KYRGYZSTAN: 80% of the insurance sector’s income in 2023 came from premiums

30 April 2024 — Marina MAGNAVAL
In 2023, the income of 16 insurance companies operating in the insurance market of Kyrgyzstan increased 1.3 times y-o-y and amounted to KGS 3.8 billion (EUR 38.56 million). At the same time, the largest share of income (80% of the total) was received from insurance premiums, the National Statistical Committee of the Kyrgyz Republic reports.

At the end of 2023, the positive balanced financial result of insurance companies amounted to about KGS 419 million of profit, which is almost 11% more than in 2022.

The number of insurance contracts concluded in 2023 exceeded 515 thousand units, which is 1.6 times more y-o-y. At the same time, of the total number of concluded contracts, over 88% were contracts with individuals. Most contracts (64.5%) were concluded in voluntary insurance.

At the end of 2023, the insured amount under concluded contracts reached KGS 1,760.3 billion (+29%). The largest increase in the insured amount was recorded under contracts of voluntary insurance of property of legal entities and liability insurance of vehicle owners, according to the committee.

*1 EUR = 98.5328 KGS (December 31st, 2023)