KYRGYZSTAN: for 9M2022, total income of the insurance sector increased 1.4 times

21 November 2022 —
In January-September 2022, total income of 14 insurance companies operating in the market increased 1.4 times y-o-y, amounting to KGS 1.8 billion (EUR 22.90 million), according to the National Statistical Committee of the Kyrgyz Republic.

It is noted that the bulk of income (81.5% of their total amount) was received from insurance premiums. According to the results for 9 months, insurance companies received about KGS 268 million of balanced profit, which is KGS 11 million more compared to the same period last year.

As of October 1, 2022, insurance companies concluded 190,000 insurance contracts. Of their total number, 85% fell on contracts with individuals, 64% of the total number were concluded in voluntary insurance. The sum insured under the concluded contracts amounted to KGS 1,070 billion, having increased by 1.6 times y-o-y. The greatest increase in the sum insured was observed in voluntary liability insurance and personal insurance.

According to the committee, in January-September 2022, KGS 1.5 billion of insurance premiums were received, which is 1.4 times more y-o-y. The number of insured events since the beginning of the year reached 5.7 thousand, of which 56% fell on voluntary personal health insurance. The greatest part of the insurers' paid claims fell on voluntary property insurance (KGS 127.6 million) and personal health insurance (KGS 43.7 million), the press release says.

*EUR 1 = KGS 78.59 (01.10.2022)