The Tajik insurance market showed contrasting dynamics in the first half of 2025. After a weak start, marked by a double-digit contraction in Q1, the sector rebounded in the following months, closing the first half of the year on a growth trajectory.

According to data from the National Bank, total gross written premiums (GWP) at the end of March 2025 stood at TJS 114.4 million (EUR 9.7 million), down 14.2% year-on-year. However, by the end of June, the market had recovered, with GWP reaching TJS 208.6 million (EUR 18.0 million), showing a 5% increase in local currency compared to the same period of 2024.

Claims payments surged throughout the period. In Q1, insurers paid TJS 14.6 million (EUR 1.2 million) in claims, 2.7 times higher year-on-year. By mid-year, paid claims rose further to TJS 39.2 million (EUR 3.4 million)—a more than threefold increase compared to 1H2024.

Reinsurance activity also fell sharply. Premiums ceded to reinsurance dropped by 61.8% y-o-y in Q1, to TJS 20.5 million, and by 41.5% y-o-y for the half-year, to TJS 35.9 million.

Profitability indicators moved in different directions. The sector’s net profit in Q1 reached TJS 47.5 million, up 18.5% y-o-y, while by June the cumulative result was TJS 91.5 million, just 9.3% higher than in 1H2024. Returns also softened: ROA and ROE stood at 9.0% and 13.7%, down by 1.4 and 5.4 percentage points year-on-year. This contrasts with Q1, when both indicators were slightly higher than the previous year.

The market’s balance sheet, however, remains strong. Insurance sector assets grew to TJS 1,013.5 million by June (+26.4% y-o-y), while equity capital surged to TJS 667.4 million (+51.9%), driven by charter capital increases, retained earnings, and reserve strengthening.

The number of insurance contracts also continued to rise. In Q1, insurers concluded 607,300 contracts, up 23.4% y-o-y. By the end of June, the figure had climbed to 1.13 million contracts, marking a 16.4% increase over the same period of 2024.

At the end of Q1, 16 insurers were active in the market, including one state-owned company and 15 private operators.

Overall, while the first quarter reflected contraction, the recovery seen by mid-year highlights both the volatility and resilience of Tajikistan’s insurance market in 2025.

Access xprimm.com and download the latest Tajikistan insurance market statistics for 1Q2025 and 1H2025 in TJS and EUR.