KYRGYZSTAN: as of December 1, 2023, the insurance market grew by 30%

9 January 2024 — Marina MAGNAVAL

As of December 1, 2023, the insurance sector in Kyrgyzstan amounted to KGS 2,818.2 million (~EUR 29.62 million), which is KGS 659.2 million (30%) more than in 2022 (KGS 2,159.0 million).

Paid claims reached KGS 917.6 million, which is 169% more than in 2022 (KGS 340 million), according to the State Service of regulation and supervision of the financial market at the government of the Kyrgyz Republic.

Voluntary insurance amounts to KGS 2,518.2 million, including personal insurance having generated KGS 494.5 million, property insurance – KGS 1619.4 million, liability insurance – KGS 403.7 million, life insurance – KGS 0.5 million, compulsory insurance – KGS 300.1 million.

The main share in the market's insurance portfolio is occupied by property insurance (55%), while personal insurance accounts for 16.7%, compulsory insurance - 16%, liability insurance - 12% and life insurance - 0.03%.

As of December 1, 2023, total volume of insurance premiums ceded to reinsurance by insurance organizations of Kyrgyzstan amounted to KGS 986.7 million, which is 15% more than in 2022. Of these, KGS 876.5 million (84%) were ceded to reinsurance abroad, while KGS 110.2 million (16%) were ceded to reinsurance within the republic.

*EUR 1 = KGS 95.15 (01.12.2023)


 

 

609 views