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). 

The driver of the market decline was only property insurance, which occupies about half of the entire market portfolio and decreased by almost 32%, as the data published by the State Service of regulation and supervision of the financial market at the government of the Kyrgyz Republic show.

Other insurance segments recorded an uptrend - life insurance grew the most (+305%), although it remains the smallest in the market. Next in terms of growth rates is liability insurance (+114%), while compulsory insurance grew the least.

Insurers' paid claims, in contrast to GWP, grew rapidly at the end of the year - by 43.27%. In this case, property insurance also acted as a driver, where insurers paid 89% more than a year ago.

Of the 14 insurers that were active on the market at the end of December 2021, NSK took the lead (KGS 172.97 million), while the former leader, INGOSSTRAKH, moved to third place and with a small margin the second place is taken by JUBILI. The highest growth rate among all market participants was demonstrated by Alma Insurance (+461.42%).

Access xprimm.com and download the latest Kyrgyz insurance market statistics in KGS and EUR.