Kyrgyzstan
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Kyrgyzstan FY2022 Market Portfolio
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KYRGYZSTAN: application of measures for the absence of MTPL policy to begin on April 1
The State Service of regulation and supervision of the financial market at the government of the Kyrgyz Republic informed, that by a resolution of the Cabinet of Ministers of the Kyrgyz Republic, an amendment was made to the resolution "On Approval of the Road Traffic Rules and the Basic Provisions for Admission of Vehicles to Operation and Duties of Officials to Ensure Road Safety".
29 March 2023KYRGYZSTAN: insurance in 2022 was one of the areas where the bulk of foreign direct investment came
According to preliminary data, in 2022, the inflow of foreign direct investment in Kyrgyzstan increased by 4% y-o-y to USD 1,046.1 million, the National Statistical Committee of the Kyrgyz Republic reported.
16 March 2023STATISTICS: KYRGYZSTAN, FY2022: insurance sector grows by 71% y-o-y
At the end of 2022, the insurance sector of Kyrgyzstan grew by 71% to KGS 2.16 billion (EUR 23.61 million), according to data published by the State Service of regulation and supervision of the financial market at the government of the Kyrgyz Republic.
9 February 2023KYRGYZSTAN: the deadline for the entry into force of the law on MTPL postponed
President of Kyrgyzstan Sadyr Japarov ordered to postpone introduction of compulsory motor insurance in the country, as Speaker Nurlanbek Shakiev said, Sputnik writes.
1 February 2023KYRGYZSTAN: Drivers to be fined for lack of MTPL policies from April 1
From April 1, 2023, in Kyrgyzstan, drivers will be fined for not having MTPL policies, ru.sputnik.kg writes with reference to the Ministry of Economy.
16 January 2023KYRGYZSTAN: The Ministry of Economy and Commerce was the first to start insuring company vehicles under MTPL
On December 29, 2022 the Ministry of Economy and Commerce was the first to start insuring company cars under mandatory third party liability insurance (MTPL), with the insurance company AYu Garant, the State Service of Regulation and Supervision of the Financial Market at the Government of the Kyrgyz Republic reports.
9 January 2023KYRGYZSTAN: insurance rates reduced for small and medium-sized businesses since December
According to the State Tax Service, in Kyrgyzstan, from December 2022, for small and medium-sized businesses with an annual revenue of no more than KGS 30 million/~EUR 334 thousand, insurance tariff rates were reduced for a period up to January 1, 2027, knews.kg reports.
12 December 2022KYRGYZSTAN: insurers concluded 68,063 compulsory insurance contracts in the first 3Q of 2022
For the period from January to September 2022, insurance companies of Kyrgyzstan concluded 68,063 compulsory insurance contracts in the amount of KGS 126.87 billion (~EUR 1.61 billion), akchabar.kg writes with reference to the materials of the National Statistical Committee of the Kyrgyz Republic.
29 November 2022STATISTICS: KYRGYZSTAN, 3Q2022: the market is up by more than 51% y-o-y
3Q2022, the insurance sector of Kyrgyzstan ended with impressive growth y-o-y - by 51%, reaching KGS 1492.37 million (EUR 19.26 million), according to data published by the State Service of regulation and supervision of the financial market at the government of the Kyrgyz Republic.
24 November 2022KYRGYZSTAN: for 9M2022, total income of the insurance sector increased 1.4 times
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.
21 November 2022KYRGYZSTAN: the last step taken to fully implement MTPL insurance from January 1, 2023
The Ministry of Economy and Commerce of Kyrgyzstan presented an amendment to the legislation of the republic, which will allow the government to fully launch MTPL insurance. This addition to the road traffic rules of the Kyrgyz Republic will oblige drivers, at the request of inspectors of the patrol service, to present an insurance policy for verification, the source wrote.
31 October 2022KYRGYZSTAN: insurers' revenues grew by 23% in the first half of the year
According to the results of the first half of 2022, revenues of 14 insurance companies of Kyrgyzstan increased by 23% y-o-y and amounted to KGS 1.2 billion (~EUR 14.36 million). At the same time, the largest part (85%) was received from insurance premiums, according the National Statistical Committee of the Kyrgyz Republic.
24 August 2022STATISTICS: KYRGYZSTAN, 1H2022: business of insurers grew by almost 28% y-o-y
The insurance sector of Kyrgyzstan ended the first half of 2022 with an increase of almost 28% y-o-y. Total GWP amounted to KGS 998.14 million (EUR 11.94 million), according to data published by the State Service of regulation and supervision of the financial market at the government of the Kyrgyz Republic.
4 August 2022STATISTICS: KYRGYZSTAN, 1Q2022: the market expanded by about 44% y-o-y (in local currency)
According to the 1Q results, the insurance sector of Kyrgyzstan recorded an increase of about 44% y-o-y, reaching KGS 468.06 million (EUR 5.04 million), as the data published by the State Service of regulation and supervision of the financial market at the government of the Kyrgyz Republic show.
8 June 2022KYRGYZSTSAN: 79% of insurers' income in 2021 came from premiums
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.
26 May 2022KYRGYZSTAN: minimum sums insured, limits of liability and rates approved for MTPL
The Cabinet of Ministers of the Kyrgyz Republic approved minimum amount of sums insured, limits of liability and insurance premium rates for MTPL, a source reports according to the press service of the Cabinet of Ministers.
28 March 2022KYRGYZSTAN: SARBANOV Ulan appointed Chairman of the State Service for regulation and supervision of the financial market
SARBANOV Ulan has been appointed Chairman of the State Service for regulation and supervision of the financial market under the Ministry of Economy and Commerce of the Kyrgyz Republic, the Service said in its statement.
16 February 2022STATISTICS: KYRGYZSTAN, FY2021: in local currency the market decreased by almost 5.5%, while in euro the result remained at the level of 2020
At the end of 2021, the insurance sector of Kyrgyzstan changed growth to decline (if compared to 3Q2021) and recorded a drop by 5.46% to KGS 1.26 billion (EUR 13.17 million).
7 February 2022KYRGYZSTAN: for 9M2021, 73% of all contracts concluded in voluntary insurance
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.
1 December 2021STATISTICS: KYRGYZSTAN, 3Q2021: insurers' business grew by almost 50% (in KGS)
The insurance sector of Kyrgyzstan at the end of 3Q2021 grew by almost 50% and reached KGS 987.04 million (EUR 9.98 million), according to the data published by the State Service of regulation and supervision of the financial market at the government of the Kyrgyz Republic.
2 November 2021
