KYRGYZSTSAN: 79% of insurers' income in 2021 came from premiums

26 May 2022 — Marina MAGNAVAL
In 2021, total income of 14 insurance companies that operated in Kyrgyzstan decreased by 8.7% y-o-y to KGS 1.6 billion (EUR 16.70 million). According to the National Statistical Committee of the Kyrgyz Republic, the bulk of income (79%) was received from premiums.

Expenses of insurance companies in 2021 decreased by 9.1% to KGS 1.3 billion, and 35% of the total were expenses related to the conduct of business, while over 30% - to the costs of paying insurance premiums (premiums) ceded in reinsurance.

The balanced profit of the insurance sector in 2021 amounted to about KGS 257 million, which is KGS 18.2 million less than a year earlier.

The number of insurance contracts concluded was 1.7 times higher than in 2020. Of these, 88% were contracts with individuals. Voluntary insurance in the total number of concluded contracts took almost 70%.

At the end of 2021, total sum insured under the concluded contracts exceeded KGS 967 billion, which is 45% more y-o-y. The largest increase in the sum insured was recorded under contracts of voluntary liability insurance and personal travel insurance.

During 2021 of all recorded insured events, 66% fell on voluntary personal health insurance, and in the total amount of paid claims, 57% fell on voluntary property insurance, while 24% - on personal health insurance, the committee report says.

*1 EUR = 95.7857 KGS (December 31st, 2021)

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