The low-cost insurance market in Turkmenistan is gradually transitioning to a digital format. Key players are already trying to offer online policy purchases through mobile apps, emphasizing speed, convenience, and pricing transparency, without overpaying for agent services, milli-info.com writes.

According to RESMI KEPIL insurance company, the country has a well-developed insurance system regulated by the Law of Turkmenistan "On insurance." The Ministry of Finance and Economy is responsible for overseeing the prevention of monopolistic violations.

In accordance with the Financial Market Development Strategy until 2030, the sector is undergoing gradual modernization aimed at adapting to international standards.

Reforms are underway: some outdated rules and regulations in effect since the 2000s have been repealed, including certain types of voluntary insurance (for example, mortgage insurance), the source added.