At the end of 3Q2020, the insurance market in Tajikistan expanded by 4.05% to TJS 175.30 million (EUR 14.50 million*). At the same time, again, growth was provided by voluntary types of insurance, while compulsory insurance continued the downward trend, according to data published by the National Bank.

Market paid claims grew by more than 33% y-o-y. The highest growth rate of paid claims was observed in the compulsory state insurance, which in the market GWP portfolio occupies only 0.51%.

According to the regulator, insurers earned over TJS 80 million for the first 9 months of 2020, which is TJS 31.6 million more y-o-y. The most profitable segment, as noted by the National Bank, is compulsory motor insurance, which is not available to all insurers.

According to the latest amendments to the insurance legislation, only companies with charter capital of over TJS 10 million have the right to provide compulsory motor vehicle insurance. As of now, there are 18 insurance companies operating in Tajikistan, out of which two are state-owned, the rest are private. Thus, only three companies can provide this type of insurance - Tojiksugurta, First National Insurance and Spitamen Sugurta.

*at the following exchange rate:

1 EUR = 12.0893 TJS (September 30th, 2020)

Access XPRIMM Database and download the statistics of the Tajik market.

• Market portfolio of Tajikistan in 3Q2020