TAJIKISTAN: insurance sector assets rise 18% in 2023

2 April 2024 — Marina MAGNAVAL
In 2023, despite an impact of the difficult global situation on the national economy, the development of the insurance industry was stable, as stated by Deputy Chairman of the National Bank of Tajikistan Sirojiddin Ikromi, the Khovar national information agency of Tajikistan wrote with reference to the National Bank of Tajikistan.

At the final meeting on the state of the insurance system of the Republic of Tajikistan in 2023, the Deputy Chairman of the National Bank noted that last year the insurance assets increased by 18.1% y-o-y, equity capital - by 18.7%, insurance reserves - by 11.3%, insurance premiums - by 33.9%, investments - by 6.8% and savings in financial credit institutions - by 63.4%. At the same time, paid claims decreased by 13.6%.

The National Bank of Tajikistan made appropriate changes and adjustments to the Law of the Republic of Tajikistan “On Insurance Activities”, which was signed on March 1, 2024, by the President of the Republic of Tajikistan. The introduction of these changes is aimed at improving the insurance system, monitoring activities of the market participants, and regulating the licensing system for insurance services.