STATISTICS: KYRGYZSTAN, 3Q2023: y-o-y growth of the insurance sector exceeds 60%

6 November 2023 — Marina MAGNAVAL
STATISTICS:  KYRGYZSTAN, 3Q2023: y-o-y growth of the insurance sector exceeds 60%

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.

Property insurance at the end of the third quarter continued to demonstrate the best growth - almost 74%, while this segment occupies about 56% of the total market portfolio. At the same time, it is worth noting that life insurance has decreased to 0 (by almost 100%).

At the end of 3Q2023, 14 insurers operated in the market, among which NSK is leading in terms of GWP (KGS 623.28 million), maintaining its leadership position from a year earlier. ARSENAL Kyrgyzstan ranks second (KGS 405.18 million); this company has the highest growth rate in the top-3 group.

Access xprimm.com and download the latest Kyrgyzstani insurance market statistics for 3Q2023 in EUR and KGS.

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