risky driver and keep track of their drivers' history. Therefore, safety driver can be insured by cheap premium, based on historical information.
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