The insurance sector of Kyrgyzstan in 1H2024 grew by 29%, reaching KGS 1,907.83 million (EUR 20.63 million), according to the data published by the Service for regulation and supervision of the financial market of Kyrgyzstan.

For the period from January to July 2024, GWP in Kyrgyzstan amounted to KGS 2381.3 million (~EUR 26.18 million), which is 51.3% more y-o-y, according to a report published the Service for regulation and supervision of the financial market.

Over the past three years, there has been a significant increase in both GWP and the number of concluded contracts in compulsory home insurance against fire and natural disasters, the Service for regulation and supervision of the financial market reports.

Over the past three years, there has been a significant increase in both GWP and the number of concluded contracts in compulsory home insurance against fire and natural disasters, the Service for regulation and supervision of the financial market reports.

The Service for Regulation and Supervision of the Financial Market of Kyrgyzstan has developed a draft law “On Insurance and Insurance Activities” that meets the requirements of international standards established by the International Association of Insurance Supervision (IAIS). The innovations are aimed at modernizing the country’s insurance market and increasing its efficiency, the financial portal Akchabar reports.

About 9 years have passed since the adoption of the law on compulsory home insurance in Kyrgyzstan (adopted in 2015), but only a small part of citizens has insured their property.

The insurance sector of Kyrgyzstan at the end of 1Q2024 grew by 14.60%, reaching KGS 804.60 million (EUR 8.34 million), according to data published by the State Service of regulation and supervision of the financial market at the government of the Kyrgyz Republic.

In 2023, the income of 16 insurance companies operating in the insurance market of Kyrgyzstan increased 1.3 times y-o-y and amounted to KGS 3.8 billion (EUR 38.56 million). At the same time, the largest share of income (80% of the total) was received from insurance premiums, the National Statistical Committee of the Kyrgyz Republic reports.

In 2023, insurance companies in Kyrgyzstan received a net profit of KGS 457,532.8 thousand after taxes (~EUR 4.64 million), which is KGS 131,673.6 thousand or 40.4% more y-o-y (KGS 325,859.2 thousand), the State Service of regulation and supervision of the financial market at the government of the Kyrgyz Republic said on its website.

The insurance sector of Kyrgyzstan in 2023 grew by 40.64%, reaching KGS 3.03 billion (EUR 30.82 million).

The Service for regulation and supervision of the financial market actively interacts with the insurance industry to improve its functionality and quality of service. Comprehensive work is being carried out in two key directions: a media plan for MTPL and digitalization of the insurance market through introduction of electronic insurance, the regulator said.

As of December 1, 2023, the insurance sector in Kyrgyzstan amounted to KGS 2,818.2 million (~EUR 29.62 million), which is KGS 659.2 million (30%) more than in 2022 (KGS 2,159.0 million).

The growth of the insurance sector in 3Q2023 exceeded 60% y-o-y, total GWP reached KGS 2.39 billion (EUR 25.39 million). At the same time, paid claims increased by 54%, to KGS 387.36 million (EUR 4.12 million), according to data published by the State Service of regulation and supervision of the financial market at the government of the Kyrgyz Republic.

The State Service for Regulation and Supervision of the Financial Market of the Kyrgyz Republic (Gosfinnadzor) proposes to legalize issuance of an electronic MTPL policy. This is because from January 1, 2024, owners of private vehicles will begin to be fined for lack of insurance, sputnik.kg writes.

The Service for Regulation and Supervision of the Financial Market under the Ministry of Economy and Commerce of the Kyrgyz Republic (Finnadzor) is taking part in the discussion on creation of a rating agency within the EAEU (Eurasian Economic Union), according to the Service’s website.

“Reinsurance Café CIS” LLC is the first reinsurance brokerage company in the history of Kyrgyzstan. The company started its operations on January 1^st, 2023.

The total revenues of the insurance sector in January-June 2023 in Kyrgyzstan amounted to KGS 1.8 billion (EUR 18.90 million), which is approximately 54% more y-o-y (KGS 1.16 billion), according to the National Statistical Committee of the Kyrgyz Republic.

The growth of the insurance sector in 1H2023 amounted to 48.10%, GWP reached KGS 1.47 billion (EUR 16.21 million). At the same time, paid claims increased even more - by 61%, to KGS 303.03 million (EUR 3.32 million), according to data published by the State Service of regulation and supervision of the financial market at the government of the Kyrgyz Republic.

In 2022, total income of 15 insurance companies in Kyrgyzstan increased by 1.8 times compared to 2021 and reached KGS 2.9 billion (EUR 31.71 million). At the same time, the lion stake of income (74.6%) was received from premiums, the National Statistical Committee of the Kyrgyz Republic reported.

The growth of the insurance sector in 1Q2023 reached 50% y-o-y, GWP increased to KGS 702.08 million (EUR 7.38 million).