Mandal insurance
Mongolia's Largest Insurance Company
Throughout the years, Mandal Insurance (P/C) has consistently reinforced its position as the largest insurance company in Mongolia by maintaining the highest levels of total assets, total float, equity, net profit, and gross premium
2011
Mandal Insurance became a pioneer in the business sector by choosing social media as its primary marketing channel, significantly reducing marketing costs while reaching an ever-growing audience.
2012
Mandal Insurance launched Mongolia’s first-ever direct digital and call sales model, effectively overcoming the high costs associated with traditional agency distribution.
2014
Mandal Insurance introduced Mongolia`s first bancassurance partnership with Khan Bank, the largest bank in the country.
2018
Mandal Insurance made history by becoming the first insurance company to be listed on the Mongolian Stock Exchange. Its stock has since been included in the prestigious MSE TOP 20 index.
2020
Mandal Insurance achieved another milestone by becoming the only Mongolian company to receive a financial strength and credit rating from the global credit rating agency AM Best. The agency assigned a Financial Strength Rating of B (Fair) and a Long-Term Issuer Credit Rating of ‘BB+’, reflecting the country’s credit rating ceiling.
“Daatgal” means insurance in Mongolian and our local customers would know us as “Mandal Daatgal”.
Mandal is a proud member of Mongolian Insurance Markets Association (MIMA) and Asia Guarantee & Credit Insurance Association (AGCIA).
Risk Management Practices
We adhere to the best international risk management practices when it comes to Underwriting, Investments, Operations and Cyber Security.
At Mandal Insurance, we are dedicated to upholding rigorous underwriting standards that align with global best practices. Our underwriters follow the Know-Your-Customer (KYC) and Know-Your-Risk (KYR) principles, utilizing a prudential and conservative approach when selecting risks.
We have successfully implemented the ISO 27001 international standard for Information Security Management Systems across our organization. This comprehensive system includes policies, objectives, procedures, and employee engagement to ensure robust information protection.
In alignment with the ISO 9001 international standard for Quality Management Systems, we have developed and implemented policies, procedures, and documentation encompassing all aspects of our operations. This includes a customer-centric approach, leadership commitment, employee involvement, process improvement, evidence-based decision-making, and fostering mutually beneficial relationships with stakeholders.
Our social impact
Our leadership in the insurance industry is not only reflected in our financial strength but also in the positive social impact we create through many initiatives.
Kids’ Risk Education | Mandal Risk School
Mandal Risk School is an innovative, free, online platform that provides risk education tailored for children aged 4 to 12. Since its founding in 2020, Mandal Risk School has graduated 30,000 children, empowering them with essential knowledge to understand and manage risks. With a curriculum featuring 20 lessons on a variety of risk topics, we aim to foster responsible and informed young minds.
Financial Education | Books and Magazines
Since its establishment, Mandal Insurance has consistently invested in customer financial education. We have published our own risk management books and magazines, while also translating some of the world’s best works on risk for the Mongolian audience. Over the past decade, it is estimated that we have distributed more than 10,000 copies of our publications to decision-makers in Mongolia, all free of charge.
Sharing Risk Management Practices | Annual Risk Management Forum
Mandal Insurance has been hosting the Annual Risk Management Forum since 2011, with around 300 delegates participating each year. Each edition brings together top experts in the field to discuss a wide range of risks, from climate-related challenges to operational and economic risks. In 2023, the forum was co-organized with the Mongolian government, highlighting its growing significance and influence in the industry.
Sharing Risk Management Practices | Professional risk seminars
One of the projects started by Mandal Insurance to improve risk management was series of seminars and workshops on risk management. The risk workshop was a smaller version of the Annual Risk Management Forum that is focused on a specific industry or a topic. Since 2011, we have organized a total of 15 risk workshops for more than 1,000 professionals. In addition to teaching about risk nature and risk management tools, this workshop teaches tools and management processes for identifying potential threats to an organization. We have successfully organized seminars for small and medium-sized businesses on construction, mining, gold, civil aviation and management responsibilities, and provided industry professionals with detailed risk know-how.Save 50 human lives project
Mandal Insurance launched the "Save 50 Lives Project" in 2022 as part of our ongoing corporate social responsibility efforts. We are proud to report that we have surpassed our initial goal of saving lives through two key initiatives:
Installation of Surveillance Cameras Along Riverbanks
In collaboration with the National Emergency Management Agency, Mandal Insurance installed surveillance cameras at five critical locations along the Tuul River, where drowning incidents were most common. These cameras, with a coverage radius of 200 meters and integrated audio alerts, provide early warnings from emergency services. Since their installation, no drowning incidents have been recorded, demonstrating the success of this initiative. We estimate that this project saves at least 20 lives per year.
Provision of Alteplase - Clot- Dissolving Injection
With one of the highest stroke-related death rates globally, Mongolia faces a significant health challenge. Recognizing the lack of access to clot-dissolving injections during strokes, Mandal Insurance began supplying Alteplase—a life-saving medication for dissolving clots in the brain and coronary arteries—to state hospitals specializing in brain surgery.
Since launching this initiative, 38 lives have been saved. Additionally, the inclusion of Alteplase in the state healthcare budget has been secured, contributing to a significant reduction in stroke-related fatalities.
Since launching this initiative, 38 lives have been saved. Additionally, the inclusion of Alteplase in the state healthcare budget has been secured, contributing to a significant reduction in stroke-related fatalities.
Financial Literacy | World Financial History Museum
The World Financial History Museum is a proud member of the International Federation of Financial Museums and stands as one of the few museums globally dedicated to showcasing some of the rarest financial artifacts in human history. The museum’s sole purpose is to provide financial education through the lens of history.
Owned by Mandal Financial Group, the museum houses an exceptional collection of rare objects, including the first-ever stock from 1604, the first-ever paper money from 1263, the first-ever fire and life insurance slips, and the first-ever actuarial book, among others. These invaluable artifacts offer visitors a unique opportunity to explore the evolution of finance and its profound impact on society.
Owned by Mandal Financial Group, the museum houses an exceptional collection of rare objects, including the first-ever stock from 1604, the first-ever paper money from 1263, the first-ever fire and life insurance slips, and the first-ever actuarial book, among others. These invaluable artifacts offer visitors a unique opportunity to explore the evolution of finance and its profound impact on society.
AM Best Rating of BB+
The first company to receive the Financial Strength Rating and Credit Rating from AM Best Agency in Mongolia.
Insurance Asia Award 2019
Mandal received the Mongolian TOP DOMESTIC INSURER award from the Insurance Asia publication.
Decade of Excellence 2021
Mandal celebrated the first decade of its story with the “DECADE OF EXCELLENCE” award from Global Banking & Finance Review.
Bloomberg Award 2015
Mandal received the TOP INNOVATION award for launching the first private health insurance product in Mongolia.
3F, Park Place building, Chinggis Avenue – 24,
Sukhbaatar district, 1st khoroo, Ulaanbaatar 14241, Mongolia
Sukhbaatar district, 1st khoroo, Ulaanbaatar 14241, Mongolia
