STATISTICS: KYRGYZSTAN, 3Q2018: property insurance takes about 50% of GWP

22 November 2018 —
STATISTICS: KYRGYZSTAN, 3Q2018: property insurance takes about 50% of GWP
For 9 months in 2018 GWP of Kyrgyz insurers amounted to KGS 638.96 million, according to the report of the State Service for Regulation and Supervision of the Financial Market under the Government of the Kyrgyz Republic.

In terms of classes the major part in total GWP takes property insurance (49.9%), followed by mandatory insurance (23.6%), personal insurance (18.1%) and liability insurance. Life insurance keeps the last place in the market portfolio.

Premiums ceded in reinsurance as of the end of September amounted to KGS 210.7 million, from which KGS 194.7 million were ceded in reinsurance abroad and KGS 15.9 million were ceded in domestic reinsurance.

Total market paid claims for 3 quarters in 2018 reached KGS 89.6 million. The major part in paid claims is also taken by property insurance (51.2%), the second major part in paid claims has personal insurance (36.7%), followed by liability insurance and mandatory insurance. Paid claims in life insurance amounted to almost 0.

Total assets of the local insurers as of 30.09.2018 amounted to KGS 3.9 billion. Total equity reached KGS 3.3 billion, insurance obligations - KGS 620 million, total insurance reserves under all acting insurance and reinsurance contracts amounted to KGS 259 million.

As of October 1, 2018 the Kyrgyz insurance market was represented by 16 re/insurance companies, from which: 5 companies with participation of non-residents (A-PLUS, ATN-Polis, ARSENAL-KYRGYZSTAN, INGOSSTRAKH, ALMA Insurance) and 11 companies that are 100% Kyrgyz-based. The whole insurance business is concentrated in the capital (all 16 insurers).

*1 EUR = 80.4379 Som - KGS (September 30th, 2018)

Access, and download 3Q2018 Kyrgyz insurance market statistics.