KYRGYZSTAN: Almost 75% of insurance sector's income in 2022 received from premiums

31 May 2023 —
In 2022, total income of 15 insurance companies in Kyrgyzstan increased by 1.8 times compared to 2021 and reached KGS 2.9 billion (EUR 31.71 million). At the same time, the lion stake of income (74.6%) was received from premiums, the National Statistical Committee of the Kyrgyz Republic reported.

The expenses of insurance companies in 2022 increased by 1.9 times to KGS 2.5 billion. At the same time, 22.3% of the total amount was accounted for by the costs associated with doing business, 24.4% - by deductions to insurance reserves and 34.7% - by the costs of paying insurance premiums ceded to reinsurance.

In 2022, the balanced profit of insurance companies exceeded KGS 378 million, which is 47.4% more y-o-y.

At the end of 2022, total sum insured under all concluded insurance contracts reached KGS 1,367.7 billion, having increased by 41.4% compared to 2021, the Committee's press release says.

* 1 EUR = 91.4377 KGS (December 31st, 2022)