KYRGYZSTAN: INGOSSTRAKH leads TOP-7 insurers in 2018 GWP

25 April 2019 — Marina MAGNAVAL
Of 17 insurers, INGOSSTRAKH leads the TOP-7 in terms of 2018 GWP (USD 6.09 million), according to an overview of the Kyrgyz market, presented at the international conference in Kazakhstan, dedicated to insurance in Central Asia.

The overview was presented by the Kyrgyz Association of Insurers. Based on it, the TOP-7 insurers in terms of GWP in 2018 also include JUBILI Kyrgyzstan (USD 1.66 million), Insurance company KYRGYZSTAN (USD 1.39 million), A Plus (USD 1.29 million), ATN Polis (USD 1.06 million), GSO (1.03) and AYU Garant (0.97).

The local insurance market consists of four insurance types (property, personal, compulsory and liability). In terms of GWP by insurance types, property insurance took the largest share of the market in 2018 (USD 9.59 million), but its share decreased y-o-y. GWP of compulsory insurance amounted to USD 2.61 million, personal insurance, USD 2.27 million, and liability saw USD 1.26 million. Total market GWP dropped to USD 15.73 million from USD 16.32 million in 2017.

Total market paid claims amounted to USD 1.84 million (vs USD 2.25 million in 2017). The largest volume of paid claims was made in property insurance (USD 0.97 million), followed by personal insurance (USD 0.61 million), liability insurance (USD 0.15 million) and compulsory (USD 0.10 million). Last year, paid claims of property insurance dropped from USD 1.42 million, while paid claims of personal insurance, on the contrary, increased from USD 0.46 million a year ago.

Total insurer assets in 2018 increased to USD 57.17 million (from USD 50.04 million in 2017), equity increased from USD 41.70 million to USD 55.26 million, obligations amounted to USD 12.99 million (vs USD 3.14 million in 2017).

Of the 17 insurers, as of January 1, 2019, five companies had 100% capital of non-residents (A Plus, ATN Polis, Arsenal-Kyrgyzstan, INGOSSTRAKH and Alma Insurance), one had mixed capital (JUBILI Kyrgyzstan), and one was state-owned.

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