Almost 72% of the total income was provided by insurance premiums, according to a press release from the National Statistical Committee of the Kyrgyz Republic.
The Committee notes that according to the 1Q results, 10 insurance companies ended the first three months of the year with a profit, and 6 – with a loss. Total net profit amounted to KGS 109.2 million, increasing by 2.3 times y-o-y.
In 1Q2025, insurance companies concluded over 624 thousand insurance contracts, which is 2.8 times more y-o-y. This growth was supported by an increase in the number of contracts for voluntary personal insurance contracts against accidents and illnesses, compulsory insurance of real estate and MTPL. Worth noting that voluntary insurance accounted for 79% of the total number of concluded contracts, compulsory insurance - 21%.
As of April 1, 2025, total insured amount under concluded contracts reached about KGS 428 billion, which represents an increase of 19% y-o-y. Total GWP collected in the first quarter amounted to KGS 1,508 million (~EUR 16.11 million), which is 1.9 times more than in January-March of the previous year.
Since the beginning of the year, 9.9 thousand insurance claims have been registered, 41.5% are related to voluntary personal insurance against accidents and illnesses, 32.3% - to voluntary personal health insurance. During the reporting period, total paid claims on the market amounted to KGS 274 million (~EUR 2.92 million), with the largest portion paid in voluntary insurance of property of business entities (KGS 109.8 million) and property of individuals (KGS 83.4 million), according to the National Statistical Committee.
*EUR 1 = KGS 93.58 (as of March 31, 2025)
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