KYRGYZSTAN: for 9M2021, 73% of all contracts concluded in voluntary insurance

1 December 2021 —
In January-September 2021, the income of 14 insurance companies, working in the financial sector of the republic's economy, increased 1.3 times y-o-y to KGS 1.3 billion (EUR 13.14 million*). At the same time, the greatest part (81%) was received from insurance premiums, according to a review, published by the National Statistical Committee of the Kyrgyz Republic.

Insurers' expenses for the period increased by 1.4 times to KGS 1 billion. It is noted that 35% of expenses were the costs of paying insurance premiums ceded to reinsurance and 31% - costs of doing business.

At the end of 9 months of 2021, net profit of insurance companies amounted to about KGS 257 million, which is KGS 5 billion more compared to the corresponding period of 2020.

As of October 1, 2021, the total number of concluded insurance contracts reached 177 thousand units, which is 1.7 times more y-o-y. 87% of the contracts were concluded with individuals. Voluntary insurance accounted for 73% of concluded contracts. Total insured amount under the concluded contracts reached KGS 669 billion, which is 1.6 times more than in the same period last year. The largest increase in the insured amount was observed under voluntary liability insurance and personal travel insurance contracts.

In January-September 2021, insurance premiums reached KGS 1 billion, which is 1.6 times more than in January-September of 2020, the review says.

The number of insured events for the period exceeded 6 thousand, of which 67% were registered in voluntary personal health insurance. In the total amount of paid claims, 48% the insurers paid for voluntary property insurance and 28% - for personal health insurance.

* 1 EUR = 98.9126 KGS (September 30th, 2021)