Closed Insurance Joint Stock Company "Ingosstrakh" was founded in 1996. For 20 years, Ingosstrakh has been providing quality insurance services and is the leading company in the Kyrgyz Republic. Dinara TEZEKBAEVA, Chairman of the Board, answered some questions about the results of the company's work last year.
XPRIMM: In general, how do you assess the results of the insurance market for 2021 compared to 2020? How, in your opinion, did the pandemic affect the results, trends, and individual segments?
Dinara TEZEKBAEVA: At the end of 2021, the insurance market decreased by 5.46% y-o-y. GWP amounted to KGS 1,127.2 billion. Part of the negative dynamics is explained by a decline in the property and liability insurance market.
XPRIMM: Could you, please, tell a bit about the performance results of INGOSSTRAKH in 2021? What main achievements would you note, key events?
Dinara TEZEKBAEVA: At the end of 2021, CJSC INGOSSTRAKH maintained its leading position in the insurance market. In particular, total premiums reached KGS 156 million.
XPRIMM: What, in your opinion, had the greatest impact on the dynamics of premiums and paid claims in 2021?
Dinara TEZEKBAEVA: In view of the spread of the coronavirus pandemic, there has been a "jump" in personal insurance, since presence of health insurance with risk coverage against Covid 19 was mandatory for entry into many countries of the world.
XPRIMM: Were there any noticeable changes in the portfolio of premiums and paid claims of the company at the end of the year compared to 2020 and in what types of insurance?
Dinara TEZEKBAEVA: There was a significant decrease in the property insurance from 65.2% of the total market to 15.3%, but at the same time there we saw an increase in liability insurance from 2.6% to 12.2%. The rest segments in the portfolio haven't changed their positions much compared to 2020.
XPRIMM: In terms of the number of concluded contracts, in which types of insurance there was an increase, and in which, on the contrary, a decrease, and why?
Dinara TEZEKBAEVA: In 2021, CJSC INGOSSTRAKH demonstrated significant growth in all types of insurance, especially in personal insurance. As noted earlier, many countries required health insurance upon entry due to the spread of Covid 19.
XPRIMM: Have there been any changes in the position of CJSC INGOSSTRAKH in the market compared to 2020 and what were they associated with?
Dinara TEZEKBAEVA: CJSC INGOSSTRAKH ranked second on the market in terms of insurance premium collection in 2021, while in 2020, the company was the market leader. This decrease in the company's results was mostly due to termination of property insurance in 2021 of the largest client in connection with its nationalization.
XPRIMM: What plans and tasks has the company set for 2022? What main problems in the insurance sector's development and possible solutions would you point out?
Dinara TEZEKBAEVA: The main goal of CJSC INGOSSTRAKH for 2022 is to take the lead in the insurance market in terms of GWP in all types of insurance.
In addition, due to the entry into force of the Law of the Kyrgyz Republic "On Compulsory Insurance of Civil Liability of Motor Vehicle Owners", CJSC INGOSSTRAKH plans to expand its branch network in Bishkek in order to improve availability of the company's services to the population.