KYRGYZSTAN: property insurance led 2018 year in GWP and paid claims

14 February 2019 — Marina MAGNAVAL
The State Service on regulation and supervision of the financial market under the government of the Kyrgyz Republic (supervisor) on February 8, 2019 conducted a meeting of the Executive Council, dedicated to the results of 2018 and tasks for 2019, according to the statement on the official website.

As it was announced at the meeting, as of January 1, 2019 the Kyrgyz insurance market was represented by 17 re/insurance organizations, among which: 12 organizations with 100% Kyrgyz capital, 4 organizations with participation of non-residents and 1 organization with mixed capital.

The major part in the total GWP in 2018 was generated by property insurance (64%). Personal insurance accounted for 14.7%, liability insurance - 8.1% and mandatory insurance - 15%.

The major part in the total paid claims in 2018 was also contributed by property insurance (53%), while personal insurance accounted for 33.4% of the total paid claims, liability insurance - 8.2%, mandatory insurance -5.4%, and no claims were paid in life insurance.

Total assets of the insurers, as of January 1, 2019, amounted to KGS 3.99 billion, total equity - KGS 3.86 billion. Obligations amounted to KGS 907.1 million and total insurance reserves reached KGS 271.5 million.

*EUR 1 = KGS 80.0446 (31.12.2018)

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