KYRGYZSTAN: insurers' income in 2020 increased by more than 6% y-o-y

8 April 2021 — Marina MAGNAVAL
In 2020, total income of insurance companies in Kyrgyzstan increased by 6.3% y-o-y and amounted to KGS 1.7 billion (~EUR 16.6 million*), as reports, citing the press service of the National Statistical Committee.

In 2020, 15 insurance companies worked in the insurance market of Kyrgyzstan. The bulk of insurers' income (75%) came from insurance premiums.

During the reporting period, expenses of insurance companies increased by 1.7% to KGS 1.5 billion. More than half of the expenses fell on the costs of paying insurance premiums ceded in reinsurance and over 26% - on the costs of doing business.

At the end of 2020, the net profit of insurers amounted to about KGS 275 million, which is 41% more than in 2019.

* for the following exchange rate:

1 EUR = 102.3627 KGS (as of 01.01.2021)

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