Over the last two years, Soyombo Insurance have led the market in terms of growth, increasing its range of services and teaming up with US firm Hannover Re.
One company that has witnessed the evolution of the Mongolian insurance sector from the very beginning is Soyombo Insurance.
Soyombo, the country’s first and oldest insurance company, has been at the heart of the expansion of a sector that has grown simultaneously with Mongolia’s booming economy.
“Our economy is growing rapidly and following this the insurance sector is also keeping its pace together with other environments such as IT – which has been facilitating the speed of information and made it accessible for the public to share and understand the benefits of the insurance products,” says Mr. Battulga, CEO of Soyombo, who has also set up an NGO to educate the public about the sector.
“The last two years we have succeeded in leading the market with our growth,” he continues. “We have the expertise, the connections and the coverage of the whole nation with our 29 branches operating as of today, and most importantly our strong management team.”
With the insurance industry in Mongolia still very much in its infancy – as much of the legal framework continues to be introduced – Mr. Battulga still believes there is “much room for improvement.”
While agriculture – one of the country’s most important industries – currently remains without cover due to the high risk of Mongolia’s harsh climate under which it operates, Soyombo provides other traditional services such as property and driver’s reliability insurance.
“Tourism in Mongolia has lots of opportunity,” says Mr. Battulga. “We have reinsurance for Mongolian tourists going abroad and tourists who are coming to Mongolia.
“Our company also offers health insurance and also for the mining sector we have insurance. We can provide transportation insurance all around the globe as well as in Mongolia.”
Meanwhile, Soyombo has recently joined forces with American based company, Hannover Re, strenthening their position in the market.
“From all the companies who expressed their interest in working in Mongolia, Hannover Re was exceptional in their enthusiasm. This works in our favor as Hannover Re reinsures our company and as long as there is no extreme catastrophe, all of our risk is covered by our reinsurer. Knowing we are insured gives assurance to our clients. We already extended this year’s contract and will continue it in the future.”